Editing Refinancing (section)

==== Auto loan refinancing ====
[[Auto loan]] refinancing is a way vehicle owners can change the debt obligations attached to their vehicles. The auto loan refinance process is similar to mortgage refinancing where the new debt obligation comes with a new term and interest rate.<ref>{{Cite web|title=Understanding Auto Refinancing|url=https://www.gocaribou.com/kb/understanding-auto-refinancing|access-date=2022-02-24|website=www.gocaribou.com}}</ref> Cash-out refinancing can also apply to car loans if vehicle owners need to use portions of their vehicle equity whereas lease buy-out facility to keep vehicle in possession.<ref>{{Cite web|last=Zimmerman|first=Jackie|title=What To Know About Cash-out Auto Refinancing|url=https://www.lendingtree.com/auto/refinance/cash-out-auto-refinancing/|access-date=2022-02-24|website=LendingTree|language=en-US}}</ref><ref>{{Cite web |date=2020-03-31 |title=What's a Lease Buyout Car Loan? |url=https://www.rategenius.com/lease-buyouts |access-date=2022-07-19 |website=RateGenius |language=en-US}}</ref> Vehicle owners should understand the risks and implications of extending term lengths before refinancing.