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
It's called a cash out refinance.
Starting Score: ~500 (12/01/2008)
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!
@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!
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.