Autos, trucks, boats are depreciating assets meaning their value will continue to decrease the older they get (I'm not talking collector grade). To take an already depreciated asset that carries a loan with equity and cash it out to 120% of its hopefully current liqudation value.... not the best choice as you go down the line.
Say the asset has a current retail sales value of $20,000 and you take a loan for $24,000 on it, a year or two from now you'll owe say $20k on the asset and its retail value might be $12k to $15k. Think not? just look at trade in values for a 2-3-4 year old E350 Mercedes, or BMW X5's or even say an Audi A6. Check out a $100k power boat 2-3 years after it becomes "used". Add to this depreciation factor the fact that you'll be paying interest for the privledge. As a rule the higher the original MSRP of a vehicle, the faster it loses value and lenders know this oh so well.
Not a good option IMO.
