| Lenders | Best for… | Starting APR | Loan terms | Minimum credit score |
|---|---|---|---|---|
 | Cash-out auto refis on owned vehicles | 4.67% | 24 to 96 months | Not specified |
 | Cash-out auto refis from a credit union | 5.74% | Up to 84 months | Not specified |
 | Cash-out auto refis with excellent customer support | 5.49% | 12 to 96 months | 525 |
 | Bad credit cash-out auto refis | 4.67% | 24 to 84 months | 500 |
 | Cash-out auto refis with an easy application process | 5.29% | 24 to 96 months | 500 |
4.67%
24 to 96 months
Not specified
Many lenders only offer cash-outs if you’ve got a current auto loan to refinance. Even if you own your vehicle outright, you might be able to borrow against your car’s equity with Autopay. This loan marketplace links potential borrowers with lenders for auto loans, auto refinance loans and auto cash-out refinancing.
However, you won’t be able to borrow up to your vehicle’s value. Instead, Autopay caps its maximum loan amount to $12,000. You’ll also need to check your eligibility through prequalification. Autopay doesn’t disclose its minimum credit score requirements.
Because Autopay is a loan aggregator, borrower requirements can vary.
It does state that most lenders require a minimum gross annual income of $24,000 or more. That said, it counts more than just employment income — investments, pensions and government benefits also count. Additionally, your vehicle must be 10 years old or newer, and odometer restrictions may apply.
5.74%
Up to 84 months
Not specified
Credit unions tend to offer competitive APRs, and DCU is no exception. You could also get a rate reduction if you have an electric vehicle or sign up for automatic payments. What’s more, you won’t pay an origination fee as long as you’re not refinancing a DCU auto loan.
Becoming a DCU member comes with other perks, too. For instance, you can check your FICO score once a month at no additional cost. And if you live near a branch, you can get documents notarized for free.
You don’t need to be a member to apply for the loan, but you’ll need to join DCU to finalize it. You are free to join if you:
If none of these apply, you can join a partnering organization for a fee. The least expensive of these is Reach Out for Schools, a nonprofit organization with a $10 minimum membership fee.
DCU doesn’t disclose much information about its minimum borrower requirements. You must agree to a hard credit pull to check rates.
5.49%
12 to 96 months
525
When you apply with iLending, a personal loan consultant will walk you through the application all the way up to closing. This lending platform’s customer service line is open seven days a week. Spanish-speaking consultants are also available. You can even earn a $100 gift card if you successfully refer a friend.
Unfortunately, though, iLending doesn’t release many details about its loans. You can check your eligibility without harming your credit score through its prequalification process.
You only have to have a score of 525 or higher to be eligible for iLending. Your car must also be a 2013 or newer and have fewer than 150,000 miles, and you must have at least $7,500 left on your current auto loan.
4.67%
24 to 84 months
500
RateGenius is a sister company to another lending platform on this list — Autopay. RateGenius works with more than 150 lenders and may work with you, even if you have less-than-perfect credit.
Like other loan platforms, your loan terms can depend on the company RateGenius links you with. Also, some of the lenders that RateGenius works with charge extra fees (but it’ll let you know at the time of your offer).
Read our full RateGenius auto refinance review.
Many of RateGenius’s borrower requirements are unknown, perhaps because it works with so many lenders. In general, you must have a credit score of at least 500 and have at least $10,250 left on your existing car loan.
5.29%
24 to 96 months
500
RefiJet boasts a smooth cash-out auto refinance process. Like other platforms, it shops multiple lenders, but it also goes above and beyond. If you have to mail any documents, RefiJet will send you a prepaid UPS label. It will also pay off your current loan and update your title after closing.
Some of RefiJet’s partner lenders may charge origination fees. And while RefiJet is accessible to a large swath of borrowers, you must have at least fair credit to qualify.
Compared to other car refinance platforms, RefiJet is a little more open about its borrower requirements. You must:
When you refinance a car, you’re taking out a new loan to pay off (and replace) your current loan. The amount of your new loan is equal to what you owe on your current loan. Depending on your credit score, your new loan may come with a lower annual percentage rate (APR) or a different term length.
Cash-out refinancing works like a standard refinance, with one major difference: Your new loan is larger than your current loan. These extra funds are pulled from your vehicle’s equity. Your cash-out refinance loan will still pay off your current loan, but you’ll get your equity as a lump sum.
Imagine that you bought a $22,000 used car. You’re two years into your five-year term, and you owe $13,000.
Although you’ve improved your credit score since buying your car, your credit wasn’t great when you took out your loan. As a result, your loan has an 11% APR. On the plus side, your car hasn’t depreciated much, and it’s still worth $20,000.
You wake up one morning and notice a leak in your roof. The repair estimate is a whopping $7,000 — money you don’t have.
You have positive equity in your car (or, your car is worth more than you owe). Your credit score is also higher than when you took out your loan. Based on this, you think you may be a good candidate for a cash-out auto refinance.
Your hunch was right. You prequalified for a $20,000 cash-out auto refinance loan at a 7% APR and a five year term. With this, you’ll net the $7,000 you need for your emergency home repair and get a new auto loan with a lower APR.
It can be, but refinancing an auto loan is never a one-size-fits-all solution. This is especially true with a cash-out auto refi, since you’ll also be negating your car’s equity. You may want to explore other options that won’t put you at risk for an upside-down car loan or repossession.
That depends on your equity and the lender. During a cash-out auto refinance, some lenders will only allow you to borrow up to your equity. Others may allow you to borrow up to 100% of your vehicle’s value (such as DCU).
The less you owe on your car, the more likely you are to have positive equity. Paying for your car in cash is a surefire way to have positive equity. If this is unrealistic, you could make a large down payment or pay off your car loan faster than your loan term requires. Also, buying a make or model known to retain value can help you maintain positive equity.
