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 money 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 auto 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 | NerdWallet Rating | Est. APR | Loan amount | Min. credit score | Learn more |
|---|---|---|---|---|---|
3.5 /5 | 4.54-21.99% | $5,000-$100,000 | 580 | Learn moreon RefiJet's website on RefiJet's website | |
 Consumers Credit Union - Refinance loan Learn moreon Consumers Credit Union's website on Consumers Credit Union's website | 4.0 /5 | 6.59-18.54% | $7,500-$500,000 | 620 | Learn moreon Consumers Credit Union's website on Consumers Credit Union's website |
3.5 /5 | 4.67-23.80% | $8,000-No max. | 550 | Learn moreon Tresl's website on Tresl's website | |
4.0 /5 | 4.67-23.80% | $8,000-No max. | 550 | Learn moreon RateGenius' website on RateGenius' website | |
 Gravity Lending – Cash-out refinance loan Learn moreon Gravity Lending's website on Gravity Lending's website | 5.0 /5 | 5.74-14.99% | $10,000-$200,000 | 580 | Learn moreon Gravity Lending's website on Gravity Lending'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
4.54-21.99%
$5,000-$100,000
580
- 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.
- Charges an origination fee of up to $495.
- Fully online application not available for applicants who prefer it.
- 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%.
Tresl - Refinance loan
4.67-23.80%
$8,000-No max.
550
- Applicants work with a dedicated advisor throughout the refinancing process.
- Most lending partners pre-qualify using a soft credit check.
- Applicants typically receive multiple pre-qualification offers.
- Network lenders offer a rate discount with automatic payment.
- A Social Security number is not required to see pre-qualified offers.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
- Maximum mileage: 150,000.
- Maximum loan-to-value ratio: 150%.
RateGenius - Refinance loan
4.67-23.80%
$8,000-No max.
550
- Provides average daily rates by credit score on website.
- Network lenders offer a rate discount with automatic payment.
- Most lending partners pre-qualify using a soft credit check.
- Customer service available on Saturday.
- A Social Security number is not required to see pre-qualified offers.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: All network lenders have a minimum. The lowest is $30,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Nearly all network lenders have bankruptcy restrictions, but details were not disclosed.
- Maximum mileage: 150,000.
- Maximum loan-to-value ratio: 150%.
Gravity Lending – Cash-out refinance loan
5.74-14.99%
$10,000-$200,000
580
- Majority of lending partners offer rate discount with automatic payment.
- Social Security number not required to pre-qualify.
- No origination or application fees.
- Applicants can delay payment for up to 90 days after approval.
- Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Minimum 2-year discharge.
- Maximum loan-to-value ratio: 150%.
- Maximum amount allowed for cash-out refinancing: $2,500.
Autopay - Refinance loan
4.67-23.80%
$8,000-No max.
560
- Offers pre-qualification with a soft credit check with most lenders.
- Fully online application available.
- Allows co-borrowers and co-signers.
- Some lenders offer rate discount with automatic payment.
- Available in all states. Customer service available on weekends.
- Most lenders charge an origination fee of up to $495.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Borrowers aren’t able to choose their payment due date.
- Minimum annual gross income: Varies by lender.
- Maximum debt-to-income ratio: 50%.
- Bankruptcy restrictions: Most lenders have restrictions, but they vary by lender.
- Maximum mileage: 150,000.
- Maximum loan to value ratio: 150%.
iLending - Refinance loan
5.49-22.00%
$7,500-$150,000
560
- 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.
- Charges an origination/application fee of $449.
- Borrowers aren’t able to choose the loan payment due date.
- 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%.
OpenRoad - Refinance loan
5.99-29.90%
$7,500-$100,000
500
- Borrowers work with Loan Care Agents who receive extensive training in auto refinancing.
- Applicants receive a single pre-qualification offer (or decline), which limits borrower contact from network lenders.
- Most lenders pre-qualify using a soft credit check.
- Applicants have the option to apply by phone or online.
- Website provides accessibility tools.
- Allows co-signers and co-borrowers.
- Most network lenders charge an origination fee up to $199.
- Provides only one pre-qualified offer.
- A few network lenders may use a hard credit inquiry for pre-qualification.
- Social Security number required to submit initial application.
- Not available in some states.
- Minimum annual gross income: There is a minimum income requirement in nearly all cases; the lowest among all lending partners with a minimum is $24,000.
- Maximum debt-to-income ratio: Did not disclose.
- Bankruptcy restrictions: A few network lenders have bankruptcy restrictions. OpenRoad Lending did not disclose what the restrictions are.
- Maximum mileage: 150,000 miles.
- Maximum loan-to-value ratio: 160%.
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.
Consumers Credit Union - Refinance loan
6.59-18.54%
$7,500-$500,000
620
- No vehicle restrictions.
- Offers 0.25 percentage point rate discount with automatic payment. Rate shown reflects this discount.
- Sends payoff directly to the previous lender.
- Allows co-signers.
- Credit union membership required to get a loan.
- 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%.
Digital Federal Credit Union - Refinance loan
6.49-15.24%
$2,500-$500,000
600
- Offers rate estimates through online auto refinance application using a soft credit check.
- Offers shorter term loans.
- Has a 24-hour access consumer loan call center.
- Application process can be 100% online.
- Offers two opportunities for discounts on already low rates.
- Will refinance existing DCU auto loans.
- Allows co-signers and co-borrowers.
- Credit union membership is required, but it can be set up after applying for a loan.
- Social Security number required with initial application.
- Minimum annual gross income: $6,000.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: There is a 12-24 month waiting period after the bankruptcy depending on credit score.
- Maximum mileage: 250,000 miles.
- Maximum loan to value ratio: 130%.
PenFed Credit Union - Refinance loan
5.94-17.99%
$10,000-$100,000
Did not disclose
- Provides up to six pre-qualified offers with rate and payment amount for various terms using a soft credit check.
- Customer service available seven days a week.
- Application process can be 100% online.
- Offers lower refinance rates for newer-model cars with less than 7,501 miles.
- Credit union membership is required, but it can be set up after applying for a loan.
- Does not offer rate discounts for automatic payments.
- Minimum refinance loan amount is higher than other lenders.
- Social Security number required with initial application.
- Minimum annual gross income: No minimum.
- Maximum debt-to-income ratio: Relies on PTI (payment to income) ratio for approvals, but did not disclose ratio.
- Bankruptcy restrictions: Applicants with bankruptcy in the past two years will not qualify.
- Maximum mileage: 125,000 miles.
- Maximum loan-to-value ratio: 125%.
Alliant Credit Union – Refinance loan
6.62-26.40%
$4,000-$1,000,000
Did not disclose
- Offers rate discount with automatic payment.
- No restrictions on vehicle age or mileage.
- Application process can be completed 100% online.
- Does not offer pre-qualification with a soft credit check.
- Credit union membership required to get a loan.
- Minimum annual gross income: None.
- Maximum debt-to-income ratio: 60%.
- Bankruptcy restrictions: Yes, but did not disclose.
- Maximum mileage: None.
- Maximum loan to value ratio: 140%.
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 reduce your monthly expenses overall, it might 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 might 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 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.
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 October 20, 2023
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 Refinance Auto Loans
- RefiJet - Refinance loan: Best for Cash-out refinancing through loan aggregators
- Consumers Credit Union - Refinance loan: Best for Cash-out refinancing with direct lenders
- Tresl - Refinance loan: Best for Cash-out refinancing through loan aggregators
- RateGenius - Refinance loan: Best for Cash-out refinancing through loan aggregators
- Gravity Lending – Cash-out refinance loan: Best for Cash-out refinancing through loan aggregators
- Autopay - 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
- 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
- Alliant Credit Union – Refinance loan: Best for Cash-out refinancing with direct lenders
