Question 1

What is cash back refinancing?

Accepted Answer

Cash back refinancing means you replace your current auto loan with a new one that has better terms, and you receive a lump sum of cash at the same time. The amount of cash you receive is determined by how much equity you have in your vehicle. Equity is the difference between your vehicle’s value and the amount you still owe on your loan.

Question 2

When does a cash back auto refinance make sense?

Accepted Answer

Cash back refinancing is ideal when you need immediate cash and you can get better terms on a new loan compared to your original one — either because your credit has improved or because your original lender included a high markup on your loan rate. Financing through a car dealer often results in much higher interest rates than necessary — as in several percentage points higher. So if you originally financed through the dealership, there’s a good chance you can get a better deal now.

Question 3

Why Work with Honest Car Payment?

Accepted Answer

Working with us is different than working with a dealership or loan franchise, because we’re not a lender. While small loan franchises generate financial returns in the 1,000% annually, our business model allows us to put your interests first. We take no money from banks or dealerships and you don’t pay us unless you decide to move forward with our recommendation.

Question 4

Is there a downside to cash back refinancing?

Accepted Answer

If you need cash and you’re eligible for a lower interest rate, there’s really no downside. However, if you’re not in need of extra cash right now, you’ll most likely save more money with traditional auto refinancing instead.

GET CASH BACK FROM YOUR VEHICLE

Do you have equity in your current vehicle?

What’s your vehicle worth?

Services

Learn More

Get Started

Get in Touch