An auto loan refinance calculator estimates how refinancing your car loan could change your monthly payment, total interest paid, and overall loan cost before you apply. By comparing your current loan with a potential new loan using different interest rates and loan terms, this calculator helps you decide whether refinancing makes financial sense.

Auto Loan Refinance Calculator

Compare your current auto loan to a refinance offer to estimate your new monthly payment, total interest, and potential savings. Results update automatically as you adjust the numbers.

Your Current Loan and Refinance Offer

Enter your current loan balance, APR, remaining term, and monthly payment. Then add the new APR and new term from a refinance offer to compare costs and savings.

Current Loan

Enter your current payoff balance.
Use the APR from your loan statement.
How many payments are left on your current loan?
If you leave this at $0, we’ll estimate the payment from your balance, APR, and term.
Examples: lender fees, title fees, DMV fees, and documentation fees.
Roll fees into the new loan.
If unchecked, we treat fees as paid upfront when you refinance.
Actions

Refinance Offer

Enter the APR from your refinance quote.
Refinancing to a longer term can lower payments but raise total interest.
If you borrow more than your current balance, enter that amount here.
Estimates assume fixed APRs and on-time payments. Some lenders structure fees differently, and some loans include add-ons (GAP, warranties) that can change the payoff amount.

Results

Monthly Payment
Current: —
Refinanced: —
—
Total Interest Remaining
Current: —
Refinanced: —
—
Total Remaining Cost
Current: —
Refinanced: —
—
Estimated Savings
Monthly: —
Total: —
—
Tip: If your new APR is lower, refinancing may reduce your monthly payment and total interest. Use the fees slider to see whether the savings still hold up.
Results update automatically as you adjust your inputs.

Auto Loan Balance Over Time

Red shows your current payoff path. Green shows the refinance payoff path using your new APR and new term.
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How to Use This Auto Loan Refinance Calculator

To use the calculator effectively, enter the same details shown on your current loan statement, then compare them with estimated refinance terms.

Have your current loan documentation available and enter:

  1. Current loan balance: The amount you still owe on your car loan.
  2. Current interest rate: Your existing annual percentage rate.
  3. Remaining loan term in months: How many monthly payments you have left.
  4. Current monthly payment: The payment amount you’re making now.
  5. Estimated refinance fees: Origination or transaction fees (you may not know this until applying for refinancing. Usually between $0 and $500, depending on loan size and specifics.
  6. New interest rate: The estimated refinance rate from lender quotes or prequalification tools.
  7. New loan term in months: The length of the refinanced loan you’re considering.
  8. Optional cash out: Many lenders allow you to borrow more than your current loan amount. You receive the difference in cash.

Once you enter your information, the calculator compares your current loan with the refinanced scenario to show changes in payment amount and total interest. To get the most accurate results, use a payoff quote from your lender when possible, as it may differ slightly from the balance shown on your statement.

How Auto Loan Refinancing Works and What This Calculator Shows

When you refinance your auto loan, a new lender pays off your existing car loan and replaces it with a new one, ideally with better terms. Borrowers typically refinance to lower their interest rate, reduce their monthly payment, adjust their loan term, or pay off the loan faster.

This auto refinance calculator estimates how refinancing could affect your monthly payment, total interest paid over the life of the loan, and potential savings compared to your current car loan.

It also shows how changing the loan term impacts overall cost. However, it’s important to note that all results are for illustrative purposes only and should be treated as estimates, not loan offers.

Learn more about the best auto loan refinancing providers and other tools to help manage your vehicle loan:

Pro Tip

From our on-staff Certified Financial Educator:

Be Careful With Cash-Out Auto Loan Refinancing

Some auto loan refinance providers allow you to take cash out of your automobile’s equity by borrowing more than your current loan balance. While this can provide you with short-term cash, it increases your loan amount and often extends your payoff time. 

Cashing out may:

  • Raise your total interest cost over time.
  • Reduce or eliminate any refinance savings.
  • Leave you owing more than your car is worth.
  • Increase risk if the vehicle is totaled.

Before choosing a cash-out option, run the calculator both with and without cash out to understand the long-term cost difference.

How Do Interest Rate and Loan Term Affect Your Monthly Payment?

Your interest rate and loan term work together to determine both your monthly payment and total interest cost. A lower interest rate generally reduces the amount of interest you pay over time.

Extending the loan term can create smaller monthly payments, but it often increases total interest paid. Shortening the loan term usually raises the monthly payment while reducing your overall interest cost.

When Does It Make Sense to Refinance a Car Loan?

Refinancing can make sense when your financial situation or existing market conditions have improved since you first took out the loan. For example, interest rates have recently dropped, or your lender is offering incentives. It’s often used as a strategy to lower costs or better align payments with your budget.

Refinancing may be worth considering if:

  • Your credit score has improved since opening the loan
  • Current market interest rates are lower than your existing rate
  • You want to reduce your monthly payment to free up cash flow
  • You want to shorten your loan term and reduce your total interest costs

When Refinancing Your Auto Loan May Not Be Worth It

In some cases, refinancing provides little benefit or can increase the total cost of your loan. Reviewing both payment changes and long-term interest is important before moving forward.

Refinancing may not make sense if:

  • Your current interest rate is already competitive
  • You’re close to paying off your car loan
  • Refinance fees offset most or all potential savings
  • Extending the loan term lowers your payment but increases the total interest cost

More Calculator Resources

Refinancing your auto loan isn’t the only way to manage your finances more effectively. A successful budget often means adjusting your spending in more than one category.

Here are more free calculator resources to help you more fully understand your financial overview. These tools allow you to plan efficiently, compare your options, and make confident financial decisions based on real numbers.

FAQs

Are Auto Loan Refinance Calculator Results Guaranteed?

While accurate, based on the information you provide, your auto loan refinance calculator is simply a tool to help you estimate whether refinancing your vehicle is worth your time. Only your lender can provide real-time actual quotes. Check out our overview of the best auto loan refinance companies to learn more.

How Does My Credit Score Impact Auto Loan Refinance Rates?

Your credit score plays a major role in whether you qualify to refinance and what interest rate you receive. Higher credit scores typically qualify for lower rates, while lower scores may still qualify but often at higher costs. Lenders also consider income, vehicle age, mileage, and overall credit history when setting refinance terms.

Next Steps

Decide whether lowering your monthly payment or reducing your total interest paid better fits your current needs. Then, after reviewing your results, compare refinance offers from our carefully selected list of the best auto loan refinancing lenders. Review their interest rates, loan terms, and any fees.