Car Refinance Calculator
See whether refinancing your car loan saves money, per month and in total.
About the Car Refinance Calculator
Enter your current balance, rate and months left, then the new rate, new term and any fees. The calculator compares the monthly payments and the total of all remaining payments, and shows how quickly the saving repays the fees.
Compare the total, not just the monthly payment: stretching the term lowers payments but can cost more overall, and cars depreciate, so owing more than the car is worth is a risk. Fees here are added to the new loan.
The formula
Savings = current payment × months left − new payment × new term
Worked example
22,000 left at 9.5% with 48 months to go; new rate 6.5% over 48 months, 200 in fees
- Payment falls from 552.71 to 526.47, saving 26.24 a month
- Fees recovered in about 8 months
- Total saving: about 1,259
Questions people ask
When does refinancing make sense?
When your credit has improved or rates have fallen, early in the loan.
Does it hurt my credit?
A hard inquiry dips scores slightly for a few months.
Can I refinance if I owe more than the car is worth?
It's harder; many lenders cap the loan at the car's value.