Car Loan Refinance Calculator
Compare your current auto loan with a refinance offer to estimate your new monthly payment, interest savings, total savings, and payoff timeline.
Current Loan
Enter the details of the auto loan you have now.
Refinance Offer
Enter the rate, term and fees for the new loan.
Enter the remaining balance on your current loan, not the original vehicle price. Refinance fees may either be paid upfront or added to the new loan.
Current Loan vs Refinance
Compare the estimated cost of keeping your current loan with the refinance offer.
| Loan | APR | Monthly Payment | Term | Interest | Total Future Cost |
|---|---|---|---|---|---|
| Current Loan | 0.00% | $0.00 | 0 months | $0.00 | $0.00 |
| Refinance Loan | 0.00% | $0.00 | 0 months | $0.00 | $0.00 |
How This Car Refinance Calculator Works
This calculator estimates the remaining cost of your current auto loan and compares it with the estimated cost of a new refinance loan.
A lower APR may reduce your monthly payment and interest cost. However, extending the repayment term can sometimes increase the total amount paid even when the monthly payment becomes lower.
For that reason, compare both the monthly payment and total future cost before evaluating a refinance offer.
How to Use the Car Loan Refinance Calculator
Our Car Loan Refinance Calculator helps you compare your current auto loan with a potential new loan. Enter your remaining loan balance, current APR, months remaining, proposed new APR, new loan term, and any refinancing fees to estimate how refinancing could affect your monthly payment and total borrowing cost.
The calculator compares the estimated cost of keeping your current loan with the estimated cost of refinancing. This can help you understand whether a lower interest rate or different repayment term could potentially save money.
What Is Car Loan Refinancing?
Car loan refinancing generally means replacing an existing auto loan with a new loan. The new lender typically pays off the existing loan, and you then repay the new financing according to its interest rate, term, and other conditions.
Borrowers may consider refinancing to obtain a lower interest rate, reduce their monthly payment, change the remaining repayment period, or adjust other loan terms. However, refinancing does not automatically mean that the total cost of borrowing will be lower.
Current Loan Balance
Your current loan balance is the amount you still owe on the existing auto loan. This is different from the vehicle's market value. For the most accurate comparison, use a recent balance or payoff figure provided by your lender.
Current and New APR
The annual percentage rate, or APR, is an important factor in the cost of financing. A lower APR may reduce future interest charges, but the potential savings also depend on the remaining balance, loan term, and refinancing costs.
New Loan Term
Extending the repayment term can lower the monthly payment because the balance is spread over more months. However, a longer term can sometimes increase the total amount of interest paid, even when the new interest rate is lower.
Refinancing Fees
Fees can affect whether refinancing produces meaningful savings. When comparing loans, consider any applicable lender fees, title-related costs, or other charges associated with replacing the existing loan.
When Could Refinancing a Car Loan Save Money?
Refinancing may reduce borrowing costs when you qualify for a meaningfully lower interest rate and the savings exceed any costs associated with the new loan. Changes in market rates, your credit profile, or your financial circumstances may affect the financing options available to you.
It is useful to compare both the monthly payment and the total future cost. A refinance offer with a lower monthly payment is not necessarily less expensive if it significantly extends the repayment period.
Compare Your Car Financing Options
If you want to compare two different financing offers side by side, try our Car Loan Comparison Calculator .
If your main goal is to reduce the amount of interest on your existing loan without refinancing, our Car Loan Extra Payment Calculator can estimate how additional monthly payments may affect your payoff schedule.
You can also use our Car Loan Finance Calculator when estimating the cost of financing a vehicle.
Important Car Loan Refinancing Considerations
Before refinancing, compare the interest rate, monthly payment, remaining term, new loan term, fees, and total estimated cost. You should also obtain the actual payoff amount for your existing loan and carefully review the terms offered by the new lender.
For general consumer information about vehicle financing, visit the Federal Trade Commission guide to financing or leasing a car .
This calculator provides estimates for informational and educational purposes only. It does not constitute financial, tax, legal, credit, or lending advice. Actual refinancing rates, fees, payments, savings, and loan terms can differ depending on the lender and borrower.
