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Can I refinance a car loan for more money?
I want to have my driveway resealed before winter comes, but the paving company requires the job to be paid in full. I don’t have quite enough saved up yet, and I was thinking about refinancing my car loan to help. I’d like to walk away with some extra cash, but can you refinance a car loan for more money?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting your driveway resealed before winter is a great idea and can undoubtedly help save you money in the long run.
The good news is that you can refinance a
car loan
for more money using a cash-out refinance loan as long as you have positive equity in your vehicle. You have positive equity when the car’s value exceeds the amount you owe. For example, if your vehicle is worth $12,000 and you owe $7,0000, you have $6,000 of equity. Rather than refinance for $7,000, you could refinance for $9,000 and use the surplus to help reseal the driveway.
Lenders vary, and the amount you’re approved for is based on your equity in the vehicle, so you should shop around and compare offers from multiple lenders before signing an agreement.
Additionally, if you’re looking for other ways to save and make repaying the loan a bit more manageable, you can use
Jerry
to save on your car insurance
. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away. The average Jerry user saves $879 a year on car insurance.
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