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They are vastly different. If your not in the firearms business, I wouldn't go through the trouble of an FFL, I'm assuimg you want an 01. A C&R is nice for collecting, but it isn't comparable to an FFL. What is your purpose for either? Consider that before you make your decision.
 
First off, you should start reading the "how to" if you are serious. Then read through the application online and order forms <broken link removed> . There are requirements that I'm sure are in the literature that I can't remember off hand and I hate passing along bad info. FYI they don't seem to hand out "garage" FFLs any more. YMMV

A C&R FFL is easy and is only $30, I got mine so I could order from the CMP and start collecting. You can get dealer status at websites that sell gun parts and save some coin. I got mine about 40 days after applying.

Like Generator said, think about it because they are two different animals.

ETA: Good point bill, I just read the Form 7 and saw question 19 " Do You Intend to Use Your License Only to Acquire Personal Firearms" "If yes do not submit application"
 
Once upon a time you could get an 01 (Dealer) FFL for personal collecting but not anymore. They try to make sure the 01 is for business and business only and the 03 for collecting and collecting only (old guns). And if you collect modern guns you are expected to buy through a dealer. I had an 03 for about 10 years and loved it, and just used a local 01 home/community dealer where I could order at dealer prices + $10 fee.
 
Be careful. Read closely all the requirements of record-keeping and tracking of each and every firearm that comes and goes from your hands. Also educate yourself on your relinquishing of rights to search and seizure laws. Then decide if the relinquishment of those rights is of benefit to you. For some, it is of benefit.
 
Be careful. Read closely all the requirements of record-keeping and tracking of each and every firearm that comes and goes from your hands. Also educate yourself on your relinquishing of rights to search and seizure laws. Then decide if the relinquishment of those rights is of benefit to you. For some, it is of benefit.

If you can do the paper work, don't mind ATF coming over for a visit, a C&R is great. It's for buying old guns, not selling.
 

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