Auto Loan Refinance Calculator

Auto loan refinancing means replacing your existing car loan with a new loan — typically from a different lender — that has a lower interest rate, different loan term, or both. The goal is usually to reduce your monthly payment, lower your total interest costs, or both.

Refinancing makes the most sense when interest rates have dropped since you took out your original loan, your credit score has improved, or you initially financed through a dealership at a higher rate. Generally, the earlier in your loan term you refinance, the more interest you can save.

It depends on your new interest rate and loan term. A lower rate with the same term will reduce your payment. Extending your loan term can also reduce monthly payments, but may increase the total interest you pay over time. This calculator shows both scenarios side by side.

Your remaining balance is the current payoff amount on your existing auto loan — the amount you still owe the lender today. You can find this on your most recent loan statement or by calling your lender for a payoff quote.

Extending your term lowers your monthly payment, but you'll typically pay more interest overall since you're borrowing for a longer period. Shortening the term raises your monthly payment but reduces total interest. The best choice depends on your cash flow needs and financial goals.

Your new interest rate will depend primarily on your credit score, the age and mileage of your vehicle, the loan term length, and the lender you choose. Improving your credit score before applying is one of the best ways to secure a lower refinance rate.

Some lenders charge origination fees, and your state may require you to retitle the vehicle which involves a small fee. However, many auto refinance lenders charge no fees at all. Always ask for the full cost disclosure before signing a new loan agreement.

Applying a cash down payment at refinancing reduces the amount you need to borrow, which lowers both your monthly payment and total interest paid. Enter any planned upfront cash in the 'Down Payment' field to see how it impacts your savings.