Check whether refinancing a car loan lowers your cost.
Please do not make financial decisions based on these results.
What is the Car Refinance Calculator?
Check whether refinancing a car loan lowers your cost. To use the Car Refinance Calculator, enter current balance, current rate, months left, new rate, new term, fees; it returns monthly payment now, new monthly payment, total savings, and shows them instantly as you type.
Where the Car Refinance Calculator fits
Check whether refinancing a car loan lowers your cost. The main figure it returns is the Monthly payment now, worked out from the values you enter.
It belongs with the other loans & debt tools. If you are comparing options or checking a result from another angle, try the Refinance Break-Even Calculator, Cash-Out Refinance Calculator or the Boat Loan Calculator.
How to use the Car Refinance Calculator
- Enter your numbers. The inputs are Current balance ($), Current rate (%), Months left, New rate (%), New term (months), Fees ($). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Monthly payment now, and the cards below show New monthly payment, Total savings. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Car Refinance Calculator using the default values shown in the calculator above:
Inputs
| Current balance ($) | 18,000 |
|---|---|
| Current rate (%) | 9.5 |
| Months left | 48 |
| New rate (%) | 6.5 |
| New term (months) | 48 |
| Fees ($) | 150 |
Results
| Monthly payment now | $452.22 |
|---|---|
| New monthly payment | $426.87 |
| Total savings | $1,066.67 |
With these inputs the calculator returns Monthly payment now: $452.22. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Current balance ($) from 18,000 to 21,600 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Monthly payment now | $452.22 | $542.66 | +20% |
| New monthly payment | $426.87 | $512.24 | +20% |
| Total savings | $1,066.67 | $1,310.00 | +22.8% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Car Refinance Calculator reports Monthly payment now, new monthly payment and total savings. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
When should I refinance a car loan?
When rates drop or your credit improves and the fees are small relative to the savings.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
How can I pay off a loan faster?
Pay more than the required amount, add extra yearly or one-time payments, or switch to biweekly payments. Make sure extra payments go to principal.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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