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."

Answer provided by
avatar
Eric Schad
Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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.”
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies