Car Refinance Calculator
Enter your current loan details and a potential new rate to instantly see how much you'd save every month — and over the life of your loan.
Your Current Loan
New Loan Terms
Monthly Savings
$17.92
That's $860.31 over the loan life
Payment Comparison
Results are estimates based on standard amortization formulas. Does not account for taxes, insurance, or prepayment penalties.
Frequently Asked Questions
When should I refinance my car loan?
Refinancing makes sense when interest rates have dropped since you got your loan, your credit score has improved, or you originally financed through a dealership (which often has higher rates). A good rule of thumb: refinance if you can lower your rate by at least 1–2%.
Does refinancing a car hurt your credit?
Refinancing involves a hard credit inquiry, which temporarily lowers your score by a few points. However, if it reduces your monthly payment and improves your ability to pay on time, it can help your credit in the long run.
How much does it cost to refinance a car?
Most auto refinances have little to no fees — unlike mortgage refinances. Some lenders charge a title transfer fee ($5–$75) or origination fee. Many online lenders (RefiJet, AutoPay, Capital One) offer free refinancing.
What's a good interest rate for a car loan?
As of 2024–2025, good credit (700+) typically qualifies for rates of 5–7% for new cars and 6–9% for used cars. Excellent credit (750+) can get 3–5%. Rates vary by lender, loan term, and vehicle age.
Can I refinance a car I owe more on than it's worth?
It's harder to refinance an underwater car loan, but some lenders will do it. You may need to pay down the difference first, or the lender will roll it into the new loan at a higher rate.
This calculator is for informational purposes only and does not constitute financial advice. Results are estimates based on standard amortization formulas and may differ from actual lender quotes. Consult a financial advisor or lender for personalized guidance.