Cash Back From the Equity in Your Car

Get the money you need for other expenses when you refinance your auto loan

Hard assets like vehicles have value to them.  The amount of your vehicle for which you have already paid is the equity in your vehicle. What’s more, that equity is often available to vehicle owners, sometimes, you may owe less on your vehicle than what it is worth. That means you can often take out that cash back from the equity in your car and use it for other needs. Does that sound confusing? It doesn’t have to be. It can provide you with some of the best opportunities to reduce what you’re paying elsewhere.

What Is Equity in Your Vehicle?

When the value of your vehicle is more than the amount that you owe on your loan, you have equity in your vehicle. Here is an example. You purchased a vehicle a few years ago. The current value of the vehicle is $16,000. You’ve worked hard to pay down the loan. Right now, you owe about $12,000 on it. That $4,000 difference is equity. Many times, you are able to take out that equity to use for various needs you have.

How Do You Get Cash Back from the Equity in Your Car?

Lenders are not going to write a check to you for the equity just because you have it. Your current lender is not likely to provide a way for you to access those funds. However, you can do so with a cash-out refinance. That sounds confusing, but it can be fast and rather simple when you use RefiJet to help you with it.

During this refinancing process, you are obtaining a brand new loan. In the above example, you may borrow up to that $16,000 value of your car. The first portion of the new loan will be used to pay off the existing balance you have on your auto loan – the $12,000 you owe to the current lender. Then, you get a check for the remaining funds. In this case, that could be as much as $4,000.

This is called a cash-out refinance. You still have to pay off the $16,000 you are borrowing. Yet, new terms mean that you can do that in an affordable way, in most cases.

Why Should You Consider an Auto Loan Refinancing to Get Cash Back from the Equity in Your Car?

There are various factors that play a role in your ability to secure a cash-out refinance. Our team at RefiJet will help you to determine if you qualify for these opportunities. Factors such as the following play a role in your ability to use a cash-out refinance.

  • The value of your car – we’ll base the value of your vehicle on a third-party valuation guide based on your specific vehicle and its features and mileage
  • The amount you owe on your existing loan
  • Your credit to determine the interest rate you qualify for
  • The length of the term for repayment of your new loan

Here’s the good news. RefiJet makes the entire process as simple and as straightforward for you as possible.

Do You Qualify for an Auto Loan Refinance Like This?

There are various factors that play a role in your ability to secure a cash-out refinance. Our team at RefiJet will help you to determine if you qualify for these opportunities. Factors such as the following play a role in your ability to use a cash-out refinance.

  • The value of your car – we’ll base the value of your vehicle on a third-party valuation guide based on your specific vehicle and its features and mileage
  • The amount you owe on your existing loan
  • Your credit to determine the interest rate you qualify for
  • The length of the term for repayment of your new loan

Let Refijet Help You Get Cash Back from the Equity in your Car

Here’s the good news. RefiJet makes the entire process as simple and as straightforward for you as possible.

When it comes down to it, consider what you could do with the equity in your vehicle. If there are other ways you can use those funds to help you to make better decisions, reduce your debts, or just make a purchase, you need to turn to RefiJet. Our team may be able to help you secure an affordable monthly payment and get cash in your hand.

At LendingTree, we were rated #1 in auto lenders for customer satisfaction for four consecutive quarters. We also have an A+ rating from the BBB. That’s because we are dedicated to providing superior customer service to you. Fill out the form here to learn more about your options for a cash-out refinance. It’s easier than you think, and there’s no obligation to work with us.

Important Disclosures and Requirements

Customer Consent to Receive Account Information Electronically

The Electronic Signatures in Global and National Commerce Act requires your consent to receive certain disclosures electronically. Please read this section carefully and retain a copy of this document for your records.

ELECTRONIC RECORDS

Some communications and disclosures with and by RefiJet.com on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. However, if you wish to obtain a paper copy of any disclosure to your offer and/or loan/finance offer request, you may write to Yield Solutions Group, LLC (dba RefiJet.com) at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231. We will not charge you a fee for a paper copy of the Disclosures you request. RefiJet does not provide any Lenders’ disclosures.

RefiJet.com reserves the right, in its sole discretion, to stop providing Disclosures electronically. RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Disclosures electronically, RefiJet.com will send any future Disclosures to you in paper form.

YOUR CONSENT IS REQUIRED

The applicant and any co‐applicant (collectively, “you”) must consent to receive Disclosures electronically in order to complete the loan/finance offer request process with RefiJet.com on behalf of its participating Lenders (as defined above). Your consent will apply to Disclosures you receive from RefiJet.com, its successors and assignees, and any Lenders. You may withdraw your consent for receiving electronic Disclosures by notifying RefiJet.com at Info@RefiJet.com. Since RefiJet.com is structured to provide some loan/finance offer request related information electronically, not consenting, or withdrawing your consent to receive electronic Disclosures may terminate your loan/finance offer request process. You may withdraw your consent to do business electronically with our participating Lenders at no cost to you. You may do so by contacting the Lender at the mailing address, e‐mail address or telephone number they provide to you separately for such purpose.

CONSENT TO RECEIVE DISCLOSURES ELECTRONICALLY

In order to use this service, you must consent to receive disclosures including but not limited to the Terms of Service and Privacy Notice electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.

If you have access to this website, you have suitable hardware/software to access and retain electronic documents.

This consent is valid until revoked by either party.

Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.

MONTHLY PAYMENT REDUCTION CLAIM**

This average monthly auto loan payment savings reflects loans where the borrower chose to lower their monthly payment. Not every auto refinance is intended to lower monthly payment. These savings are not guaranteed. Individual savings and rates may differ.

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