How to Refinance Your Car and Get Cash Out

Most people are not aware that they can refinance a car and get cash out to pay bills and/or to use for other expenses. The process of refinancing your car with cash out is very similar to refinancing your home, but much easier. Typically, there is no processing fees (just DMV transfer fee) and lenders only need a few pieces of documentation to finalize.

Refinancing your car and getting cash out is as easy as 1-2-3.

1. Make Sure You Have Enough Cash in Your Car for What You Need
  • Visit Kelley Blue Book to get an estimate of what your car is worth based on the year, make/model, condition and features.
  • If you have a current auto loan on your car, see how much you owe. Subtract the amount you owe from the estimated worth to see how much equity you have available to cash out.
2. Gather Your Documents

If you’re refinancing with us, you’ll want to gather the following documents:

  • Vehicle Registration
  • Current Auto Loan Statement
  • Proof of Insurance
  • Income verification may be required
3. Apply Online

Wheelhouse Credit Union offers this product and can quickly help you refinance your car with cash out.

Learn how to refinance a vehicle loan.

 

How to Claim Your Solar Tax Credit

Many consumers make the decision to purchase and install solar on their home so they can take advantage of the solar tax credit, officially known as the Investment Tax Credit (ITC). This tax credit is available to those who purchase their solar, which makes buying a system more affordable. Solar systems installed during the year 2020 will receive a dollar-for-dollar tax deduction equivalent to 26% of the cost of the system.

Example: The tax credit at 26% on a $20,000 system is $5,200, which makes the net cost only $14,800. Once installed, the net cost will continue to be reduced by the amount you save each month on electricity bills.

Take the following steps to claim your tax credit:

  1. Make sure you have enough tax liability to claim against your taxes, referencing Section 48 of the Internal Revenue Code, the ITC can be carried back one year and forward 20 years. So, if you had a tax liability last year and not this year, you can still claim your credit under this rule.
  2. Complete IRS Form 5695.
  3. Include your ITC information to your Form 1040.

*Meet with your Tax Advisor to validate based on your personal situation.

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