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The reason you need the cash is one factor. For example, if you are looking for cash to finance a project like a home repair or renovation, a personal loan or a home equity line of credit with a bank or credit union might be a better fit. If you have an emergency but don’t have an emergency fund, the cash-back auto refinance type of loan might be an option you need to consider.

Another factor is the loan’s interest rate. Compare the rate of any potential refinance with your current rate. If your credit score has improved since your initial loan, you might see better rates. If it’s worse, the opposite could be true. Also, the Federal Reserve has been raising interest rates for months, which lifts rates for everyone.

Even if the rate for a cash-back auto refinance is better than another form of loan you’re considering, like a credit card, keep in mind that cash-back auto refinancing is secured by your car, whereas other options might be unsecured. “If you can’t make a payment and your car gets repossessed, you not only lose an asset — you potentially lose a source of income,” says Ryan Kelly, financial analyst at the Consumer Financial Protection Bureau. Not paying your credit card bill has consequences, but you won’t lose your car.