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Car loan refinancing calculator
Is that new offer really a better deal?
Refinancing your car loan can be a great way to lower your interest rate and save money on monthly payments. Enter your information in our calculator below to compare your existing loan to a potential refinanced loan to see how much you can save over time.
How to use the car loan refinancing calculator
For the most accurate result, fill in all relevant fields:
- Loan term. How long you’d like to take to pay off your new car loan.
- Loan amount. The payoff amount of your current car loan.
- Bank name. The name of the lenders you’re working with — not necessarily a bank.
- Fixed rate. The interest rate you were initially quoted by each lender.
- Fixed period. The time the fixed rate is in place. If the fixed rate lasts the length of your loan, leave blank.
- Ongoing rate. If your fixed rate changes after so many months, enter the new interest rate here.
- Upfront fees. Any one-time application or origination fees.
- Fees. Any ongoing fees that reoccur during the loan term. Select monthly or annually based on their frequency.
- Early repayment. The prepayment penalty your lender charges, if applicable.
What information will I need to use this calculator?
You’ll need the following information to compare your current car loan against a refinancing offer:
Your new refinancing offer
If you’ve been preapproved to refinance your car loan, you’ll likely know the interest rate and other fees your lender will charge. If not, reach out and ask:
- New loan term
- Interest rate
- Prepayment penalty
Your current car loan
You can find these details by checking your loan agreement or contacting your lender:
- Payoff amount
- Interest rate
- Prepayment penalty
Should I refinance my car loan?
Once you’ve calculated your results, you’ll be able to compare the monthly repayments and total cost of each loan. If refinancing your car loan means you pay less in interest overall or have a lower monthly repayment, it might be worth it. But if you’ll end up paying more by refinancing, you might want to hold off or compare other refinancing offers available to you.
Where can I refinance my car loan?
Banks, credit unions and online lenders all typically offer options for borrowers looking to refinance. You can apply for preapproval with multiple lenders without impacting your credit to help you find the best offer available to you. If that seems like too much work, consider using a connection service that sends your application to multiple lenders at once to help you hunt down the best deal.
Compare lenders that offer car loan refinancing
Refinancing your car loan could help you save on interest, lower your monthly repayments or both. Check out our guide to car loan refinancing to understand more about how it works and start comparing lenders.
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