Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please.
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No… You have to hold the title free and clear to get an auto equity loan. Sorry…
… An auto equity loan is simply a loan made using a car you own free and clear as collateral. A car with a lien on the title really isn’t yours and you can’t use it for collateral.
You can refinance your auto loan if you find a better rate somewhere else and they’re willing to do it… or if you find a finance company willing to lower your payments…
If you’re a homeowner, there is a way to finance a car using the home as collateral. This type of loan can have tax advantages and a better interest rate. I believe you have to own the home free and clear for that though… If that’s what you’re talking about and you do own a home, I’m sure someone would refinance your loan in this manner.