Auto Refinance Calculator
Auto Refinance Savings
Compare your current auto loan with refinance options
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Formula
Monthly = L[r(1+r)^n]/[(1+r)^n - 1]. Savings = Current Total - New Total - Fees.
Frequently Asked Questions
When should I refinance my car loan?
Refinancing makes sense when interest rates have dropped, your credit score has improved significantly, or you want to change your loan term. Typically, a rate reduction of 1-2% or more justifies refinancing.
Are there fees to refinance a car?
Some lenders charge no fees, while others may have application fees, title transfer fees, or state re-registration fees. These are typically $0-$500. Factor these into your savings calculation.
Can I refinance if I owe more than my car is worth?
Being 'upside down' or 'underwater' makes refinancing difficult but not impossible. Some lenders offer negative equity refinancing, though rates may be higher. Consider whether it still saves you money.
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