Finance

Car Refinance Calculator

See how much you could save by refinancing your auto loan at a lower rate.

Current Loan

Remaining Balance ($)

Current Rate (%/yr)

Months Remaining

New Loan

New Rate (%/yr)

New Term (months)

Refinance Fees ($)

Formula:
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Savings = (Old Total − New Total) − Fees

When to Refinance Your Car

Refinancing makes sense when interest rates have dropped, your credit score has improved, or you want to change your loan term. A good rule: refinance if you can save at least 1-2% on your rate.

Refinancing Checklist

Credit score improved since original loan
Current rate is at least 1-2% above available rates
At least 12-24 months remaining on current loan
Car isn't too old (most lenders cap at 7-10 years)
Loan isn't underwater (owe more than car is worth)