If interest rates have dropped or your credit has improved since you bought your car, refinancing could lower your payment. This auto refinance calculator compares your current car loan with a new offer, including fees, to show whether you should refinance your car loan and how much you would really save.
Add this calculator to your website
Free to use on your blog or website. Paste this code where you want the calculator to appear, for example in a Custom HTML block in WordPress.
How to read the results
- Monthly difference: how much more or less you would pay each month.
- Total savings: the remaining cost of your current loan minus the full cost of the new one, including fees. This is the number that matters most.
- Fees paid back after: how many months of lower payments it takes to recover the refinance fees.
Watch out for longer terms
Stretching the loan over more months can make the monthly payment look attractive while increasing the total interest you pay. Try the new term equal to the months left on your current loan to make a fair comparison.
Frequently asked questions
When is refinancing a car loan worth it?
Usually when the new rate is clearly lower, you still have a good part of the loan left, and the fees are small enough to be recovered within a few months.
What fees should I include?
Include any application or arrangement fee from the new lender, title or registration transfer fees, and any early repayment charge from your current lender.
How much can I save by refinancing my car?
It depends on how much the rate drops and how much of the loan is left. Cutting a few percentage points off a loan with several years remaining can save a noticeable amount, while a small drop near the end of the loan may not cover the fees.
Results are estimates for planning only. Related: Early payoff calculator · Car loan calculator