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.

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.