Can you re-finance a car thats worth less that the remaining of the loan?

Percyqted

When you are up to your neck in a hole full of brown smelly stuff. Stop digging.

Brilliant "Skippy" Answer

YES, you can take a HELOC or home equity line of credit that will have a lower rate and be securitized by your home. Your mortgage company will be more than happy to help.

AlCapone

It would depend on the policies and criteria of the bank or finance company. One company may choose to only allow an amount not to exceed 90% of the cars value, while another company might allow 100%, and yet another might allow up to 110%. However, expect to pay higher interest rates for the higher loan-to-value amounts.

RICK

That would depend on the finance company/bank

Ninefinger's Leaky GayAnus

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Bertsta

Even if you could, I wouldn't.

nt

Not usually.

Anonymous

Generally speaking, no. Finance companies won't lend more than a vehicle is worth. It will require cash or collateral to make up the difference.

CB

would loan money on collateral that is worth less than the your loan....think about it for a minute -the answer should be very clear. Yes- at an exorbitant interest rate paid up front (before principle) and the promise of your first born son. No - almost any other terms.

regerugged

No. There would be no security for the loan.

John

If the car meets lending criteria I.e. market value of car normally needs to be maximum 10% of borrowed amount