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Another reason, while not as common, is that with a cash out refinance auto loan the borrower may be able to skip the next month's payment that is due.
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That equity can be liquidated with a cash-out refinance loan providing the loan is larger than $80,000. Cash advance loans for savings accounts A cash-out refinance is a replacement of your first mortgage.
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Most banks will only refinance auto loans from other banks, so don't be surprised if your current bank turns you down; Avoid cash out refinance offers.
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