Is it time to refinance your ride?

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With Individuals feeling the impact of rising inflation and the cost of gas, one way to access funds is utilizing your vehicle’s equity with a cash-out refinance. According to a report conducted by Copilot, an online used car marketplace, vehicle values are nearing a record high as demand in the used car market increase.

A cash-out refinance functions like a standard Auto Loan, except you are borrowing money in addition to the current loan balance (if you have one) or against the vehicle’s value. Benefits of a cash-out refinance include:

  • Borrow up to 90% of the value of your car. You could borrow up to 90% of the Kelley Blue Book (KBB) value and turn your vehicle’s equity into cash to pay off high-interest debt, make home repairs, or cover unexpected medical bills.
  • Save money with a lower monthly payment. If your credit score has improved since purchasing your vehicle, you could qualify for a lower interest rate or monthly payment even after taking cash out.
  • Select a shorter loan term to save on interest. The term of the Auto Loan term is a factor that could lower monthly payments and help you pay less in interest.
  • Lower your monthly payment so it fits your budget. Extending the loan term could lower the payment to fit your budget better while still getting the needed cash. Keep in mind extending the loan term could increase how much overall interest you pay.
  • Pay off debt faster. Since the loan is secured by your car, interest rates may be lower than other sources, such as a credit card, payday loan, or personal loan. It also means it’s important to make on-time payments to avoid the possibility of repossession.

With our low rates and excellent service, you can trust Yolo County’s #1 Best Credit Union to help you achieve financial success. Whether you’re looking to save money or get cash out of your vehicle to help keep you and your family comfortable in the current economic climate, Yolo FCU can help! To get started, schedule a call or an appointment with a local expert today at or learn more about refinancing. Whatever your reason, we’re here to help you grow your future close to home.

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