If you are looking for a way to consolidate your debt and you need some extra cash, an auto refinance loan with cash out may be the answer you’re looking for. If your refinance Annual Percentage Rate (APR) is lower than the APR on the debt you are consolidating, and the term of your refinance is less than or equal to the remaining term of your existing higher interest obligation, interest payments will be reduced. The details depend on the terms of the loan, the interest rate and your financial needs.
The immediate potential benefits of this type of loan are many, and include lower interest, lower monthly payments, and relatively cheap cash for other expenses. An auto refinance with cash out loan is essentially an auto refinance loan and a personal loan combined. The new, larger loan pays off your current loan, and you can get the difference between the two back in cash. A portion of the loan funds is used to pay off the original loan, while the rest can be used for any other purpose.
You can use the proceeds from an auto refinance with cash out loan to fund home improvements, take care of necessary car repairs, medical bills, pay off other bills with high interest rates (like credit cards), take the family on a long overdue vacation, or even make a financial investment that will give you a good return on your investment.
At iLendingDIRECT we offer you smart financial solutions, because we care about you and your financial situation. Give us a call at (866) 683-5505 and ask us about our auto refinance with cash out, secured auto title loan options, cash loan program, and several other great loan opportunities that can help you save money every month and improve your financial situation as much as possible.
We are a national finance and insurance marketing firm that focuses on auto refinancing. Because of our good relationships with several banks, financial institutions and credit unions, we are able us to find the best loan for your situation, making it simple, easy, and affordable to put you in the vehicle that is right for you, with the loan that works best for your situation, and can even put money back in your wallet to help you get out of debt quicker.