BEST OF

Top Cash-Out Refinance Auto Loans

What is cash-out auto loan refinancing? Is it the right option for you?

By Shannon Bradley  

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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 extra against the equity in your vehicle and roll that amount into your refinance loan.

For example, if you only owe $5,000 on your car loan, but your vehicle is worth $10,000, you have $5,000 worth of equity. If you qualify for a cash-out refinance loan, you might get a new loan for the car’s value of $10,000. You could then pay off the original loan and receive $5,000 cash, usually in the form of a check. Not all lenders make cash-out refinancing loans, and cash limits vary for those that do.

Refinancing your auto loan may be an opportunity to reduce your interest rate and monthly payment. Tapping into any equity at the same time can provide cash for emergencies, to pay off debt or for other needs. This fast access to funds may seem appealing, but you should take time to consider whether it’s the best option for your financial situation.

Below you’ll find lenders who offer cash-out auto refinance loans, followed by questions to help you weigh the pros and cons of cash-out refinancing.

Top Cash-Out Refinance Auto Loans

RefiJet
Learn more

on RefiJet's website

RefiJet - Refinance loan

RefiJet

Est. APR

3.39-22.00%

Loan amount

$5,000-$100,000

Min. credit score

550
Learn more

on RefiJet's website

Min. credit score

550

Key facts

Best for applicants wanting a loan representative’s help with the refinancing process from beginning to end.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Available in all states.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Charges an origination fee of up to $395.

  • Fully online application not available for applicants who prefer it.

Qualifications

  • Minimum annual gross income: No minimum.

  • Maximum debt-to-income ratio: 70%.

  • No open or discharged bankruptcies in last 12 months.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

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Consumers Credit Union
Learn more

on Consumers Credit Union's website

Consumers Credit Union - Refinance loan

Consumers Credit Union

Est. APR

3.49-21.24%

Loan amount

$7,500-$500,000

Min. credit score

620
Learn more

on Consumers Credit Union's website

Min. credit score

620

Key facts

Best for applicants wanting to refinance to a lower loan rate and payment.

Pros

  • No vehicle restrictions.

  • Offers rate discount with automatic payment.

  • Sends payoff directly to the previous lender.

  • Allows co-signers.

Cons

  • Credit union membership required to get a loan.

Qualifications

  • Minimum annual gross income: None.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy restrictions: No open bankruptcies.

  • Maximum mileage: None.

  • Maximum loan to value ratio: 125%.

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RateGenius
Learn more

on RateGenius' website

RateGenius - Refinance loan

RateGenius

Est. APR

1.75-21.00%

Loan amount

$12,000-$100,000

Min. credit score

500
Learn more

on RateGenius' website

Min. credit score

500

Key facts

Best for applicants looking for auto loan refinancing tools, an easy-to-use online application and multiple refinancing offers. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Provides average daily rates by credit score on website.

  • Customer service available on Saturday.

  • Some network lenders offer rate discount with automatic payment.

Cons

  • May charge an origination fee up to $395.

  • Minimum loan amount is higher than other lenders.

Qualifications

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: 65%.

  • No open bankruptcies. Most lenders will review dismissed or discharged bankruptcies.

  • Maximum mileage: 100,000.

  • Maximum loan to value ratio: 150%.

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MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - Refinance loan

MyAutoloan

Est. APR

1.99-21.00%

Loan amount

$5,000-$100,000

Min. credit score

575
Learn more

on MyAutoloan's website

Min. credit score

575

Key facts

Best for applicants wanting to quickly receive auto refinance loan offers from multiple lenders. Bad and fair-credit borrowers may qualify.

Pros

  • Applicants can receive up to four lender matches with a soft credit check.

  • Most lenders can provide approval within 30 seconds of application submission.

  • Provides lowest daily rates on site, including auto refinance loans.

  • Funds to pay off previous lender usually available within 24 hours.

  • Allows co-signers.

Cons

  • May result in multiple contacts from different lenders.

  • Social Security number required to submit initial application.

  • myAutoloan.com offers limited customer service support.

  • Not available in a few states.

Qualifications

  • Minimum annual gross income: $21,600.

  • Maximum debt-to-income ratio: Not provided.

  • Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: Not provided.

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Autopay
Learn more

on Autopay's website

Autopay - Refinance loan

Autopay

Est. APR

1.99-17.99%

Loan amount

$2,500-$100,000

Min. credit score

560
Learn more

on Autopay's website

Min. credit score

560

Key facts

Best for applicants wanting immediate pre-qualification offers to refinance their current vehicle loan but not needing fast loan approval and funding. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Borrower can choose loan payment date.

  • Allows co-signers.

  • Customer service available on Saturday.

Cons

  • Loan approval takes 24-48 hours, longer than other lenders.

  • Loan funding can take 1-2 weeks, longer than other lenders.

  • May charge an origination fee. Amount not provided.

Qualifications

  • Minimum annual gross income: Varies by lender.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy restrictions: Varies by lender.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

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OpenRoad
Learn more

on OpenRoad's website

OpenRoad - Refinance loan

OpenRoad

Est. APR

2.49-28.00%

Loan amount

$10,000-$75,000

Min. credit score

500
Learn more

on OpenRoad's website

Min. credit score

500

Key facts

Best for applicants of all credit types looking to refinance their current auto loan with the assistance of auto refinancing experts. Bad- and fair-credit borrowers may qualify.

Pros

  • Borrowers work with loan care agents who receive extensive training in auto refinancing.

  • Applicants typically receive preapproved offer (or decline) in five minutes or less.

  • Applicants have the option to apply by phone or online.

  • Website provides accessibility tools.

Cons

  • May charge an origination fee up to $199.

  • Social Security number required to submit initial application.

  • Not available in some states.

Qualifications

  • Minimum monthly income: $1,500.

  • Maximum vehicle age: 8 years.

  • Maximum mileage: 140,000.

  • Maximum loan to value ratio: Did not answer.

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iLending
Learn more

on iLending's website

iLending - Refinance loan

iLending

Est. APR

3.74-22.00%

Loan amount

$5,000-$150,000

Min. credit score

510
Learn more

on iLending's website

Min. credit score

510

Key facts

Best for applicants who want pre-qualified auto refinance loan offers and assistance with choosing the best one.

Pros

  • Offers pre-qualification with a soft credit check.

  • Application process is 100% online, including document upload.

  • Customer service is available on Saturday and Sunday.

  • Some of the network's lenders offer a rate discount with automatic payment.

Cons

  • Charges an origination/application fee of $449.

  • Borrowers aren’t able to choose the loan payment due date.

Qualifications

  • Minimum annual gross income: All network lenders have a minimum. The lowest is $21,600.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy restrictions: Nearly all of iLending's partners have bankruptcy-related restrictions. The bankruptcy must have been discharged. Any waiting period after a bankruptcy varies by lender, from zero to 24 months.

  • Maximum loan-to-value ratio: 160%.

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LendingArts
Read review

Lending Arts - Refinance loan

LendingArts

Est. APR

5.44-21.00%

Loan amount

$5,000-$150,000

Min. credit score

550
Read review

Min. credit score

550

Key facts

Best for applicants who want to see the best, pre-qualified auto loan refinancing offer from a network of lenders.

Pros

  • Application process is 100% online, including document upload.

  • Pre-qualification with a soft credit check is available with most network lenders.

  • Borrowers are able to choose the loan payment due date.

  • Allows co-signers and co-borrowers.

  • Customer service available on Saturday.

  • Limits borrower contact from network lenders.

Cons

  • Charges an origination fee of $499.

  • A few network lenders may use a hard credit inquiry for pre-qualification.

  • Provides only one pre-qualified offer.

Qualifications

  • Minimum annual gross income: There is no minimum income requirement.

  • Maximum debt-to-income ratio: 50% for most lending partners, but one will go to 90% for borrowers with good credit.

  • Bankruptcy restrictions: Nearly all of Lending Arts’ partners have bankruptcy-related restrictions. Most have a waiting period of 12 months after bankruptcy. One lender only requires the bankruptcy to be discharged.

  • Maximum loan-to-value ratio: 155%.

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Want to compare more options? Here are our other top picks:

The pros and cons of cash-out auto loan refinancing

These questions can help you decide if cash-out auto refinancing is the best solution for you.

Would auto loan refinancing significantly reduce your interest rate and lower your monthly payment? Maybe your credit score has improved since you financed your car, or you’ve realized you could qualify for a lower rate than a dealership gave you. If refinancing by itself would greatly improve your financial situation, it could make sense to include additional funds with your auto refinance for fast access to needed cash.

How does the rate of your auto refinance loan compare to other borrowing options? Auto loan rates vary greatly, depending on your credit profile and other factors. Before going with cash-out refinancing, compare the rate you will be paying with other options such as personal loans or credit card advances. If you’re considering a high-rate payday loan for an emergency financial situation, cash-out refinancing could be a lower-rate alternative.

Could your cash-out refinance loan balance result in negative equity problems? When your auto loan balance exceeds what your car is worth, it’s called negative equity. Some lenders will allow you to borrow more than 100% of your car’s value or its loan-to-value ratio. 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. In addition, it will be difficult to trade in or sell a car with negative equity, so cash-out refinancing may not be a good idea if you don’t plan to keep your vehicle for a while.

Is borrowing extra now worth adding several years to your loan? Often borrowers will refinance to a longer term, as a way to lower their monthly payment. But this can result in paying more interest over the life of the loan. The same is true if you extend your loan term to offset the increased balance from borrowing extra for cash.

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 will be paying a higher monthly payment. Can you afford this higher payment? Keep in mind, your car is loan collateral, putting you at risk of having it repossessed if you fall behind on payments.

Last updated on January 13, 2023

To recap our selections...

NerdWallet's Top Cash-Out Refinance Auto Loans