Is there such thing as auto loan refi cashout?

[mohammadmoghimi]

Is there such thing as auto loan refi cashout? I bought a new car 8 months ago with a 6% APR from the manufacturer's financing company. I got a bit of credit for that. 6% is super high and I can pay off the loan easily. Can I pay it off now and do it a refi-cashout in the future?

I asked two places:

1- credit union that I'm a member of. They said that they can.

2- bofa. They said that they can't. I can get auto loan rate discount because of my balances in BA/ML.

One caveat is that car has an accident reported to carfax too. Insurance company fixed everything to mint condition.

[Kasuito39]

How about refinancing with a CU to a lower rate from 6% and use the funds for something else that you would have used to pay it off its less risky since it has a an accident on record.

[DaveInAZ]

A cashout auto loan refi is an interesting proposition and pretty rare, usually because few auto loans have equity in them, and too often the loans are under water because of depreciation and/or high interest.

But I don't see the point in paying off the loan and then refinancing, just refi the current loan into a lower interest loan, much easier.

[mohammadmoghimi]

The only thing is that I have to wait for the auto refi. It's been months since I've been dealing with 3 separate mortgage refis. The last one just started. Once I'm done with it, I'll do the auto refi. The auto loan is like 1% of my mortgage balances.

Does anyone have a loan with DCECU? The rebate eligible loans are quite attractive.