Auto Loan Refinance Calculator
See if refinancing your car loan saves money.
Enter your values
ⓘ Live results
Results
- Monthly payment change
- $421.91 vs $443.67
- Monthly savings
- $21.76
- Total cost, current loan
- $21,296.13
- Total cost, new loan (incl. fees)
- $20,401.48
- Lifetime savings
- $894.66
Quick answer
Refinancing lowers your payment when the new rate is meaningfully below your current rate, but stretching the term can increase total interest even if the payment drops.
Payment = P x r / (1 - (1+r)^-n)
How to use the Auto Loan Refinance Calculator
- 1Enter your remaining balance and current loan terms.
- 2Enter the new rate and term you are quoted.
- 3Compare total cost, not just the monthly payment — a longer term can hide added interest.
Worked example
Using the values the calculator loads with:
Inputs
- Remaining loan balance18000 $
- Current APR8.5 %
- Months remaining48 months
- New APR5.9 %
- New loan term48 months
- Refinance fees150 $
Results
- Monthly payment change$421.91 vs $443.67
- Monthly savings$21.76
- Total cost, current loan$21,296.13
- Total cost, new loan (incl. fees)$20,401.48
- Lifetime savings$894.66
Frequently asked questions
Is refinancing always worth it?
Only if the new APR is enough lower to beat any fees, and you don't stretch the term so far that total interest rises.
Does refinancing hurt my credit?
A hard inquiry causes a small, temporary dip, usually recovered within a few months of on-time payments.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.