{"id":24760,"date":"2026-04-29T21:37:18","date_gmt":"2026-04-29T21:37:18","guid":{"rendered":"https:\/\/incredipros.com\/?p=24760"},"modified":"2026-04-29T21:37:19","modified_gmt":"2026-04-29T21:37:19","slug":"what-is-cash-out-auto-refinancing-how-does-it-work","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=24760","title":{"rendered":"What Is Cash-Out Auto Refinancing &#038; How Does It Work?"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Images by Getty Images; Illustration by Issiah Davis\/Bankrate\n        <\/p>\n<\/p><\/div>\n<div>\n<div id=\"block_76109e529e9abf92503e5f402b4a85f7\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Cash-out auto refinancing lets you borrow money by swapping your car loan out for a larger loan, typically with different terms.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            The amount you can access depends on your vehicle\u2019s value, your credit history and the lender.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Be sure to consider the risk of going upside down on your loan, which could make it challenging to sell or trade your vehicle in the near future.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Weigh the benefits and drawbacks of this strategy to get fast cash to determine if it makes financial sense for you.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Refinancing may impact your credit score, temporarily lowering it by a few points.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>Cash-out auto loan refinancing, also known as cash-back refinancing, is like traditional refinancing in the sense that you apply to receive new, more favorable terms to replace your current loan. In the case of a cash-out refinance, however, you\u2019re refinancing for a larger amount than what you currently owe \u2014 and you\u2019ll receive the difference in a lump sum of cash.<\/p>\n<p>In order to obtain a cash-out refinance, the value of your vehicle must be more than what you owe. Lenders may also have additional requirements that must be met. If you urgently need money, it may be worth considering this type of financing, but it comes with significant risks, including increasing your debt and the potential to be upside down on the loan.<\/p>\n<h2 id=\"what\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is cash-out auto refinancing?\" data-outcome=\"\">What is cash-out auto refinancing?<\/h2>\n<p>A cash-out auto refinance loan allows you to swap out your current loan for a new one for a higher amount and access the difference in cash. The variance between the two loans is the amount of equity you have in your vehicle or the amount you own outright. This type of loan is typically used by people still paying off their car who have equity in their vehicle and need extra money.<\/p>\n<p>Not all lenders offer this service, and it can be a risky move. Cash-out refinancing increases the possibility of becoming upside-down on your loan, making your car more challenging to sell until you\u2019re no longer upside-down.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Negative equity on your auto loan\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>If you owe $30,000 on a car loan, but the car\u2019s value is only $15,000, you are upside-down on the loan. This limits your ability to qualify for cash-out refinance since you have no equity to draw from.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"lenders\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Lenders that offer cash-out loans\" data-outcome=\"\">Lenders that offer cash-out loans<\/h2>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th>Lender<\/th>\n<th>APR<\/th>\n<th>Loan amount<\/th>\n<th>Loan term<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>RefiJet<\/td>\n<td>4.99%-21.99%<\/td>\n<td>$510,000\u2013$120,000<\/td>\n<td>60\u201372 months<\/td>\n<\/tr>\n<tr>\n<td>RateGenius<\/td>\n<td>Starting at 4.67%<\/td>\n<td>$8,000\u2013$150,000<\/td>\n<td>36\u201372 months<\/td>\n<\/tr>\n<tr>\n<td>iLending<\/td>\n<td>4.99%-19.24%<\/td>\n<td>$5,000\u2013$150,000<\/td>\n<td>12\u201396 months<\/td>\n<\/tr>\n<tr>\n<td>Autopay<\/td>\n<td>Starting at 4.85%<\/td>\n<td>$2,500\u2013$100,000<\/td>\n<td>12\u201396 months<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div class=\"my-16\">\n<div class=\"ProductCard\">\n<div class=\"ProductCard-body\">\n            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProductCard-bodyHeader\">\n    Bankrate&#8217;s view<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"mb-6\">\n<div class=\"wysiwyg wysiwyg--flush has-links text-gray-700\">\n<p>RefiJet offers a simple and straightforward process including a streamlined rate-shopping experience through its marketplace. RefiJet also stands out for letting you view personalized rate quotes from lenders without a hard credit check.<\/p>\n<\/div>\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Claims to make the cash-out refinance process easy.<\/li>\n<li>Offers extended service contracts that can be included in your loan.<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Your vehicle must be 10 years old or newer.<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-16\">\n<div class=\"ProductCard\">\n<div class=\"ProductCard-body\">\n            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProductCard-bodyHeader\">\n    Bankrate&#8217;s view<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"mb-6\">\n<div class=\"wysiwyg wysiwyg--flush has-links text-gray-700\">\n<p>RateGenius publishes its current auto refinance rates by credit rating on its website, and the figures are updated daily. Not all lenders offer this level of transparency. In addition, you do not need perfect credit to qualify with RateGenius.<\/p>\n<\/div>\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>It does not require perfect credit. <\/li>\n<li>Allows co-applicants.<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Limited information about cash-out refinances on its website.<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-16\">\n<div class=\"ProductCard\">\n<div class=\"ProductCard-body\">\n            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProductCard-bodyHeader\">\n    Bankrate&#8217;s view<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"mb-6\">\n<div class=\"wysiwyg wysiwyg--flush has-links text-gray-700\">\n<p>When working with iLending you\u2019ll be assigned a loan specialist who will provide personalized service and help you through the process. This includes applicants who have bad credit. iLending also distinguishes itself from other lenders by accepting scores as low as 560.<\/p>\n<\/div>\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>You\u2019ll be matched with a personal lending specialist.<\/li>\n<li>It does not require perfect credit.<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Loan fees are not disclosed up front.<\/li>\n<li>No physical locations means no in-person service.<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-16\">\n<div class=\"ProductCard\">\n<div class=\"ProductCard-body\">\n            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProductCard-bodyHeader\">\n    Bankrate&#8217;s view<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore --><\/p>\n<div class=\"mb-6\">\n<div class=\"wysiwyg wysiwyg--flush has-links text-gray-700\">\n<p>Autopay is an auto loan marketplace offering a single streamlined application. That means borrowers can view and compare loans from multiple banks, credit unions and online lenders. This approach is also notable because it allows you to see multiple loan options without damaging your credit.<\/p>\n<\/div>\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>A maximum loan term of 96 months is longer than most competitors.<\/li>\n<li>It does not require perfect credit.<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h3 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Fees are included in the APR quoted, but not disclosed. <\/li>\n<li>The competitive rates are for the best credit borrowers, but other rates are not disclosed for poor credit. <\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<h2 id=\"how\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How much can you borrow through a cash-out loan?\" data-outcome=\"\">How much can you borrow through a cash-out loan?<\/h2>\n<p>The amount you can borrow through cash-out refinancing is dependent on a few factors. There\u2019s no single answer \u2014 instead, it will depend on your lender, the equity in your vehicle and your finances.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Lender choice: <\/strong>Few lenders offer a cash-out option due to the increased risk of default posed by increasing your debt. If the lender does offer a cash-out option, it may have specific requirements for you to meet.\u00a0<\/li>\n<li>\n<strong>Vehicle equity: <\/strong>The value of your vehicle compared to what you owe determines your equity. Some lenders will allow you to borrow up to 100 percent of the car\u2019s value. For example, if your car is worth $20,000 and you owe $10,000 on your loan, a lender might give you $10,000 to pay off your existing loan and $10,000 in cash to use for almost any purpose. Get estimates of your vehicle\u2019s value using a trusted source like Edmunds or Kelley Blue Book, and then use our online calculator to determine your equity.\u00a0<\/li>\n<li>\n<strong>Your finances: <\/strong>As with most financial circumstances, your credit score and history serve as the core measure for whether your loan will be approved. The better your credit is, the more favorable terms you will receive. Other financial factors that matter to your lender are your income and debt-to-income ratio.<\/li>\n<\/ul>\n<h2 id=\"risks\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Risks of cash-out refinancing\" data-outcome=\"\">Risks of cash-out refinancing<\/h2>\n<p>As with any auto loan product, cash-back auto refinance has risks. Consider these potential drawbacks before proceeding.<\/p>\n<h3><strong>Going upside down on a loan<\/strong><\/h3>\n<p>You are more likely to become upside down or underwater on your loan. As the car\u2019s value depreciates, your loan-to-value ratio increases the likelihood of being underwater, owing more than the vehicle is worth. Having negative equity is also a major risk if you get in an accident and your insurance does not cover the full cost.<\/p>\n<h3><strong>Incurring more debt<\/strong><\/h3>\n<p>Borrowing more than you owe stacks even more debt on your plate. This can make it even more difficult for you to qualify for other credit, like a mortgage, or get out of debt. It\u2019s best to avoid significantly increasing your debt unless you have a specific plan to repay the debt.<\/p>\n<h3><strong>Potential repossession<\/strong><\/h3>\n<p>If you struggle to keep up with your monthly payments, extending your loan may not be enough to fix deeper financial problems. This could mean your vehicle is repossessed if you fail to pay, creating an even more challenging situation of not having a car. A repossession will also impact your credit score, leaving a negative mark on your report.<\/p>\n<h3><strong>Limited lender choices<\/strong><\/h3>\n<p>Not all lenders offer cash-out auto loans, so you may be limited to a few options when shopping around. This means less competitions, and lenders that do offer with cash-out refinancing often charge much higher interest rates than the market average.\u00a0<\/p>\n<h3><strong>Impact to credit score<\/strong><\/h3>\n<p>A cash-out refinance can negatively impact your credit score in multiple ways. When you apply for the loan, lenders conduct a hard inquiry in order to review your credit report. A new loan will also decrease the average age of accounts and add to your overall debt, so avoid applying for cash-out refinancing if you need to apply for other credit in the near future.<\/p>\n<h2 id=\"when\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"When is cash-out auto refinancing a good idea?\" data-outcome=\"\">When is cash-out auto refinancing a good idea?<\/h2>\n<p>Determining whether a cash-out auto <u>refinance is right for you<\/u> takes reflection on your spending habits. Because this choice means borrowing more money than you already owe, you are creating more debt. If you are currently struggling to make your monthly payments, this could worsen your financial situation.<\/p>\n<p>The two primary benefits of cash-out refinancing are improved loan terms and additional cash.<\/p>\n<ol class=\"wp-block-list\">\n<li>\n<strong>Improved loan terms: <\/strong>Just as with traditional refinancing, you will ideally receive more <u>favorable interest rates<\/u> through this process. But you\u2019ll increase your loan principal, and if you want to <u>lower your monthly payment<\/u>, you\u2019ll likely need to extend the loan term. That means you\u2019ll spend more on interest over the loan\u2019s lifetime.<\/li>\n<li>\n<strong>Additional cash:<\/strong> You will receive money from a cash-back refinance, which can be especially helpful if you need additional cash for an emergency. However, this is a short-term solution that could lead to higher interest rates.<\/li>\n<\/ol>\n<h2 id=\"apply\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to apply for cash-out auto refinancing\" data-outcome=\"\">How to apply for cash-out auto refinancing<\/h2>\n<p>The process of applying for a cash-out auto refinance is similar to what you would do for a <u>traditional refinance<\/u>. Here are the typical steps for applying for a cash-out auto refinance.<\/p>\n<ol class=\"wp-block-list\">\n<li>\n<strong>Research your vehicle\u2019s value. <\/strong>To get an idea of how much your car is worth, estimate your car\u2019s value using websites like Kelley Blue Book and Edmunds.<\/li>\n<li>\n<strong>Calculate your vehicle\u2019s equity. <\/strong>Next, calculate how much equity you have in the car by subtracting your current loan from your vehicle\u2019s current value. If you want to avoid mental math, an <u>equity calculator<\/u> can handle the calculations for you.<\/li>\n<li>\n<strong>Find a lender.<\/strong> Research lenders that offer cash-back auto refinancing. Afterward, <u>compare the terms<\/u>, such as rates and the cash back offer, to determine which option is best for you.<\/li>\n<li>\n<strong>Submit application.<\/strong> After choosing a lender, submit a formal loan application. Once approved, you will walk away with new loan terms and extra money.<\/li>\n<\/ol>\n<h2 data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>Cash-out refinancing can be a good option if you\u2019re looking to score more favorable terms on your auto loan or have an urgent need for cash. The first step when considering this type of refinance is to research the current value of your car and how much you owe. This will help determine how much money a lender may be willing to give you.<\/p>\n<p>But remember, there are risks involved in a cash-out refinance. You incur more debt by refinancing the auto loan for more than what\u2019s currently owed, and you also risk becoming upside-down on the loan.<\/p>\n<h2 id=\"faq\" data-position=\"8\" data-beam-element-viewed=\"\" data-id=\"br-h2-8-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Frequently asked questions\" data-outcome=\"\">Frequently asked questions<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-how-do-you-determine-how-much-equity-your-car-has', 'heading-how-do-you-determine-how-much-equity-your-car-has']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-do-you-determine-how-much-equity-your-car-has')\" :aria-controls=\"$id('panel-how-do-you-determine-how-much-equity-your-car-has')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How do you determine how much equity your car has?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-do-you-determine-how-much-equity-your-car-has')\" :aria-labelledby=\"$id('heading-how-do-you-determine-how-much-equity-your-car-has')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Calculating equity involves determining the difference between your car\u2019s current value and the outstanding balance on your auto loan. If, for example, you own a vehicle that is worth $15,000 and you still owe $10,000 on the loan, you have $5,000 in equity.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-do-you-need-good-credit-for-cash-back-refinancing', 'heading-do-you-need-good-credit-for-cash-back-refinancing']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-do-you-need-good-credit-for-cash-back-refinancing')\" :aria-controls=\"$id('panel-do-you-need-good-credit-for-cash-back-refinancing')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Do you need good credit for cash back refinancing?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-do-you-need-good-credit-for-cash-back-refinancing')\" :aria-labelledby=\"$id('heading-do-you-need-good-credit-for-cash-back-refinancing')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            While there is no specific credit score requirement, in general, you\u2019ll need a score of at least 600 for most lenders. There are some lenders that work with borrowers who have credit scores in the 500s, but expect higher interest rates. And as with other loans, a higher score can help you qualify for more competitive interest rates.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-what-types-of-lenders-offer-cash-out-auto-refinance-loans', 'heading-what-types-of-lenders-offer-cash-out-auto-refinance-loans']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-what-types-of-lenders-offer-cash-out-auto-refinance-loans')\" :aria-controls=\"$id('panel-what-types-of-lenders-offer-cash-out-auto-refinance-loans')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    What types of lenders offer cash-out auto refinance loans?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-what-types-of-lenders-offer-cash-out-auto-refinance-loans')\" :aria-labelledby=\"$id('heading-what-types-of-lenders-offer-cash-out-auto-refinance-loans')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Cash-out auto refinance loans are offered by banks, some credit unions and private lenders. This is a rare product, so do a broad search to find lenders that suit your needs. Typically, you can expect to find cash-out refinancing with online lenders and smaller local banking institutions.\n        <\/p>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"ftczQKdRu9\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 1.227.065.14.183.248.323.323.151.075.603.075 1.227.075h.16c.625 0 1.078 0 1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--no border-2 border-blue-600 text-blue-600 rounded 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0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/loans\/auto-loans\/cash-back-refinancing\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Images by Getty Images; Illustration by Issiah Davis\/Bankrate Key takeaways Cash-out auto refinancing lets you borrow money by swapping your car loan out for a larger loan, typically with different terms. The amount you can access depends on your vehicle\u2019s value, your credit history and the lender. Be sure to consider the risk of going<\/p>\n","protected":false},"author":1,"featured_media":24761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-24760","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Cash-Out Auto Refinancing &amp; How Does It Work? | IncrediPros<\/title>\n<meta name=\"description\" content=\"Images by Getty Images; Illustration by Issiah Davis\/Bankrate Key takeaways Cash-out auto refinancing lets you borrow money by swapping your car loan out\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/incredipros.com\/?p=24760\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Cash-Out Auto Refinancing &amp; How Does It Work? 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