Can someone please tell me the positives and negatives of the acquisition of an equity loan of the car? Can I refinance a car loan equity loan current automobile? My main motivation for wanting an equity loan is the car that I can deduct interest on car loans against my income. Serious replies only, please.
No. .. You have to hold the title free and clear to get an equity loan of the car. Sorry ... :(... An equity loan auto loan is simply done with a car that you own free guarantee. A car with a lien on the title really is not yours and you can not use it for collateral.
You can refinance your auto loan if you find a better rate elsewhere, and they are willing to do ... or if you are a finance company willing to reduce your payments ...
If you own a house, there is a way to finance a vehicle using the house as collateral. This type of loan can have tax advantages and a better interest rate. I think you must have the house free and clear for that, though ... If this is what you speak and you do not own a house, I'm sure someone would refinance your loan this way.
Posted on January 30, 2010.
