I want to do some extra work on my car to enhance it’s value and condition, rather than just trade up. I like my car and I know what I’ve got into it already. I don’t want to get another used car–something that I have to start all over learning about, in terms of its mechanical needs. I just want to make my current car better, with the extra cash imbedded in the refinance.
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you can get cash above the payoff for your car if you have enough equity to meet the LTV guidelines for the bank, and still have room. Check with all the local banks to see what their guidelines are, and what they would lend on your car.
No bank is going to loan you more than the fair market value of your car. Unless your payoff is really low and the car’s value is much higher, it’s not going to happen.
You cant, but good luck anyway
It’s highly unlikely that you can get a loan for more than what your car is worth…. So it depends on how much you have left on your current loan….. and how much your car is worth.