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Can I get cash back by refinancing my car?
"Can I refinance my car and get cash back? I owe way less on my car than what the car is worth and could really use some extra cash right now."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That is not usually the main purpose of refinancing a car loan.
Typically, borrowers will refinance to save money, either on the monthly payments or on total interest charged by the end of the loan.
However, there is something that some lenders offer called a cash-out refinance, which will allow you to cash in on some of the equity that you have built up on your car.
You also want to be mindful that you don’t take out too large of a loan against the equity of your car and risk going
upside down
.”View full answer
- Gregory R.
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