Discover how much you can save by refinancing your auto loan. Compare your current loan with new options and calculate potential monthly savings, total interest, and more.
Enter your loan details and click "Calculate Savings" to see your potential savings.
Auto refinancing is the process of replacing your existing car loan with a new loan, typically with better terms such as a lower interest rate or a different loan term. This can help you reduce your monthly payments, lower your interest costs, or adjust your loan duration to better fit your financial situation.
Our free Auto Refinance Calculator helps you compare your current loan with potential new loan options to determine how much you could save by refinancing.
Refinancing your auto loan makes the most sense when interest rates have dropped since you originally obtained your loan, or when your credit score has improved significantly. Here are some key indicators that it might be time to refinance:
If current rates are at least 0.5-1% lower than your existing rate, refinancing could save you money.
A higher credit score qualifies you for better interest rates than when you first got your loan.
If you need lower monthly payments or want to pay off your loan faster.
Our Auto Refinance Calculator uses your current loan details and potential new loan terms to calculate your monthly payment, total interest costs, and potential savings. Simply enter your current loan balance, interest rate, and remaining term, then enter the new loan terms you're considering to see your potential savings.
Refinancing is typically worth it if you can reduce your interest rate by at least 0.5-1%. This calculator helps you determine exactly how much you could save based on your specific loan details.
When you apply to refinance, the lender will perform a hard credit inquiry, which may temporarily lower your score by a few points. However, the long-term benefits of lower payments and interest savings usually outweigh this temporary effect.
Costs vary by lender but typically include loan origination fees ($100-$500) and potentially title transfer fees. Some lenders offer no-fee refinancing. Be sure to include any fees in your calculations to determine if refinancing makes financial sense.
You can refinance as soon as you have a title for your vehicle, which typically takes 30-60 days after purchase. Some lenders may require you to have made a certain number of payments before refinancing.