Refinancing a car to get down payment?

[Justin Reid]

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?