Updated about 7 years ago on . Most recent reply
Refinancing a car to get down payment?
I have a 2nd toy car that I have a loan on, but am equitable in. A property came up just a few houses down from my current rental and I think I can buy it right, but I don't have the cash for the down payment at the moment. (Big tax bill last year & engagment ring purchase. My lender wants to see 15% down and I have that amount in my 2nd car.
Thoughts on approaching my credit union that has the car note, applying for a loan that is higher than the payoff, but still less than the actual value to get the cash out of it and use for the rental property down payment?
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@Justin Reid Let me get this straight. You don't have money for an investment because you owe too much on a "toy car" (I'm not even sure what that means), you owe back taxes, and you just bought an engagement ring? You need to get control of your current debt before you worry about taking out another loan. Sell the car, downsize the ring, pay off taxes, and start over.