Car Loan Refinance Calculator
Compare your current car loan with a new one. Savings come from a lower rate; stretching the term can lower the payment but cost more overall.
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When refinancing makes sense
- Your credit score has improved since you took the loan.
- Market rates have dropped below your current rate.
- You got dealer financing at a high rate and can qualify for a credit union or bank loan.
- You need a lower payment and accept paying more interest overall.
Watch for prepayment penalties on your current loan, title and registration fees, and extending the term so far that you owe more than the car is worth. Compare total cost, not just the monthly payment.
Questions
When is refinancing a car loan worth it?
Usually when the new rate is at least 1–2 points lower, fees are small, and you don't extend the term much.
Does refinancing hurt my credit?
A new application causes a hard inquiry, which can lower your score slightly for a short time.