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Cash-Out Auto Refinance Loans

Get more from an auto refinance loan1 – like extra money

Looking to refinance your auto loan and needing a little more cash? If so, cash-out auto refinancing may get your motor running.

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This won’t affect your credit score.

What you get with every OneMain loan for cash out auto refinance

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Loans that work for your budget

Fixed payments and clear, upfront terms.

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Money right when you need it

Quick decision. Money as fast as 1 hour after loan closing.2

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Support from start to finish

Real people in branches, on the phone and ready to help online.

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Refinance your auto loan and get more money

After paying off your current auto loan with a new cash-out auto refinancing loan, the remaining money can be used on things like paying off other higher interest debt or emergency expenses.1 And depending on the terms of your current loan, a new loan could also offer a lower interest rate or your monthly payments could be smaller.

See if you’re prequalified for a personal loan today.

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Checking won’t affect your credit score.

How does a cash-out auto refinance loan work?

If you're approved for a cash-out auto refinance loan, your new loan pays off your current auto loan and the money left over is yours to use for the things you need.3

The cash-out amount you receive is based on how much equity you have in your vehicle. Equity is the difference between what your vehicle is currently worth and how much you still owe on your loan. To see if you're prequalified for a OneMain loan, check for offers today.

Why should I choose OneMain for cash-out refinancing?

We’ll help you find a personal loan for cash-out auto refinancing that fits your budget and puts a little extra cash in your pocket. And with a fixed interest rate and fixed monthly payments, there are no surprises on the road ahead.1

We’re here to help you get ahead and stay ahead beyond your cash-out auto refinancing loan, with budget-building resources, free credit score tracking and savings tools to grow your money know-how.

See how you can stretch your budget with a personal loan

Whether you need to cover car repairs, vet visits, dream getaways, or just want to breathe a little easier with debt consolidation, our personal loans are built to fit your needs.3,4

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This won’t affect your credit score.

Customers have relied on OneMain for over 100 years

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Want more info on cash out auto refinance? We have plenty:

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Answers to common customer questions

Refinancing an auto loan for cash out lets you pay off a current vehicle loan with a new loan for a larger amount of money.1 The cash is yours to use for almost anything you need.3

When you refinance a car or truck loan, you replace the current loan with a new one. Any extra amount of money you borrow is based on how much equity you have in the vehicle. With a cash-out refinancing loan, you may be able to get a better interest rate than the rate of your current loan — and some extra cash to cover a financial emergency or other expenses.3

The equity value of your vehicle is determined by reviewing details such as make, model, year, mileage and Vehicle Identification Number (VIN). Your vehicle may also be inspected. Knowing how much equity there is helps OneMain determine the loan amount, including the potential cash-out amount.

If you were to take out a $17,000 cash-out auto refinancing loan, that new loan would pay off your current $10,000 loan balance and the leftover $7,000 would be yours to use for the things you need.

Depending on your current loan terms, a cash-out car refinancing loan can offer a lower interest rate, which could reduce your monthly payment. But, before deciding to take out a personal loan, you should take into consideration any refinancing, application, origination and title transfer fees that may apply.

If you're close to paying off your existing car loan or if your vehicle is worth significantly less than when you originally bought it, it may not be worth refinancing, because the money you save in interest payments could be offset by fees associated with paying off the existing loan and/or opening your new loan.

It’s important to note that a OneMain cash-out auto refinancing loan uses a borrower’s car as collateral, so if a borrower defaults on a secured loan, the lender has the right to take the collateral. It’s also smart to think about the impact of increasing your debt and other monthly expenses before getting a cash-out auto refinancing loan. Here are some more things to consider before refinancing your auto loan for cash out.

More questions? Check out more FAQs.