Auto Refinance Calculator
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Auto loan refinancing FAQs
To determine how much money could be saved by refinancing your auto loan, you’ll provide:
- Your current monthly payment for your original auto loan
- The interest rate
- Original loan values
- Loan origination date
- The interest rate of the refinance
- The term of the new refinance
After entering this information, the calculator shows:
- Your new estimated monthly payment
- Total interest paid with refinancing
- Total interest paid on your current loan
- Potential savings over the life of the loan
This helps you quickly determine if refinancing is the right financial decision for you.
You may want to refinance your car loan if:
- Your credit score has increased
- Current auto refinance rates have gone down
- Your monthly car payment is too high
- You want to pay off your loan quicker
- Your current loan has a high interest rate
- You received an auto loan refinance special offer
Use an auto refinance calculator to help estimate potential savings.
No, a down payment is usually not required with an Auto Loan refinance. The refinance relies on existing equity to secure the new loan. You’re trading out debt with one lender to the next to better either your current monthly payment, terms, or interest rate.
It’s best to choose a loan term that suits your financial goals. If you’re looking to lower your monthly payment, a long loan term might suit you best. For those who can afford a higher monthly payment, a short loan term would be ideal to lower total interest paid.