Auto Loan Refinance Calculator

Find out how much you can save on your car loan.

About the Calculator

Are you wondering how much you could save on your monthly car payments? Find out with our auto loan refinance calculator. This auto refinancing tool helps you see estimated car loan savings. Getting started is easy and seeing estimated car payment savings is simple. Enter your original car loan amount, term, and interest rate into the fields below. Then, add your estimated new loan amount, term, and interest rate. Calculate to see the difference, and keep adjusting the values until you are happy with your new refinanced car payment.

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Keeping It Real

Calculation Tips

This car refinance calculator is a flexible tool. That means you can input a lot of numbers and values to see estimated savings. It also means things can get a bit wonky if used improperly. Keep saving estimates realistic by entering refi quote numbers. Your final quote numbers may be different from calculated values.

How to Use the Auto Refinance Calculator

New to using car refinance calculators? Check out these steps to calculate new loan values.

  • Collect Docs

    Find car loan documents and related information.

  • Enter Info

    Enter your car loan info into the car refi calculator.

  • Add Refi Values

    Add comparison values with a new term and interest rate.

  • Calculate

    Calculate estimated savings between old VS new loans.

  • Check Results

    Check results against your approved refi loan offers.

You will need a few things to get started before calculating your auto refinance savings. Collect your current car loan documents and related information. You will need to enter some of this info into the calculator now and also need it later for your loan application if you choose to start the auto loan refinance process.

To use the calculator, simply enter your current car loan term, interest rate, and the loan amount into the current car loan fields. This information is from your previous loan with your old lender. It provides the benchmark to gauge potential future refi savings.

Next, add comparison values if you were to refinance your car loan. Enter a new refinanced car loan term, interest rate, and loan amount. If you are not quite sure what to put here for new loan values, we have some example placeholders you can use.

It is ok to estimate these values until you talk to an auto refinance provider and adjust them to see potential savings ranges. Auto refinance lenders will provide the new loan values you qualify for during the refinance process. You can always return to the auto loan calculator here, enter those new values, and see the difference between your old and new car loans.

Potential savings are measured by comparing the difference between the old and new loan term, interest rate, and loan amount. This information is used to calculate your monthly car payments. The estimated savings is the difference between your old versus new car payment. Check out the terms below to better understand the calculator inputs.

Ready To Start The Refinance Process?

Once you have calculated your potential savings, start by connecting with lenders.

Related Car Refinance Calculator Terms

Need to understand the terms better? Check out the related refi term glossary!

Original Loan Amount

The original loan amount is the amount of money or “principal” you originally borrowed to buy your car, truck, SUV, or other vehicle at the time of purchase.

  • Additional Info: The base loan amount is formally referred to as the principal in financial equations since it is the sum of borrowed funds. This value is normally the original price of the vehicle (plus taxes and fees) minus your vehicle deposit or down payment. Your monthly car payments contribute towards paying off this loaned amount plus any additional loan fees and interest.

Original Loan Term

The original loan term is the amount of time you have to pay back the loaned amount. It is normally measured in a time frame of months.

  • Additional Info: The loan term monthly time frames can vary by auto loan lender. Common terms include 36, 48, 60, and 72 months. Oftentimes the longer auto loan terms may have higher interest rates. You must make a car payment on schedule each month to stay current on paying back the loan’s balance.

Original Loan Interest Rate

The original loan interest rate is the percent of interest the lender charges you for loaning the principal or original amount of money.

  • Additional Info: Interest rates are variable and are often set based on a number of factors including your credit score, credit history, personal information, vehicle details, car loan term, and the loaned amount. Refinancing car loans can be a way to adjust original rates.

Original Monthly Car Payment

The original monthly car payment is the amount of money you pay to your current lender every month as defined by the loan term.

  • Additional Info: This amount is usually defined by the original loan amount plus interest and fees divided by the original loan term. If you miss a car payment deadline, it may be considered a late car payment. If you stop making car payments, you may be at risk of defaulting on your car loan.

New Loan Amount

The new loan amount is the rest of the money or principal you owe on the car loan and it is the amount of money you need to borrow if you refinance your vehicle.

  • Additional Info: You can find this number by taking your original loan amount and subtracting any payments you’ve made toward the principle. Remember that payments on interest and fees probably would not count towards the base loan amount you paid for the car.

New Loan Term

The new loan term is the new number of months you will have to pay back the refinanced loan.

  • Refinance Note: Are you unhappy with your current car loan term? You can possibly change it with a newly refinanced loan. Like the original term, your refinanced term will most likely be a monthly time frame of 48, 60, or 72 months. This depends on the offers presented by lenders and your qualifications.

New Loan Interest Rate

The new loan interest rate is the percent of interest on the new loan amount or principal borrowed from the new lender if you refinanced your car.

  • Refinance Note: Do you think you have a higher car loan interest rate? Refinancing your car loan gives you the opportunity to see what other lenders offer. Using a refinance marketplace is one of the best ways to quickly compare multiple interest rates from various lenders. If you choose to start the refinance process, ask your loan officer the best way to get the lowest interest rate possible.

New Estimated Monthly Car Payment

The new estimated monthly car payment is the monthly car payment you would make to your new lender throughout the duration of the term if you refinanced your car, truck, or SUV.

  • Refinance Note: The new car payment amounts are defined by your new loan values. Like your original payment, the new payment is a result of taking your new refinanced loan’s principal, adding fees and interest, and dividing the total by the new refinanced term. Once the refinance process is complete, this estimated amount may be similar to the payments you would make to your new lender. You would stop making your old payments once the new refinanced loan is approved and finalized.

Estimated Monthly Savings

The estimated monthly savings amount is the monthly payment difference between the original loan’s monthly payment and the new estimated loan’s monthly payment.

  • Refinance Note: Checking this number is one of the best ways to see if you can potentially save money if you refinance your vehicle. We need to remember all of the factors which go into these monthly payment numbers. This includes the original loan’s principal, interest, and fees versus the refinanced loan’s principal, interest, and fees. If your goal is to save money each month, adjust the numbers until you are happy with the calculated savings. Then check for lenders who are offering similar rates.

Total Estimated Savings

The total estimated savings amount is similar to the monthly savings but at a globally focused full-term level. It shows you estimated savings over the life of the entire refinanced loan.

  • Refinance Note: This number can be very helpful when budgeting and checking to see how refinancing your car may help you. Depending on your original loan details, the savings may be significantly different. Always match this estimation information to actual offers presented by refinance lenders to see the level accuracy.

When to Calculate Car Refinance Payments

Wondering when to use a refi calculator? Depends on your decision phase!

You can use our car refinance calculator at any time. This includes when you are researching the car refinance process, during refinance negotiations, and when you are finalizing your new loan’s interest rate and term.

Starting Out

Car Loan Research Phase Calculations

During your research into the car refinance process, you want to find answers to your questions. These include asking questions like “Will refinancing my car help me save money?” “What values do I need to know and think about when looking at loan offerings?” “How can I compare new loan offerings with my old car loan?” “What do these car refinance terms mean?” All of these questions are natural and an expected part of the refinance journey. We can help you find answers and the information you need to feel comfortable with the refi idea.

When Applying

Loan Application Phase Calculations

When you apply to a lender for refinancing, they provide rates based on things like your personal and vehicle information along with credit history. Rates may vary from lender to lender, so applying with multiple lenders can be a good idea to compare rates or using an auto lender marketplace (which helps you compare qualified loans automatically). Use the car refinance calculator along the way to see how the new loan offerings measure up to your old car loan by calculating the payment differences.

During Approval

Refinance Finalization and Loan Approval Phase

When you are nearing the end of the car refinance process, you will have to lock in your new car loan. You can use the auto loan refinance calculator to check any last-minute loan details and estimate how much your new loan will save you on your monthly car payments. Double checking the numbers can give you peace of mind and help guide your refinancing decision.

Car Refinance Calculator FAQs

Have questions about using the car refinance calculator? Find answers to commonly asked questions!

It is important to do your research and understand how choosing to refinance a vehicle affects your life.

Can I save money refinancing my auto loan?

You may be able to save money if you refinance your auto loan. Potential savings depends on a number of factors including your current loan, credit score, vehicle year, and mileage. You can calculate potential savings using our auto loan refinance calculator.

How do I use the auto refinance calculator?

You can use the auto refinance calculator by entering your current loan's information. These values include your original loan amount, term, and interest rate. This calculates your original monthly car payment. Next add your new loan amount, term, and interest rate. These values are used to estimate your refinanced loan interest rate. The differences between the old and new values can help you find potential savings.

Should I refinance my car?

This depends on your car loan, financial goals, and situation. While refinancing can be beneficial and help you save money, savings are not always guaranteed. Consult a financial professional if you have any questions before refinancing your car loan.

Can I calculate exact savings for an auto loan refinance?

Probably not. The exact savings (or additional cost) for your specific auto loan refinance depends on the lender you choose. The actual results are mostly likely going to vary from the estimated calculator results. The auto refinance calculator can be a good tool to revisit after learning more about your qualifying term and interest rate. Recalculating with these new values can help you better compare values.

What is the next step after calculating refinance values?

If you choose to refinance your car, the next step after calculating refinance values is to find your qualified rates. You can do this by connecting with our partner lenders using the "Find My Rate" button below once you are ready to start the process.

Ready To Start The Refinance Process?

Once you have calculated your potential savings, start by connecting with lenders.