If you own your car outright, you could use it as collateral.
If you have enough equity, you may be able to use your car as collateral to get the loan you want, though you should check with your lender to make sure the loan terms will allow it.
Can I get an auto loan on a car I already own?
An auto equity loan is similar to a home equity loan, but you use the value of your vehicle instead of your home to get a loan, then pay it back with interest. Like all secured loans, auto equity loans carry risk: If you don’t make your loan payments, the lender can repossess your car.
How do I get a loan using my car as collateral?
To get car-based collateral loans, you simply fill out a simple loan application and get a car title loan estimate back quickly. There’s no mystery to how collateral loans work. The loan is based on your car’s value. Once a collateral loans lender sets a value for your car, you can borrow a large amount of that value.
Can you refinance a car you own?
What car can I refinance? Just about any cars that you own outright. You can refinance your paid off vehicles and use the money to pay off a higher rate loan or credit card and save money. Your car will be used as a collateral and the bank will be the new lien holder.
Can I get money back if I refinance my car?
Cash Back Auto Refinance. Cash back auto refinances could give you cash when you refinance your car loan, however, you’ll want to make sure you are lowering your interest rate (and possibly your monthly payment) or improving your terms. If you fail to repay your auto loan, your lender could repossess your car.
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