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Frequent Contributor
Posts: 485
Registered: ‎01-14-2012
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Refi for higher amount for cash back

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 answersHeart

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
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Re: Refi for higher amount for cash back

It's called a cash out refinance.


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Community Leader
Super Contributor
Posts: 6,865
Registered: ‎03-06-2010
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Re: Refi for higher amount for cash back

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?

Frequent Contributor
Posts: 485
Registered: ‎01-14-2012
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Re: Refi for higher amount for cash back

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!Smiley Very Happy

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Community Leader
Super Contributor
Posts: 6,865
Registered: ‎03-06-2010
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Re: Refi for higher amount for cash back

[ Edited ]

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!Smiley Very 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.

Frequent Contributor
Posts: 485
Registered: ‎01-14-2012
0

Re: Refi for higher amount for cash back

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

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
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