Acquiring extra cash is tough these days. Trying to find a job probably won’t help. Your credit card line’s been cut and the idea of a home equity line is a joke.
How about that jalopy in the driveway?
No, we’re not talking about cash for clunkers, we’re talking about an auto equity loan.
Just head on over to Wells Fargo, which proudly advertises that it’s one of the few banks still doing Cash Out Refinance Loans.
In other words, you can refi your car and get cash, just like they used to do with houses. And don’t worry that you have no equity in your car… who does?
Obtaining a cash out refinance loan means applying for a new loan to pay off an existing loan and receiving cash after it is repaid. Cash out refinance loans apply to home loans and auto loans.
You may seek an auto cash out refinance loan to:
- Change your auto loan terms
- Access cash
- Restructure (consolidate) other credit accounts
Cash Out Refinance Loan Benefits
With an auto cash out refinance, you could:
You may be able to borrow more than it takes to pay off your existing auto loan with a cash out refinance loan.
In fact, Wells Fargo Financial is one of the few lenders that will refinance a vehicle for more than its current value. That means access to cash over and above the value of the new cash out refinance auto loan.
Use the available cash however you choose. For example:
- holiday expenses
- summer landscaping
- back-to-school expenses
- unplanned medical bills
- vehicle expenses
- home maintenance
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