Still paying off your car but need cash? Here’s what you can do

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In times of financial uncertainty, it’s not uncommon to find yourself needing a lump sum of cash — even when you’re still making monthly payments on your car.

While it may seem like a dead end, there are options available.

1. Title loan or loan against car registration

If you’ve been paying your car loan for a while and have a good repayment record, some financial institutions may allow you to borrow against your car’s title, even if it’s not fully paid off. This often involves refinancing the car loan and receiving the surplus in cash.

2. Refinance and take cash out

Refinancing isn’t just for lowering interest rates or monthly instalments, you can also apply to receive a portion of the car’s appraised value as cash. This is a good option if your car still holds significant value after some time of repayments.

3. Consider a co-signer or collateral

If the approved loan amount is insufficient, you can strengthen your application by including a co-signer or using other assets as collateral to increase your borrowing limit.

4. Seek expert advice

Not every case calls for borrowing more. Speaking to a financial advisor can help you assess your repayment capacity and choose the most suitable option.

Motorist Thailand is here to help

Motorist Thailand offers free, unbiased consultations to help you compare and find the best financing or refinancing solutions from Thailand’s top banks. Our goal is to help you make the most informed financial decisions — at no cost and with no strings attached!

In summary: Even if you’re still making payments on your car, it’s possible to turn it into accessible cash, provided you plan wisely and work with the right partners.

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