Cash-out Refinance
Give yourself a break—put extra money in your pocket
Use your car’s equity to consolidate high-interest debt, free up monthly cash flow, and fund what matters most— without the stress of complicated applications or excessive fees.
What is Cash-out Refinance?
A cash-out refinance allows you to replace your original loan with a new loan that’s larger than your current loan balance, and you receive the difference in cash. This option is ideal for borrowers who want to access extra funds using their vehicle’s equity—without selling their car or taking out a HELOC (Home Equity Line of Credit), which requires property as collateral.
If you own your vehicle outright—or have paid down a significant portion of your existing auto loan—you may be eligible to receive a lump sum of cash based on the loan-to-value ratio of your car. The new vehicle loan may come with a fixed rate and new loan term to help better manage your monthly payment and long-term repayment goals.
Whether you’re interested in a traditional refinance loan or specifically a cash-out refinance loan, our team can walk you through your options and help you determine what best suits your financial situation. For many, refinancing is the perfect opportunity to unlock vehicle equity and gain greater financial flexibility.
How Does Cash-Out Refinance Work?
Here’s a quick breakdown of how cash-out refinancing works:
- You apply for a new loan that covers your current loan amount, plus the additional cash you want to access.
- Your lender evaluates your eligibility based on your credit score, income, and vehicle value.
- Once approved, your original loan is paid off, and you receive the remaining funds as a lump sum—no down payment required.
- You repay the new loan over a set loan term, typically with a lower interest rate than most personal loans or credit cards.
Unlike other forms of credit, such as HELOCs, which require home equity and come with variable interest, a cash-out auto refinance offers a streamlined, asset-based solution with a predictable interest rate and flexible loan options.
For eligible military service members, veterans, and their families, a VA loan may also be an option, offering additional refinancing benefits. Similarly, some drivers may qualify for refinancing programs backed by the FHA, which provide greater accessibility for those with lower credit scores or limited income histories.
Top Benefits of Cash-Out Refinancing
Cash in Hand, When You Need It Most
Use your vehicle’s equity to access funds for college tuition, emergency expenses, major purchases—or even to build a cushion in your savings.
Eliminate High-Interest Debt
Refinance to pay off high-interest debt, such as credit card balances, and consolidate everything into one manageable monthly payment. With potentially lower refinance rates and reduced interest payments, you could save thousands over time. This makes a cash-out refinance loan a powerful tool for debt consolidation.
Upgrade Your Life, Not Just Your Loan
Whether you’re covering medical bills, starting a side business, or planning a wedding, this smart type of loan gives you options without the restrictions and higher rates that often come with traditional personal loans.
Improve Your Credit Score
Paying down revolving balances can lower your credit utilization and improve your credit report—a major win for your long-term personal finance health.
Eligibility Requirements & Underwriting
To qualify for a cash-out refinance, most lenders will review:
- Your vehicle’s market value and loan-to-value ratio
- Your credit score, credit history, and income stability
- The current interest rate and terms on your existing auto loan
- Your ability to repay based on underwriting standards
We’ll help you navigate every step of the process, with full disclosures, transparency, and no hidden surprises.
Still Wondering if a Cash-Out Refinance is Right for You?
A cash-out refinance loan isn’t just for people in financial distress—it’s a strategic move for anyone looking to take advantage of their car’s equity. Whether you’re planning for future expenses, navigating life changes, or simply trying to manage your money more effectively, this type of refinance loan offers both flexibility and peace of mind.
Unlike a VA loan or FHA refinance for homebuyers, auto refinancing is typically faster, with fewer documentation requirements and quicker funding times. Plus, with our experienced Loan Specialists by your side, you’ll receive clear guidance every step of the way—from evaluating your loan-to-value ratio to comparing potential repayment plans.
And remember, using a cash-out refinance for debt consolidation or paying down high-interest debt isn’t just smart—it’s empowering. You’re taking control of your finances, reducing stress, and building a more stable future. That’s the real power of unlocking the value already sitting in your driveway.
A Trusted Partner in Your Financial Journey
We work with a network of licensed lending partners—including credit unions, banks, and direct lenders registered with the NMLS (Nationwide Multistate Licensing System). Some of our partners are NCUA and Member FDIC, meaning your accounts are insured and your data is protected under the highest standards.
Our commitment is to match you with the most competitive rate loan possible based on your credit profile and needs—while maintaining security, clarity, and integrity at every turn.
We’ve Helped Over 700,000 Borrowers
Whether you’re driving a new or used car, refinancing can help you take control of your financial future. Our customers turn to cash-out refinancing to lower their monthly payments, avoid rising interest payments, and access the funds they need—without relying on their home or racking up more credit card debt.
Talk to a Loan Specialist Today
We’re here to make refinancing simple. Our team is available Monday–Friday, 7AM to 7PM (MST), and Saturday, 9AM to 5PM (MST), to guide you through your loan options and ensure you understand how a cash-out refinance works—in plain English.
Ready to unlock the value of your vehicle?
Call us at 844.276.3272 or click Get Started to explore your cash-out refinance today.