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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
  • Fees
  • Prepayment penalty

Your current car loan

You can find these details by checking your loan agreement or contacting your lender:

  • Payoff amount
  • Interest rate
  • Fees
  • 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.

6 situations when you might want to refinance your car loan

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

1 - 6 of 6
Name Product Filter Values Minimum credit score APR Loan term Requirements
LendingClub Auto Refinancing
Fair or better credit
2.99% to 24.99%
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Ally Clearlane
3.74% to 13.49%
3 to 7 years
Monthly income of $2,000+, live in an eligible US state, ages 18+
SuperMoney Auto Loan Refinancing
Varies by lender
Car must be less than 10 years old with fewer than 150,000 miles. Fair to excellent credit, an income source, US Citizen or Permanent Resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
Good to excellent credit
Starting at 1%
1 to 20 years
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
3.49% (as low as)
1 to 6 years
18+ years old, US citizen or permanent resident
A car loan connection service for borrowers looking to refinance.
RateGenius Auto Loan Refinance
3.09% (as low as)
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.

Compare up to 4 providers

Bottom line

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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