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You’ll need to meet a minimum credit score to qualify for a cash-out refinance loan, though that minimum varies by lender. Some accept credit scores as low as 500 while, at the other end, some lenders have a minimum of 620. The better your credit score, the better your rate offers will be.
You’ll also need equity in your vehicle. This means the value of your car must exceed the amount you still owe on it. Cars are typically a depreciating asset, which means that even if you’ve paid off a portion of your original loan, the value of your car has likely also fallen from your purchase price. The make, model, age and condition of your vehicle together determine its value. You may be able to borrow up to 100% or more of the equity in the car if your credit history and ability to repay the loan support it.
You’ll need to meet a minimum credit score to qualify for a cash-out refinance loan, though that minimum varies by lender. Some accept credit scores as low as 500 while, at the other end, some lenders have a minimum of 620. The better your credit score, the better your rate offers will be.
You’ll also need equity in your vehicle. This means the value of your car must exceed the amount you still owe on it. Cars are typically a depreciating asset, which means that even if you’ve paid off a portion of your original loan, the value of your car has likely also fallen from your purchase price. The make, model, age and condition of your vehicle together determine its value. You may be able to borrow up to 100% or more of the equity in the car if your credit history and ability to repay the loan support it.
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