Can someone please tell me the positives & negatives of aquiring an auto equity loan?

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.

Can someone please tell me the positives %26amp; negatives of aquiring an auto equity loan?
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.