I just bought a '93 Camry V6, but apparently it has some serious engine overheating problem. Seems like it uses some coolant and also after driving for a couple of minutes, smoke starts coming out from behind the engine. The coolant seems to be boiling as soon as I start the engine; however, I don't see white smoke coming out from the exhaust. At first it was overheating after driving for quite some time, but now this smoke starts coming out before the temperature goes up, usually within 2-3 minutes from starting. Does anyone have an idea what this could be? I really hope I don't have to look for a new V6 engine...
Thanks a lot for your help.

Sounds like you need a new head gasket. This is not so serious you need to consider getting a new engine. Get it changed immediately. Also, change your oil and coolant.

Take a look at your oil dipstick...Is the oil milky looking??
If so then you have antifreeze in your oil from a blown headgasket or cracked block...

Thank you guys for the quick responses.I checked the oil stick-it doesn't seem to have milky color, but there are lots of tiny little bubbles on the stick.The coolant is almost gone again.If it is the head gasket of cracked block is that fixable? Do you have any idea how much it costs? Thanks again.

Also would that cause the smoke coming out from behind the engine? It smells like burning and it started getting worse... Thanks.

Get it fixed

Depends on what kind of smoke coming out. If it's white/blue "smoke" and smells bad, then it's engine oil, you probably need valve work or engine overhaul (piston rings, etc.).

If it's "Steam" and smells exactly like coolant, then it's very possible you have a blown head gasket. You can ask someone to do a "Blow Down" test. To replace the gasket probably cost you couple hundred dollars.