Top Cash-Out Refinance Auto Loans
What is cash-out auto loan refinancing? Is it the right option for you?
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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.
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
Lender | Best for | Est. APR | Loan amount | Min. credit score | Learn more |
---|---|---|---|---|---|
![]() RefiJet - Refinance loan Learn more on RefiJet's website | Best for comparing offers from multiple lenders | 3.39- | $5,000- | 550 | Learn more on RefiJet's website |
![]() Consumers Credit Union - Refinance loan Learn more on Consumers Credit Union's website | Best for applying directly with a lender | 3.49- | $7,500- | 620 | Learn more on Consumers Credit Union's website |
![]() RateGenius - Refinance loan Learn more on RateGenius' website | Best for receiving the best offer from a network of lenders | 1.75- | $12,000- | 500 | Learn more on RateGenius' website |
MyAutoloan - Refinance loan Learn more on MyAutoloan's website | Best for comparing offers from multiple lenders | 1.99- | $5,000- | 575 | Learn more on MyAutoloan's website |
Autopay - Refinance loan Learn more on Autopay's website | Best for comparing offers from multiple lenders | 1.99- | $2,500- | 560 | Learn more on Autopay's website |
![]() OpenRoad - Refinance loan Learn more on OpenRoad's website | Best for receiving the best offer from a network of lenders | 2.49- | $10,000- | 500 | Learn more on OpenRoad's website |
![]() iLending - Refinance loan Learn more on iLending's website | Best for comparing offers from multiple lenders | 3.74- | $5,000- | 510 | Learn more on iLending's website |
![]() Lending Arts - Refinance loan | Best for receiving the best offer from a network of lenders | 5.44- | $5,000- | 550 | Read review |
![]() Digital Federal Credit Union - Refinance loan | Best for applying directly with a lender | 3.74- | $2,500- | Did not disclose | Read review |
![]() PenFed Credit Union - Refinance loan | Best for applying directly with a lender | 5.24- | $500- | Did not disclose | Read review |

on RefiJet's website
RefiJet - Refinance loan

Est. APR
3.39-Loan amount
$5,000-Min. credit score
550on RefiJet's website

on Consumers Credit Union's website
Consumers Credit Union - Refinance loan

Est. APR
3.49-Loan amount
$7,500-Min. credit score
620on Consumers Credit Union's website

on RateGenius' website
RateGenius - Refinance loan

Est. APR
1.75-Loan amount
$12,000-Min. credit score
500on RateGenius' website
on MyAutoloan's website
MyAutoloan - Refinance loan
Est. APR
1.99-Loan amount
$5,000-Min. credit score
575on MyAutoloan's website
on Autopay's website
Autopay - Refinance loan
Est. APR
1.99-Loan amount
$2,500-Min. credit score
560on Autopay's website

on OpenRoad's website
OpenRoad - Refinance loan

Est. APR
2.49-Loan amount
$10,000-Min. credit score
500on OpenRoad's website

on iLending's website
iLending - Refinance loan

Est. APR
3.74-Loan amount
$5,000-Min. credit score
510on iLending's website
Lending Arts - Refinance loan

Est. APR
5.44-Loan amount
$5,000-Min. credit score
550Want 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
- RefiJet - Refinance loan: Best for comparing offers from multiple lenders
- Consumers Credit Union - Refinance loan: Best for applying directly with a lender
- RateGenius - Refinance loan: Best for receiving the best offer from a network of lenders
- MyAutoloan - Refinance loan: Best for comparing offers from multiple lenders
- Autopay - Refinance loan: Best for comparing offers from multiple lenders
- OpenRoad - Refinance loan: Best for receiving the best offer from a network of lenders
- iLending - Refinance loan: Best for comparing offers from multiple lenders
- Lending Arts - Refinance loan: Best for receiving the best offer from a network of lenders
- Digital Federal Credit Union - Refinance loan: Best for applying directly with a lender
- PenFed Credit Union - Refinance loan: Best for applying directly with a lender