topic Re: Refi for higher amount for cash back in Auto Loans

Refi for higher amount for cash back

currentlywinning — Thu, 10 Jan 2013 20:28:26 GMT

Is this even an option? I am trying to buy out of my lease (apartment, not auto) and plan to refinance my car any way. Could I kill two birds with one stone by refinancing my car loan for a larger amount in hopes of getting cash back?

Thanks in advance for any helpful answers:heart:

Re: Refi for higher amount for cash back

Walt_K — Thu, 10 Jan 2013 21:55:27 GMT

It's called a cash out refinance.

Re: Refi for higher amount for cash back

StartingOver10 — Thu, 10 Jan 2013 22:44:11 GMT

How much is your vehicle worth?

What is the remaining balance on your loan?

How much do you owe to the rental co? (How much are you trying to pull out to pay off that lease?)

Is your current auto loan with a CU or some other lender?

Re: Refi for higher amount for cash back

currentlywinning — Fri, 11 Jan 2013 14:24:27 GMT

Hi StartingOver10!

Vehicle is worth 11,291 according to Kelly Blue Book

The remaining balance on my loan is abput 9700

I would have to come up with about 3k to get out of my place, I have the rest in savings

My current loan is not with my CU it is with another lender. This is my first auto loan and I didnt have credit before hand so my CU wouldnt help! LOL

Thanks so much for any more info you can provide!:smileyvery-happy:

Re: Refi for higher amount for cash back

StartingOver10 — Fri, 11 Jan 2013 14:53:58 GMT

currentlywinning wrote:
Hi StartingOver10!

Vehicle is worth 11,291 according to Kelly Blue Book
The remaining balance on my loan is abput 9700
I would have to come up with about 3k to get out of my place, I have the rest in savings
My current loan is not with my CU it is with another lender. This is my first auto loan and I didnt have credit before hand so my CU wouldnt help! LOL

Thanks so much for any more info you can provide!:smileyvery-happy:

Get in contact with your CU now to see what they will loan on your vehicle. You have history with an auto loan now so they might refi it. It appears you don't have enough equity to pull out to pay off the lease. But don't refi the loan unless you can get a better rate and a better payment than what you have now.

As far as getting the funds for your lease buyout, maybe your CU will also give you a personal unsecured loan. Talk with them about that too. CU's do small loans.

Re: Refi for higher amount for cash back

currentlywinning — Fri, 11 Jan 2013 16:29:12 GMT

Thanks for the insight! I will try the CU again.