Best of
Top Cash-Out Auto Refinance Loans of August 2025
What is cash-out auto loan refinancing? Is it the right option for you?
Last updated on June 26, 2025
Written by
Lead Writer & Content StrategistEdited by
Managing EditorFact Checked
Fact Checked
Written by
Lead Writer & Content StrategistEdited by
Managing EditorFact Checked
Fact Checked
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Cash-out auto refinancing, also called cash-back refinancing, works just like typical auto loan refinancing. You replace your current car loan with a new one, often to reduce your interest rate or monthly payment. But with cash-out refinancing, you also borrow more than you owe on your current loan and receive the difference in cash.
The amount you can borrow through cash-back refinancing depends on different factors, including the lender's limits and how much equity you have — which is your car's value minus what you owe on it. Tapping into any equity can provide cash for emergencies, to pay off debt or for other needs. This fast access to funds may seem appealing, but it can come with downsides you should be aware of.
Below you’ll find lenders that offer cash-out auto refinance loans, followed by how to qualify and questions to ask about this type of car loan.
Why trust NerdWallet
Why trust NerdWallet
- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
Why trust NerdWallet
- 45+ auto loan products reviewed and rated by our team of experts.
- 30+ years of combined experience covering financial topics.
- Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Top Cash-Out Auto Refinance Loans
Lender | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
4.5 /5 | 4.49-21.99% | $6,000-$150,000 | 540 | See Offers on RefiJet's website | |
 Gravity Lending – Cash-out refinance loan See Offers on Gravity Lending's website | 4.5 /5 | 4.99-17.99% | $3,000-$250,000 | 500 | See Offers on Gravity Lending's website |
4.0 /5 | 4.67-21.00% | $8,000-$150,000 | 580 | See Offers on RateGenius' website | |
5.0 /5 | 5.49-18.79% | $5,000-$150,000 | 560 | See Offers on iLending's website | |
3.5 /5 | 6.49-29.00% | $8,000-$100,000 | 480 | See Offers on OpenRoad's website |
Our pick for
Cash-out refinancing through loan aggregators
Aggregators connect prospective borrowers with a network of auto lenders, usually resulting in more than one loan offer. We evaluate them using different criteria than direct lenders.
RefiJet - Refinance loan
Est. APR
4.49-21.99%
Loan amount
$6,000-$150,000
Min. credit score
540
Gravity Lending – Cash-out refinance loan
Est. APR
4.99-17.99%
Loan amount
$3,000-$250,000
Min. credit score
500
RateGenius - Refinance loan
Est. APR
4.67-21.00%
Loan amount
$8,000-$150,000
Min. credit score
580
iLending - Refinance loan
Est. APR
5.49-18.79%
Loan amount
$5,000-$150,000
Min. credit score
560
OpenRoad - Refinance loan
Est. APR
6.49-29.00%
Loan amount
$8,000-$100,000
Min. credit score
480
Autopay - Refinance loan
Est. APR
4.67-21.00%
Loan amount
$8,000-$150,000
Min. credit score
580
Our pick for
Cash-out refinancing with direct lenders
Direct lenders are banks, credit unions and other companies that work directly with a borrower to make and service loans. We evaluate them using different criteria than aggregators.
Best for transparency, affordability and flexibility
Consumers Credit Union - Refinance loan
Est. APR
4.74-16.54%
Loan amount
No min.-$100,000
Min. credit score
600
Want to compare more options? Here are our other top picks:
How to qualify for cash-back auto refinancing
You'll need to have equity in your vehicle. This means the value of your car must exceed the amount you still owe on it. Since cars typically depreciate or lose value fairly quickly, it isn't common to have a lot of equity in a vehicle. An exception might be if you've paid extra on the loan to reduce what you owe faster than the car depreciates. Also, some makes and models of cars may hold their value longer. Auto lenders that offer cash-out refinancing will usually make loans up to 100% of a car's value, but some will go higher.
Here's an example of how cash-out auto refinancing works. If you owe $5,000 on your car loan, and your vehicle is worth $10,000, you have $5,000 worth of equity. If you qualify for a cash-out auto refinance loan, you can get $5,000 to pay off the original loan and receive $5,000 in cash, usually in the form of a check. You would now be paying off a $10,000 loan with a new interest rate.
You'll have to meet lender credit requirements. As with any auto loan, lenders will consider factors like your credit history, credit score, payment history and and future ability to repay the loan. In fact, some lenders have stricter requirements for cash-out auto refinancing compared to other types of auto loans. That's because borrowing more than a car is worth may indicate financial problems, and lenders want to avoid putting borrowers in a situation of not being able to make their loan payments.
Questions to ask about cash-out auto loan refinancing
Getting cash back when refinancing your car can be useful in some situations, but it can also come with risks. Here are some questions to help you decide if it’s the right solution for you.
How does cash-out auto refinancing compare with other options? If you have a financial emergency and are considering a high-rate payday loan or credit card advance, cash-out refinancing might be a lower-rate alternative. That’s because auto loans are secured by your vehicle, so if you default on an auto loan, lenders can repossess the car to recoup their losses. On the other hand, if you can qualify for a personal loan, even if the rate is higher, it could be an option that doesn’t put your vehicle at risk.
Could cash-out refinancing cause negative equity problems? When your auto loan balance exceeds what your car is worth, it’s called negative equity or being upside down on a car loan. Some lenders will allow you to borrow more than your car’s value, putting your car's loan-to-value ratio at more than 100%. If you owe 150% of your car’s value, and it’s totaled, your insurance company would pay 100% of the car’s value, and you would owe the remaining balance of your loan.
Also, it can be difficult to trade in or sell a car with negative equity, so cash-out refinancing might not be a good idea if you don’t plan to keep your vehicle for a while.
Will cash-out auto refinancing increase your monthly car payment? If you increase your loan balance by borrowing extra cash, but you don’t extend the loan term or reduce your rate significantly, you’ll pay a higher monthly payment. Can you afford to make this higher payment for months in exchange for cash now?
Will auto refinancing alone reduce your monthly expenses? If refinancing by itself would greatly reduce your interest rate and monthly payment, it could make sense to use cash-out refinancing for quick access to money. For example, if you financed at a dealership with a high rate, and now interest rates have dropped, you might save enough to outweigh the cons that come with cash-out auto refinancing.
However, if you're already struggling to pay debts, increasing what you owe through cash-out refinancing may not be a good idea — especially if you extend the loan term. Along with increasing your outstanding debt, you’re likely to pay much more in interest over the life of the loan.
Ultimately, you’ll need to determine whether the benefit of having immediate cash outweighs the cons of cash-out auto refinancing.
Last updated on June 26, 2025
Methodology
NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.
To receive a star rating, a provider must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).
For more details about the categories considered and our processes, read our full methodology for rating direct lenders and our full methodology for rating aggregators.
NerdWallet's Top Cash-Out Auto Refinance Loans of August 2025
- RefiJet - Refinance loan: Best for Cash-out refinancing through loan aggregators
- Gravity Lending – Cash-out refinance loan: Best for Cash-out refinancing through loan aggregators
- RateGenius - Refinance loan: Best for Cash-out refinancing through loan aggregators
- iLending - Refinance loan: Best for Cash-out refinancing through loan aggregators
- OpenRoad - Refinance loan: Best for Cash-out refinancing through loan aggregators
- Autopay - Refinance loan: Best for Cash-out refinancing through loan aggregators
- Consumers Credit Union - Refinance loan: Best for Cash-out refinancing with direct lenders
- Alliant Credit Union – Refinance loan: Best for Cash-out refinancing with direct lenders
- Digital Federal Credit Union - Refinance loan: Best for Cash-out refinancing with direct lenders
- PenFed Credit Union - Refinance loan: Best for Cash-out refinancing with direct lenders
