Auto Refinance Calculator

Current Loan

Original Loan Amount
Current Loan Balance
Current Interest Rate %
Initial Loan Term (Months)

New Loan Info

New Loan Term (Months)
New Interest Rate %

Refinancing could save you:

Monthly payment savings

New monthly payment

Total payment savings

Current monthly payment

Next Steps

Refinance Your Loan

Refinance Your Loan

Begin your savings journey by applying to refinance. We're ready to help put money back in your pocket.

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See Current Rates

See Current Rates

Our auto loan rate table gives you a gauge of the rate environment for auto loans across a spectrum of credit profiles.


Auto Refinance Calculator Help

Should I refinance my vehicle?” is a question many car and truck owners ask, especially when rates are low. Our auto refinance calculator can help you decide whether refinancing makes sense for your personal situation. Here’s the info you need to enter into the auto refinance calculator, plus some helpful information about your results:

Original Loan Amount
The original loan amount is the total amount you paid when you bought your car. It includes the principal, interest, tax, title and license fees.
Current Loan Balance
The current loan balance is the total amount you owe on your vehicle also sometimes called the remaining balance.
Current Interest Rate
The current interest rate is the amount you agree to pay each year to borrow money. It is a percentage of the loan, and is paid off over the life of the loan.
Initial Loan Term
The initial loan term is the total amount of time that a borrower has to pay off a loan. For auto loans, the initial loan term usually ranges between 68 and 84 months.
Remaining Term
This is seen once a borrower begins paying off their loan, and refers to the amount of time that remains until the loan is repaid.
New Loan Term
Refinancing a loan involves paying off an old loan with another one. The new loan term refers to the time it will take to pay off the new loan.

Reasons to Refinance Your Vehicle

Refinancing your car loan can do wonders for your wallet by saving you money in both the short and long term. Essentially, refinancing pays off an old loan using another loan with better terms and/or interest rate. Though refinancing isn’t for everyone, there are plenty of reasons why it’s a great option for many. If you’re wondering whether it’s a smart option for you, our auto refinance calculator can be a great resource.


If interest rates were higher when you bought your car

The U.S. Federal Reserve plays a big part in setting prevailing interest rates across the economy. Influences like employment and inflation data guide the Fed’s decision-making. There has been a great deal of fluctuation in rates over the past few years. If you are carrying an auto loan from a time when prevailing rates were high compared to today, then refinancing may be a smart move for you. Because interest accrues daily, decreasing your interest rate can save you big both in your monthly payments and over the life of your loan.


If you’ve improved your credit score

Credit score has a huge impact not just on your ability to get approved for a loan, but also for the terms and rates you’re offered. If your credit score is higher than it was when you began your current car loan, you might be able to qualify for a loan with a lower interest rate  – saving you money.


If your first loan didn’t have a great interest rate

Even people with stellar credit get stuck in bad car loans. One of the biggest reasons why this happens is that buyers put more emphasis on shopping for their car than shopping for their auto loan, agreeing to the first loan option offered. Though high interest rate loans are more likely to be upside-down more quickly, it’s still possible for many to get out and into a more reasonable offer.

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If you’re looking to save money

Plain and simple. Refinancing any loan can make a big impact on your financial health. Whether you want to free up space in your monthly budget or pay less in interest over time, refinancing can help achieve your goals.

If you’d like to pay off your car more quickly

Motivated by lower monthly payments, many people opt for loans with longer loan terms. The problem is that longer loan terms means more money accrued in interest over time. So, even if you maintain your same interest rate in a new loan, refinancing with an offer that has shorter terms can save you money over the over the life of the loan. Plus, paying off a debt does wonders for your credit score, wallet, and sense of ownership.

If you’d like to potentially defer a payment

Refinancing often presents the opportunity to delay the start of the new loan for a short time. This can give borrowers a break for a month or two from making their car payment until the new loan begins. This can be a nice break for your pocketbook, and can give people the opportunity to catch up if they’re behind financially.

Overall, there’s plenty of reasons why refinancing your car loan is a great idea, and our auto refinance calculator can help show whether it’s a smart financial decision for you. If you have any questions, never hesitate to give us a call at 866-728-3436, or chat with ReFido, our auto refinance assistant!