The credit union which I currently hold my car loan through is promoting cash-out refinancing for car loans.
I currently owe ~$6000 on my car, it has a 5.69% interest rate, and is currently valued at roughly $12k. Monthly I pay $228 and will have it paid off in ~30 months
I have roughly $5000 in credit card debt due to some hard times and bad calls, interest rates at roughly 26-27%. Current I pay nearly $170 per month just to hit the minimum payments on my 2 cards.
My credit score sits around 620 due to the high limit on cards and 2 separate occasions last year where I missed payments on my cards.
Would it be a wise decision to refinance to get enough to pay off my credit cards? Id be getting a roughly $11-12k loan, with the apr at worst being around 17%? The APR could be lower, I just don't know what they'd offer, and I figured the worst case scenario would be best to assume here.