5 Best Cash Loans For Cars (Feb. 2024)

Best Cash Loans For Cars

Perhaps we should have named this article: “Your Car – Piggy Bank or Cash Cow?” The point is that you can extract your vehicle’s current equity value without resorting to an expensive title loan. We review the leading online lenders that can arrange a cash-out refinancing loan quickly and efficiently.

Of course, you may not own a car. Or, if you do, you may not want to use it as loan collateral and risk repossession for missing a payment. So we also review several lender-finding services that can arrange an unsecured personal loan for consumers with credit scores of every stripe, from excellent to poor.

Whether you pursue auto financing or a personal loan, know that you’ll save hundreds or thousands of dollars in interest by avoiding an auto title loan. Completing our barnyard references, you don’t have to be an owl to know which is the wiser choice. 

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Best Auto Equity Cash Loans

This list contains a mix of direct and network lenders. You can apply to any of them online to arrange automobile cash-out refinancing without fuss. All offer competitive auto loan rates and agree you don’t need excellent credit to obtain fast cash from the car equity you’ve accumulated.

  • Network of dealer partners has closed $1 billion in bad credit auto loans
  • Specializes in bad credit, no credit, bankruptcy and repossession
  • In business since 1999
  • Easy, 30-second pre-qualification form
  • Bad credit applicants must have $1500/month income to qualify
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
3.99% – 29.99% 1999 3 minutes 9.5/10

Auto Credit Express works with a colossal group of more than 1,200 lenders specializing in bad credit auto loans. Auto Credit Express then circulates your application among the direct lenders in its network. Rivalry frequently leads to less-stringent approval standards and more competitive auto loan rates.

Expect a quick status update and potentially multiple loan offers within minutes. The process must be effective since more than 13,000 borrowers accept auto financing through the network each month.

  • Prequalify in minutes without impacting your credit score
  • Refinancing loans save an average of $191 per month
  • 125% financing available for cash-out refis
  • PenFed Credit Union membership required but can be applied for at the same time as your loan
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
5.19% and up 1935 5 minutes 8.5/10

Anyone can join PenFed Credit Union and apply online for an auto refinance loan. In addition to offering low refinance rates, PenFed can provide you with guaranteed asset protection insurance to cover the shortfall if your loan balance exceeds your vehicle’s value. 

PenFed offers extended warranties to supplement those from manufacturers. It can also provide a debt protection option you can use when you can’t make timely payments. PenFed’s website displays current interest rates and includes a helpful loan refinancing calculator.

3. RefiJet

  • RefiJet helps people lower their monthly auto payment
  • Pre-qualifying for a refinance auto loan does not impact your credit score
  • Nationwide network of lenders
  • Presents you with options from lenders that fit your situation
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2016 5 minutes 8.0/10

RefiJet is an auto-refinancing company that helps consumers of all credit profiles connect with its partner loans. You may be able to get a cash-out loan and reduce your monthly payments through a lower annual percentage rate (APR) and a longer repayment term.

RefiJet refi customers get to skip their first three monthly payments, a perk that helps relieve some immediate financial stress. RefiJet offers an automatic payment plan.

  • Auto loans for purchase, refinance, and lease buyouts
  • Nationwide lender network
  • Get matched with up to 5 lenders that fit your financial profile
  • It only takes a few minutes and is free with no obligation
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1998 4 minutes 9.5/10

The LendingTree loan-finding network matches you with multiple direct auto lenders in minutes. You then can compare rates and terms to choose the best loan offer for your circumstances. 

Submitting its refi prequalification form doesn’t impact your credit score. The loan term usually ranges from one to seven years, and you may be able to get cash, lower your monthly payment, reduce your car loan rate, and take more time to repay your loan.

  • Loans for new, used, and refinancing
  • Queries a national network of lenders
  • Bad credit OK
  • Get up to 4 offers in minutes
  • Receive online loan certificate or check within 24 hours
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2003 2 minutes 8.5/10

The myAutoloan.com loan-finding network partners with many auto lenders specializing in bad credit loans. You can review the competing terms and conditions to find the loan offer that’s right for you. 

Once you choose a loan offer, myAutoloan.com redirects you to the lender’s website to complete the paperwork and close the loan. You may save money by signing up for an automatic payment plan.

Personal Cash Loans Don’t Use Your Vehicle As Collateral

Many drivers can’t risk losing their vehicles because of a late car payment. Others may not have much equity in their automobiles. An unsecured personal loan may be the answer when a cash-out refi doesn’t work for you. 

These lender-matching services can find you a subprime personal loan with funding as soon as the next business day. 

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • See official site, terms, and details.


Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

MoneyMutual is an online marketplace that connects all types of borrowers to personal loan providers. To qualify for a loan, you must be a US resident,18 years or older, with a checking account and at least $800 in monthly earnings or government benefits. You may receive an offer within minutes and loan funding within 24 hours. 

  • Personal loans from $500 to $35,000
  • All credit types are considered and welcome
  • Simple, no credit impact form
  • Helping consumers since 2001
  • 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
  • See official site, terms, and details.


Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $35,000 5.99% – 35.99% 60 Days to 72 Months

See representative example

24/7 Lending Group is a loan-finding service that can help you quickly obtain an installment loan you can repay over several years, even with poor credit. You may be able to borrow up to $35,000, but bad credit will reduce the maximum loan amount you qualify for. By law, applicants must reasonably prove they can afford to repay the loan.



Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% – 35.99% 3 to 72 Months

See representative example

The CashUSA.com marketplace helps borrowers find one or more potential lenders without cost or obligation. The annual percentage rate depends on your creditworthiness and other factors but won’t exceed 36%, the same as a credit card. You must collect at least $1,000 monthly after taxes in earnings or government benefits to qualify.

How Do I Get a Cash Loan For My Car?

You can arrange a cash-out auto loan online from a direct lender if your vehicle has positive equity (the current value minus the amount owed). You may receive one or more offers after submitting the loan application, and that can result in quick loan funding. 

The customary qualifications for a cash-out refi loan include the following:

  • You must be at least 18 years old
  • You owe less on any existing car loan than the vehicle’s current Kelley Blue Book value
  • You’re current on your loan payments
  • You satisfy the car age and mileage requirements set by each lender
  • Your outstanding auto loan amount falls within a new lender’s acceptable limits
  • Your credit score hasn’t declined since the initial car loan

Most auto lenders also require a minimum verifiable monthly income (often $1,500) to consider an application. Depending on the lender, you may need to provide the following:

  • A copy of your current driver’s license
  • Proof of auto insurance
  • Personal reference contact information
  • A pay stub with current year-to-date earnings.

After completing the underwriting process and closing on your new loan, the lender will arrange to pay off your current loan. You receive the cash remaining after retiring the previous loan.

You’ll begin making monthly payments to the new lender from that point. Some lenders may allow you to defer payments for one or more months.

Auto refi lenders may be willing to refinance up to 125% of your current vehicle equity. Typically, your monthly payments will increase because you owe more money than before. But you may be able to get a longer loan term and/or a lower auto loan rate and actually reduce your monthly payments. An online car refi calculator can show you your best financing option.

Can I Get a Car Loan With a Credit Score of 500?

Your credit score is often not the main qualifying factor for an auto loan. Instead, lenders want to verify the current value of your vehicle and whether you can afford to make timely payments.

While any credit score may suffice, some lenders may require a minimum score (such as 575 in the FICO scoring system). 

There isn’t a universal minimum credit score requirement for an auto refinance loan, but each lender sets its own underwriting criteria.

Enlisting a cosigner with good credit will relieve any impediment your poor credit score causes.

Which Is Better For Subprime Borrowers: An Auto Cash-Out Loan or a Personal Loan?

A subprime borrower may get a lower interest auto loan rate on cash-out refinancing because the vehicle acts as collateral. But you may prefer a personal loan if you don’t want to risk losing your car due to a missed payment.

The following table shows how the loans compare for subprime borrowers:

Auto Cash-Out LoanPersonal Loan
AvailabilityYou must own and have equity in the vehicle. Your credit score is secondary to income and vehicle value. Typical loans range from $5,000 to 125% of equity.Your credit score, income, and debts determine how much you can borrow. Multiple offers are available from online network lenders. Typical loans range from $500 to $35,000.
CostsA subprime cash-out loan typically has an APR between 10% and 20%, but costs vary among lenders. You may have to pay transaction, registration, and title transfer fees that could add several hundred dollars to the cost. Optional GAP insurance may cost $500 to $700 annually.Typical subprime personal loans charge an APR below 36%. You may have to pay an origination fee of 1% to 5%. Various forms of optional credit insurance make payments when you can’t. Costs vary but are generally low.
RisksThe lender can repossess your vehicle if you miss a scheduled payment. It will then sell the car, recoup the loan money (including fees and legal costs), and refund any remaining amount to you. If you don’t have GAP coverage, the lender may sue you for any shortfall on an underwater loan.Lenders typically charge a late payment fee and may apply a high penalty APR. Some loan agreements allow the lender to call for immediate repayment if you miss a due date. The lender can throw delinquent loans into collection, instigate binding arbitration, or file a lawsuit.

Generally, auto cash-out refinancing makes sense when you’re confident you can afford the monthly payment amount. Auto loans are usually more accessible and cheaper than personal loans, but you must own and have sufficient equity in a vehicle.

Buying guaranteed asset protection (GAP) insurance when refinancing your car is prudent, especially if the loan amount exceeds the car’s value. A GAP policy pays any shortfall resulting from stolen or totaled vehicles. The annual cost is typically between $500 and $700.

An unsecured personal loan is less risky because you don’t have to pledge collateral. But subprime personal loans may be smaller and more expensive, especially if the origination fee is high. And you’ll face penalty fees for late payment. Penalties can escalate into loan collection or a lawsuit.

The bottom line is that your circumstances will dictate which loan type is best for you. 

How Does A Cash-Out Refi Compare With an Auto Title Loan?

Auto title loans are high-cost, high-risk loans that use your vehicle’s title as collateral. Typical interest rates are around 20% to 25% monthly, which equals APRs of 240% to 300%.

The lender can repo your vehicle if you miss a payment. Your credit score doesn’t factor into loan approval, making these loans easy to get. But since title loan lenders don’t report your payments to the major credit bureaus, you can’t use title loans to build credit. 

Generally, you can borrow up to 50% of your vehicle’s value through an auto title loan. Its low loan-to-value ratio and high costs make title loans less desirable than cash-out refinancing. You should only resort to a title loan if you have no other financing option.

You Can Squeeze Cash Out of Your Car

Cash-out refinancing is a relatively efficient way to borrow money, but you and your vehicle must qualify for this type of loan. You may lose your car if you miss a payment, so only take out a cash-out loan if you’re confident you can repay on time. Consider GAP insurance to protect against vehicle theft or destruction. 

If you don’t want to put your car at risk, consider getting a personal loan instead. Costs are higher, especially if you have bad credit, but at least your vehicle will be safe from repossession.

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