What is a cash-out refinance loan?
A cash-out refinance loan allows you to refinance your existing auto loan and request additional money. Refinancing to a lower rate could help you save on interest over time, and the extra cash can be used for just about anything—whatever gets you closer to your goals.
When you apply for a Best Egg Vehicle Equity Loan, we work with your prior lender to pay off your existing loan, then transfer the lienholder name to Best Egg. From that point on, we’ll be here to help you manage your new auto loan.
What if I have a current loan or lien against my car or title?
You can still apply for a Best Egg Vehicle Equity Loan if you have an existing loan against your car or title. We’ll work with your prior lender to refinance your loan, then replace them as the lienholder for your new loan.
Unfortunately, if your car or title has any other type of lien (like a tax, mechanics, or judgment lien), you won’t be eligible for this product.
What if the balance for the existing loan is greater than the amount I entered on the application?
If you’re eligible, we can typically adjust your cash-out deposit amount to meet or exceed your existing loan balance. If that isn’t sufficient, we’re always happy to discuss the reapply process with you.
Where can I find my payoff quote or letter?
You can usually find your payoff quote or letter through your lender’s online portal. The quote provided must include the total amount owed on the loan to satisfy the lien, and it should be valid for at least 10 days.
Should I continue paying off my existing loan while I wait for funding?
Yes. To avoid any fees or penalties, please continue to pay off your existing loan until you receive confirmation from your prior lender that it’s been fully satisfied.