| 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 | 6.74% | 36 to 84 months | Not specified |
 | Cash-out auto refis with excellent customer support | 5.20% | 24 to 84 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 | 580 |
| Starting APR | 4.67% |
| Loan terms | 24 to 96 months |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Available even if you’ve paid off your car Can buy add-on protection for your vehicle’s mechanical and electrical components Extended loan terms | Does not disclose credit score minimum Can only access up to $12,000 in equity No live chat and closed on Sundays |
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.
Read our full Autopay Marketplace review.
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.
| Starting APR | 6.74% |
| Loan terms | 36 to 84 months |
| Minimum credit score | Not disclosed |
| Pros | Cons |
|---|---|
Can borrow up to your vehicle’s value APR discount for electric vehicles No origination fees (unless refinancing a DCU auto loan) | Undisclosed credit score minimum Membership required to finalize loan No prequalification |
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.
Read our full DCU auto loan review.
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.
| Starting APR | 5.20% |
| Loan terms | 24 to 84 months |
| Minimum credit score | 525 |
| Pros | Cons |
|---|---|
Personalized service Live chat and customer service line in English and Spanish Don’t need perfect credit | Lacks loan details Does not disclose borrower requirements No mobile app |
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.
| Starting APR | 4.67% |
| Loan terms | 24 to 84 months |
| Minimum credit score | 500 |
| Pros | Cons |
|---|---|
500 minimum credit score Can prequalify Partners with more than 150 lenders | High minimum loan balance Fees vary based on lender Customer service hours not disclosed |
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.
| Starting APR | 5.29% |
| Loan terms | 24 to 96 months |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Extended Service Contract offered Long loan terms available Dedicated phone numbers for title questions, documents and loan applications | No live chat Customer service hours not disclosed Unknown origination fees |
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.
Read our full RefiJet auto refinance review.
RefiJet requires a minimum credit score of 580. Only personal vehicles less than 10 years old with fewer than 150,000 are eligible.
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.