Auto loan refinance calculator
Your new car payment and how much you save by refinancing your auto loan.
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How it's calculated
Both payments come from the standard loan formula: the balance times the monthly rate, divided by 1 − (1 + monthly rate) raised to minus the number of months. The current payment uses your balance, current APR and the months you have left, which closely matches your actual payment if you have paid on schedule. Total savings compares everything left to pay on the current loan with everything you would pay on the new one, plus the refinance fees. A lower payment is not always a saving: stretching the term adds months of interest, so a longer loan can cost more overall even at a lower rate. Break-even is the fees divided by the monthly savings, the number of months before refinancing starts paying off.
How much can I save by refinancing a $25,000 car loan?
Dropping from 10% to 6.5% APR with 60 months left lowers the payment from about $531 to $489. That saves about $42 a month and about $2,400 overall after $100 in fees.
Is it worth refinancing my car loan?
Usually, when the new rate is meaningfully lower and you keep the term about the same. Look at total savings, not just the payment. If total savings is small or negative, or the break-even point is close to the end of your loan, it is probably not worth the paperwork.
Why can a lower rate cost more overall?
Because of the term. $20,000 at 9% with 36 months left costs about $636 a month. Refinancing to 6% over 60 months cuts the payment to about $387, but you pay about $300 more in total because of the extra two years of interest. Keeping the term at 36 months at 6% saves about $990.
When is it too late to refinance a car?
Late in the loan, most of the interest is already paid, so there is little left to save. $6,000 at 9% with 12 months left saves only about $8 a month at 6%, which a $100 fee wipes out. Many lenders also set age and mileage limits on the cars they refinance.
Does refinancing a car loan hurt my credit?
A credit check causes a small, temporary dip. Credit scoring models generally count several auto loan inquiries made within a short window as a single inquiry, so do your rate shopping within about two weeks.
What fees come with refinancing a car?
Usually a title transfer or lien fee set by your state, and sometimes a lender origination fee. Check your current loan for a prepayment penalty, and enter the total in the fees field.
Can I refinance if I owe more than my car is worth?
It is harder. Many lenders limit how much they will lend relative to the car value, so an upside-down loan may not qualify or may need a cash payment to close the gap.
Results are estimates for informational purposes only and are not financial, medical or legal advice.