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Is it possible to pull equity out of a car?
"Can you pull equity out of a car like you would with a house? I want to get some money for home upgrades. I know you can get a home equity loan, but I was thinking I could do the same with my car."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Yes, you can pull equity out of your car. You have two options to do so:
You can do a cash-out refinance.
This is when you refinance the vehicle and get additional funds for the loan because you have equity in your car. Make sure you know
what to bring
to the lender for this process. Some lenders have also started offering auto equity loans.
This loan is in addition to your current loan, but the lender will base the amount that you can take out on the current amount of equity you have in your vehicle.”
View full answer
- Gregory R.
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