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Lender reviewing a bookout sheet before refinancing.

Vehicle Bookouts: What You Need to Know

05
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02
/
2025

Whether you’re a car buyer, seller or lender, knowing a vehicle’s true value is key to making sound financial choices. Otherwise, you risk overpaying, underselling or accepting unfavorable loan terms.

Fortunately, you can accurately determine the value of most vehicles with the help of bookouts or trusted pricing guides like NADA. But what exactly is NADA or a bookout sheet? How do they work, and do you really need them to negotiate a car deal or refinance your auto loan? We break it all down in this guide.

What is a bookout sheet?

Bookout sheets are documents that state a vehicle’s estimated value by considering its make, model, year, condition and other factors. Also known as a vehicle bookout, most dealerships, lenders and other automotive businesses rely on them for estimates. These estimates are essential for determining trade-in offers, auction pricing, auto loan amounts and refinancing terms. 

While bookout processes may vary by lender, they typically require the following information to generate one:

  • Vehicle details: The make, model, year and VIN of the evaluated car.
  • Mileage: The total miles the car has traveled, as this significantly affects depreciation.
  • Condition: The state of the car’s interior, exterior and electrical and mechanical parts.
  • Trim: The specific version of the vehicle model, and the available features and options, such as leather seats, navigation or a sunroof.
  • Trade-in, wholesale and retail values: Estimated values based on the recent sale prices of similar vehicles.

The pricing data used to produce a bookout comes from frequently updated sources like Kelley Blue Book (KBB), National Automobile Dealers Association (NADA) and Black Book. Combining data from these sources provides a more accurate estimate of a vehicle’s current market value. Also, because a vehicle’s value constantly changes, auto businesses generate a fresh bookout for each transaction.

Without a bookout during a car purchase or refinance, you risk:

  • Overpaying or underselling your vehicle
  • Accepting a loan that exceeds your car’s value or being offered too small a loan
  • Accepting a trade-in value for less than your car’s true market worth

What is NADA?

NADA provides offline and online guides for estimating the price of your car, truck, motorcycle, RV or boat. Auto businesses and lenders use NADA estimates to make informed vehicle buying, selling and financing decisions. 

NADA, KBB and bookouts typically have different users. Since KBB offers more consumer-friendly estimates based on market trends, car owners or buyers tend to use it more. In contrast, NADA Guides often favor dealer trade-in values by providing higher wholesale estimates. Because of this detail, most lenders and dealerships prefer NADA for vehicle valuations.

Bookouts, on the other hand, are more detailed and comprehensive because they aggregate estimates from KBB, NADA and Black Book. This makes booking out a more precise transaction-based valuation. Now that you understand what NADA and bookout sheets are, let’s look at why bookouts are so important for refinancing.

Why are bookouts necessary for refinancing?

Bookout sheets play the essential role of providing an accurate estimate of your vehicle’s current market value. Based on this value, your lender can determine your car’s loan-to-value (LTV) ratio and offer a loan amount that aligns with your vehicle’s worth. This ensures fair refinancing terms.

If you don’t know your car’s value before refinancing, you risk getting uncompetitive rates or a smaller loan than you desire. Why? Because you don’t have the information you need to dispute unfair loan offers or negotiate better terms. In a worst-case scenario, a lender may even determine your car's value is too low and refuse to refinance.

Also, estimates from bookouts can help you refinance at the right time. How? Your car’s value depreciates over time. Bookout sheets help you track your car’s depreciating value and refinance before it drops too low to qualify for your desired loan.

Bookouts provide reliable, data-driven estimates to help you and your lender make fair refinancing decisions. A good estimate can mean lower interest rates, smaller monthly payments and better loan terms.

Getting a bookout sheet for your car

You now understand what NADA and bookout sheets are, but how do you use them to evaluate your car? On the NADA website, click on “Get a Value.” This will take you to the J.D. Power online valuation tool, where you can enter your vehicle details for an instant estimate. 

Alternatively, request a bookout sheet from a reputable lender, dealership or appraisal service provider. RefiJet can connect you with auto refinance providers that will fairly appraise your vehicle and offer a loan that fits your needs. With us, you can pre-qualify for auto refinancing in minutes, and we’ll show you only the best offers and rates.

Get started with refinancing your vehicle today!

FAQs

Here are answers to some commonly asked questions about bookout sheets:

How is a vehicle bookout different from a regular car appraisal?

A bookout estimates your vehicle’s worth by looking at car values listed on trusted sources like NADA, Kelley Blue Book and Black Book. In contrast, an appraisal involves a professional physically inspecting your vehicle to determine its value. Lenders primarily use bookout sheets for loan and refinancing approvals, while appraisals are more common for private sales, insurance claims and trade-ins.

What information do I need for a vehicle bookout?

Lenders and dealerships typically request a vehicle’s VIN, make, model, year, trim level, mileage, features and condition to perform a bookout. These details help determine the vehicle’s market value based on data from sources like NADA, Kelley Blue Book and Black Book.

Why is a vehicle bookout important for refinancing?

Vehicle bookouts are crucial for refinancing because they provide an accurate estimate of your car’s value. Lenders will use this insight to determine your loan-to-value ratio and avoid approving a loan that exceeds your car’s value. Verifying your car’s value with a bookout can also help you negotiate better refinancing terms. 

Can I still refinance if my car's bookout value is low?

Yes, some lenders will approve a loan for more than your car is worth.

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