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Will I be able to get cash back with an auto refinance?

Mar 25, 2008 by $ | Posted in Credit

I just purchased a vehicle $15,000 bellow its Kelly blue book value. With an auto refinance will I be able to access that cash or get any cash back? Also any information on companies that has this cash back option will be helpful. Thank you!

Auto finance is what I do for a living and the answer is yes you can access the equity in your vehicle by refinancing it.

One of the things car loans are based on is the loan to value, if your $15,000.00 back of Kelly Blue Book you should have no problem getting at least $10,000.00.

The reason I say this is banks use N.A.D.A. not Kelly and they go by loan or wholesale value not retail.

The best time to have done this was when you bought the vehicle, but you should still be able to do it.

Where can I get an auto refinance loan that will give me extra cash over and above the payoff for my car?

Nov 08, 2007 by jeldredmitchell | Posted in Buying & Selling

I want to do some extra work on my car to enhance it's value and condition, rather than just trade up. I like my car and I know what I've got into it already. I don't want to get another used car--something that I have to start all over learning about, in terms of its mechanical needs. I just want to make my current car better, with the extra cash imbedded in the refinance.

you can get cash above the payoff for your car if you have enough equity to meet the LTV guidelines for the bank, and still have room. Check with all the local banks to see what their guidelines are, and what they would lend on your car.

Auto refinance?

Apr 08, 2007 by james_spader_jr | Posted in Credit

I would like to refinance my car and get some extra money, like 1k dollars. Can you refinance a car and change the amount of your payments for a cash advance?

Cars are not generally considered as good collateral for lending. People will, however, lend money if it helps the dealer to make money by completing a sale and if it helps the lender make money from their charges. If you are looking to get $1k using your car, my advice would be to try and sell the vehicle privately, pay off any outstanding finance and purchase something cheaper. If you try and do a deal with finance companies, they will try to persuade you that you will be better off but in reality that is seldom the case.

The only reason people will lend money to you is if they can make a profit out of the transaction. The profit on some transactions is scary. I could point you to a web site that would lend you $100 against your next paycheck, with the option of an extension. If you kept asking for extensions, you could easily pay back $1000 over a year just to have had $100 in your pocket when you asked.

Better budgeting is always going to be a far better option than short term loans.

Auto / Truck refinance? No current loan.?

Sep 02, 2008 by sg_0612@sbcglobal.net | Posted in Buying & Selling

I need $20-25k and instead of getting a home loan (HELOC or 2nd) I was thinking about an Auto loan. I currently have a 2005 Ford 250 which I paid cash for back in 2005. It's in great condition, low mileage and has a lift kit. How would I go about getting a loan since its not really a refinance or a current loan? My credit is fair to mid. I don't really want to go through all the paperwork for a HELOC and/or use my home for this. I also have a 2006 boat that is paid for. I tried selling it all summer but the market for boats is really bad and it didn't sell even after 3 price reductions, it has a value of aprox $60k but of course its value is only what someone will pay you for it.

Thoughts on that auto loan or ??

Thanks,

You certainly could finance either the truck or the boat, but the interest rates would be higher than a home equity loan, the interest you pay won't be tax deductible, and the term will be a lot shorter. It really depends on what you want the money for. If it's for a short-term need & you'll be able to handle the payments (probably in the $500-600/month range for 5-6 years) then go for personal loan (secured with the boat, as the truck won't get you $20-25k). If it's for a home improvement, or something where you'll need lower payments you may want to consider a refi w/cash out if that is possible in your particular market. I would definitely not get a HELOC - the interest rates are almost always variable, the terms are not the greatest & they are almost impossible to get right now.

question about auto refinancing?

Jan 29, 2009 by mikesdaman71 | Posted in Credit

I called my lender today to see what I have to do to pay monthly payments. They told me that I am elgible to refinance. I have less than $7,000. To pay on my 2002 s10 blazer. Is it worth refinancing my auto just to get a lower apr? Would I still get cash back if I refinanced?

depends on your interest you have on it now and your monthly payment, to see if you get cash back. in general, your better just buying a new car then refinancing, unless you really like your truck

Auto Loan refinance to extend loan.?

Jun 13, 2007 by Matt W | Posted in Credit

In October 2006 I started paying on my truck loan, $41,142.72 @ 6.79% for 48 months($744.72 per month payment). 9 Months later I have $25,997.37 and 39 months left on my loan. I would really like to extend my loan 12 more months to make my payment smaller so I could put that extra cash towards a house payment. Would a loan officer even take me serious if I wanted something like $26,000 loan @ 5.75% for 51 months so my payments are around $575 or so?? My credit score is around 774-779 and I live in Minnesota if that helps. Also, are there any fees or extra cost with refinancing an auto loan or anything like that I should watch out for?? Thanks!
I don't own a home yet. I will be starting a mortgage on one in the next 3-4 months.

Just call you auto loan company and ask them to refianance the loan for you to give you smaller payments.

Good Luck!

Can I request an auto loan amount that is higher than what I paid for the car?

Aug 23, 2007 by Curt F | Posted in Credit

Hi everyone-
I just bought my first car from a carmax lot for $13,900. I initially settled with their high rate financing because another person was interested in the car and I didn't have the time to pursue other options.

Luckily, the credit union on our corporate campus offers low interest (5.5%) auto loans to employees of our company. So now I am working on refinancing the loan through them. My question is - when I fill out the paperwork at the credit union, can I request a loan amount that is $1,000 over the $13,900 total cost I paid for the vehicle? Their form says they will finance up to 115% of the kelly blue book value, and $13,900 is far below that. If they approve the loan, does the credit union just give me a check that I can deposit so I can write my own personal check to carmax?

I'm working hard to find cash for a down payment on a house i'm in love with, and this extra cash would really help. I highly appreciate all of your answers and advice. Thanks!

Auto finance is what I do for a living and I have done this several times.

Explain to your credit union what you want to do and as long as the loan amount is within there guidelines what they will do is write two checks, one to Carmax for your payoff and one to you.

Need to upgrade Jeep. Can I refinance my loan to include those upgrades?

May 17, 2007 by Elephant rider | Posted in Jeep

Hello.

I have a few questions about re-financing an auto loan. I have a Jeep Wrangler that I want to upgrade (suspension and tires etc.). Now, I have a loan with Chrysler which I owe about $15,000 currently.

Would I be able to re-finance my loan for, say, $18,000 (with another bank, loaner, or even Chrysler) to cover the charges of those upgrades? And just have my monthly payment go up? Or would I be better off just taking out a small personal loan? Or just saving the cash (the hardest and longest)?

I have good credit and I always pay my bills on time. Would this bad for my credit?

What would you do?

Any suggestions or opinions would be excellent.

Thank you in advance.

Generally, no. When you go into a bank or any other lending institution, they will pay Chrysler the $15k you owe, then you'll have a $15k loan with them. They won't loan more than that, because if you total your Jeep, the insurance company will pay off what it's worth and no more. You could end up with more $$ in your pocket every month if (1) you refinance at a lower interest rate (YAY!), or (2) you extend the lifetime of the loan (BOO!).

Your best advice from a financial perspective is to cut back on other things and save up your bucks for the upgrades you want, then pay for them outright. It stinks because I know, you want the upgrades ASAP, but in the long run you end up saving a fortune on interest charges, and think of all the more upgrades you can afford with the money you didn't spend on interest.

The thing that makes it easier is, you already have the Jeep, so you can have a LOT of fun with it as it is, and it gives you time to really decide what mods are best for you and what you want out of your Jeep.

I hope that's helpful, even if it's not exactly what you want to hear.

Refinancing our home, is this a good deal?

Jun 13, 2007 by Amy P | Posted in Renting & Real Estate

Ok, here's the basics. Our credit is not very good due to a few late payments and the few credit cards we have being very close to being maxed out. Our current mortgage is for $188,000. Our home is worth at least $360,000. Our current mortgage is an interest only, (6.05%) about to go to a variable rate so we want to refinance. Our current payments (mortgage, auto loan and credit card bills) equals a monthly payment of $2250

We have been offered a 30 year fixed mortgage at 7% interest for $1800/month. The amount will pay off our current mortgage, hubby's truck, and all our bills. It does include property taxes and insurance. Plus give us around $10,000 cash out. (we don't want the cash out so we plan on paying it right back to principle)

So even though 7% interest isn't ideal, is it better to get a fixed rate and actually be paying towards the principle? (rather than our current interest only situation)

Thanks
Thanks for your responses. I should have added that we have gained a handle on all our our finances. We have over one year of perfect credit, but as you all know- any late payments stay on your credit for at least 7 years. (we had a death in the family which put us in a bind, we did fall behind on a couple of our smaller bills)

A better question for me to ask would have been: is a 7% fixed better than having the interest only loan that we've had for the last 2 years go variable?

And to further comment....The new loan would only be for $240,000. Thank you very much {not} for judging us and saying that we wouldn't put the extra cash out back into the loan towards the principle. That IS what we are doing if we go to this loan. Which leaves us roughly with $130 in equity. I didn't ask for comments or judgements on our spending habits.
Stephanie M- Thank you for you answer. You are right we- don't need the cash out! I have asked them to figure it with out that cash out. There still may end up being some cash out because he estimated high on closing costs and fees and that would come back t us after it's all said & done. We aren't locked into anything yet so I'm glad I asked here- I'm getting lots of good ideas so far. And it's good to know that 7% fixed is a pretty okay rate.

Get away from an interest-only loan as soon as you financially can. Sounds like a pretty good fixed mortgage.

Wells Fargo - the hyena's of the banking game?

Aug 24, 2007 by kimmykatter | Posted in Credit

Heard of Bait and Switch? Here's an example. Joe at Wells Fargo Financial calls and says - "Come in to our office, we can refinance your auto loan, give you $750 cash back and lower your payments!" Of course we went in to check out what they could do. We get there and the guy is ALL about our MORTGAGE, which we have with a different bank. After explaining that we are NOT interested in home equity loans or refinancing the mortgage through Wells Fargo, suddenly he CAN'T do anything for us on the auto loan. He actually started arguing with us about how it doesn't make any sense to him that we wouldn't take him up on his fabulous offer!! WHOA NELLY! What the hell just happened here? You don't get your grubby f-ing hands on my house, and the deal is off? Well, all I can say is, that guy is damn lucky my 8 yr old daughter was sitting there with my husband and I because if not, I think he may have found his little calculator crammed down his goddamn throat. Better Business Bureau, here I come

I must say I am amazed. Wells Fargo is my best lender and to hear that one of their employees would do this is distressing.

By all means report the loan office to the BBB and to his boss as well.