Car Loan Refinance Calculator
Refinancing a car loan means taking a new loan to pay off the old one, often at a lower rate. This compares your current payment with a new one, and shows the total difference across both loans.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each payment uses the standard loan formula on the balance you owe, with the rate and number of months for each loan. The monthly saving is the current payment minus the new one.
The total difference is what you would pay on the current loan for its remaining months, minus what you would pay on the new loan. A longer new term can lower the monthly payment while shrinking the total difference, or even reversing it. Fees and sales tax are not included.
Worked example
On a balance of $18,000.00 at 8.9%, the payment is $447.08 a month. At 5.9% over 60 months, it would be $347.15 a month, a saving of $99.92 a month. Over both loans, the total difference is $630.43.
Questions
Does a lower rate always save money?
Not always. Fees and a longer term can cancel out the savings, so check the total difference.
Should I keep the same number of months?
Keeping the same months usually gives the clearest comparison. A longer term may lower the payment but add interest.
Are there fees to refinance?
Often there are title, registration and lender fees. They are not in this tool, so add them to your comparison.
More like this
- Home Equity Loan CalculatorPayment and equity you can borrow.
- Student Loan CalculatorPayoff time and interest for a set payment.
- VA Loan CalculatorMonthly payment with the VA funding fee worked in.
- Interest-Only Loan CalculatorPayment during the interest-only years, then after.
- FHA Loan CalculatorPayment with the upfront and yearly FHA mortgage insurance.
- Boat Loan CalculatorMonthly payment on a boat or watercraft loan.