Overhaulin'

Is it possible to refinance my car loan and take some cashout.....?

against the equity I have in the car? I have about $10k + equity in the car and wanted to take $3k cashout when I refinance...Is this possible?? against the equity I have in the car? I have about $10k + equity in the car and wanted to take $3k cashout when I refinance...Is this possible?? *** The reason for the $ is to get back on my feet. Just started new job and will be making decent $$$, but need a lil cash to hold me over til then.... *** The reason for the $ is to get back on my feet. Just started new job and will be making decent $$$, but need a lil cash to hold me over til then....

Public Comments

1. Sure it is, just call a bank or credit union to refinance it. Piece of cake.
2. Yes it is possible but you will end up paying more by extending your loan.
3. Possible? Yes. Advisable? No. What do you need the money for? Do you really need it? If you ever want to get ahead you need to kill off your debts. One rule that applies to every person is you need to live within or below your means and save a portion of your income. I've seen it happen to lots of people. Make big money, have lots of cool stuff, the money situation takes a turn and they're in trouble. Don't be like that man. Find a better way.