Will I be able to get cash back with an auto refinance?
Posted by admin | Under Cash Out Refinance Thursday Nov 13, 2008I 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.
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.
References :
Finance Manager for a car dealer for over 8-years.
If you go through a refinancing company and some of the major lenders, then no, they won't do that. They will only finance what you have LEFT on the loan, not what the car is worth. Not sure how other local banks do it, but the major ones won't let you do it.
References :
In the Refinancing Industry