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What is Auto Equity Loan?



i want to make sure i can enjoy tax deductions from an auto equity loan

equity in anything is Resale value minus ammount owed= Equity... Lehman's terms

You can get an auto equity loan from banks for repairs and personal reasons if the car is paid off and you hold the title! Usually the loan will be for a fraction of the value though! Repair loans are actually very common!
I don't believe such a thing exists. I've never heard of it, at least.
Home Equity, yes, because a home grows in value. (Usually).
Auto values drop from the moment you drive it off the lot and I don't think they offer any kind of equity on them.
I don't believe you can even claim the interest of the loan on your taxes.
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