Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Car loan refinancing calculator

Is that new offer really a better deal?

Posted

Fact checked

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.

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 pre-approval 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

Name Product Min. Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
CarsFast Car Loans
$500
4.90% to 29.90%
12 months - 8 years
300
Gross income of $1,800/month, 3+ months employed
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
Car Loans Canada
$7,500
3.99% to 29.95%
12-84 months
300
3+ months employed, min. income of $2,000/month
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Loans Canada Car Loans
$500
0% to 29.99%
3-96 months
300
Employed for at least 3 months, min. income of $1,800/month
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Carloans411 Car Loans
$500
1.90% to 19.99%
Up to 72 months
300
Employed for 3+ months, min. income of $1,600/month
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
LoanConnect Car Loans
$500
10.00% to 46.96%
6-60 months
550
No min. income requirement
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Auto Arriba Car Loans
$500
8.99% to 29.50%
6-84 months
N/A
Currently employed for 3+ months
Auto Arriba offers car loans starting at $500 up to $100,000, with as little as a 30 minute loan turnaround time. On a limited number of approved loans, Auto Arriba is currently offering a rebate of the amount of your first scheduled payment 30 days after it has been processed up to a maximum of $500.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
3-10 years
560
Have an established credit history and own your home
Fairstone offers secured personal loans up to $35,000.
loading

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.

More guides on Finder

Ask an Expert

You must be logged in to post a comment.

Go to site