Auto Loan Refinance Calculator
Find out whether refinancing your car loan is worth it. Enter your current balance, APR, and months remaining, then the new loan’s APR, term, and fees, and the calculator compares your payment and total cost both ways.
A lower rate on the same remaining term almost always saves money. A longer term can lower the payment but cost more in total — the calculator shows both, plus how many months it takes for the savings to cover the fees.
Calculator
Current loan
New loan
Find your payoff balance and months remaining on your lender’s app or statement. Fees can include a lender fee and your state’s title transfer fee.
Refinancing saves you
$1,263
in total, after fees
- Current payment
- $497.70
- New payment
- $465.13
- Monthly difference
- −$32.57
- Interest left on current loan
- $3,890
- Interest on new loan
- $2,326
- Fees paid back in
- 10 months
Compares the remaining payments on your current loan with a new loan for the same balance. Fees are paid up front. Lenders usually limit refinancing on older or high-mileage vehicles and on loans worth more than the car.
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Calculation Formulas
Recomputed from your balance, so it may differ slightly from your statement.
The difference in everything you’ll pay from today on.
Example:
$20,000, 9% → 5.5%, 48 months, $300 fee → about $1,263.
How long until lower payments cover the up-front cost.
Example:
$300 ÷ $32.57 ≈ 10 months.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Fees | Paid up front | Not rolled into the new loan in this comparison. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: October 2026
- Standard amortization
Uses the same engine as our auto loan and loan calculators.
- Lender limits
Many lenders cap the vehicle’s age and mileage and won’t refinance loans larger than the car’s value.
How to Use This Calculator
- Enter your current loan balance, APR, and the number of months left.
- Enter the new loan’s APR and term.
- Enter any refinancing fees, such as lender and title fees.
- Compare the new payment, interest saved, total savings, and break-even point.
Frequently Asked Questions
How much can I save by refinancing my car loan?
It depends on the rate drop and balance. Refinancing a $20,000 balance with 48 months left from 9% to 5.5% lowers the payment from about $498 to $465 and saves about $1,263 overall after a $300 fee, which pays for itself in about 10 months.
When should I refinance a car loan?
When rates have fallen since you bought the car, your credit score has improved, or you got dealer financing at a high rate. It’s most valuable early in the loan, when more of each payment is interest.
Does refinancing to a longer term save money?
Not usually. A longer term lowers the payment but adds months of interest, which can wipe out the benefit of a lower rate. The calculator flags when your new term is longer than what you have left.
Are there costs to refinancing a car?
Often a small lender fee and your state’s title transfer or lien recording fee, typically totaling a few hundred dollars or less. Check whether your current loan has a prepayment penalty.
Guides to go with this calculator
How Car Loan Interest Works & Why Longer Costs More
A lower monthly payment can hide a much bigger total cost. Here’s how car loan interest is set, why used-car rates run higher, and what a longer term really costs.
No Tax on Car Loan Interest: Rules and Savings
Interest on a new car loan is deductible again — up to $10,000 a year through 2028. But the car has to be new and U.S.-assembled, and the income phase-out bites fast. Here’s what it’s really worth.
How a Car Lease Works: Money Factor & Residual
When you lease, you pay for the part of the car you use up, plus interest. Once you know the four numbers behind a lease payment, it’s much easier to spot a good deal — and negotiate one.
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