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Auto refinance calculator

Dealer rate too high, or your credit score has improved? Compare your car loan with a new offer, month by month.

Your current car loan

today

Current payment (principal & interest): $553.43/mo

The refinance offer

new
Until you sell, pay off or refinance again
Worth a close look: it breaks even in 2 mo and you are $2,377 ahead after 5 yr.
Keep current$28,778
Refinance$26,401

Total still to pay, including refinance costs

New payment
$505was $553
Monthly change
−$49less each month
Break-even
2 mosimple method: 4 mo
After 5 yrs
$2,377ahead
Interest left, current
$6,378
Interest, new loan
$3,851

Your net position, month by month

$2,377$1,113−$150now1y2y3y4ybreak-even 2 mo
Ahead (+) or behind (−) vs keeping your loan

Counts refinance costs, the payment difference and the difference in what you still owe. Crossing zero is the true break-even.

Ask about these numbers

An AI analyst reads your inputs and results above and explains them. The calculator works without it.

When a car refinance makes sense

  • Your credit has improved. Auto rates are priced steeply by credit tier; moving up a tier can cut several points.
  • You took dealer financing. Dealer-arranged rates can include a markup. A credit union or bank quote is a quick check.
  • You have plenty of loan left. Interest is front-loaded, so the savings shrink as the loan ages.

Watch the term. Stretching a 52-month balance to 72 months cuts the payment, but you pay interest for 20 more months on a car that's losing value. To see just the rate effect, keep the new term equal to the months you have left, as in the example.

Comparing quotes from several lenders? Put them side by side in the loan comparison tool.

Questions people ask

Is it worth refinancing a car loan?
Often, if your credit score has improved since you bought or you took dealer financing at a high rate. Car refinances usually have small fees (title transfer and sometimes a lender fee), so even a 2-point rate cut on a $20,000 balance can save hundreds. It is rarely worth it with less than a year or so left, since most interest has already been paid.
Does refinancing a car hurt your credit?
There is a small, temporary dip from the hard inquiry and the new account. FICO counts multiple auto-loan inquiries within a short window as one, so rate shopping within a couple of weeks is fine.
Can I refinance if I owe more than the car is worth?
Many lenders will not refinance an underwater loan, or cap the loan at around 100% to 125% of the car's value. Paying the balance down first, or waiting, may be needed.
Should I extend my term when refinancing a car?
Extending lowers the payment but adds interest, and the car keeps losing value while you owe on it. Keeping the same number of months left is usually the smarter default; set the new term equal to your months remaining to see the pure rate saving.

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