Car loan refinancing calculator

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:

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

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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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...
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.	Go to site More Info	Compare	loading Fetching your data...

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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.