Key takeaways Cash-out auto refinancing lets you borrow money by swapping your car loan out for a larger loan, typically with different terms. The amount you can access depends on your vehicle’s value, your credit history and the lender. Be sure to consider the risk of going upside down on your loan, which could make it challenging to sell or trade your vehicle in the near future. Weigh the benefits and drawbacks of this strategy to get fast cash to determine if it makes financial sense for you. Refinancing may impact your credit score, temporarily lowering it by a few points. Cash-out auto loan refinancing, also known as cash-back refinancing, is like traditional refinancing in the sense that you apply to receive new, more favorable terms to replace your current loan. In the case of a cash-out refinance, however, you’re refinancing for a larger amount than what you currently owe — and you’ll receive the difference in a lump sum of cash.…