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Auto Refinance Calculator

Refinancing your car loan can lower your monthly rate and save thousands over the life of your loan. With a good credit score and history of 6 to 12 months of on-time payments, you could qualify for a rate that makes a refinance worth your while.

Why refinance my auto loan?

Depending on the details of your original loan, refinancing can save money on interest, reduce your monthly payment, or both. Here are the situations where it makes sense to consider applying for an auto refinance:

  • If your car dealer financed your loan. Dealers often add a few points as a commission. So if your original loan was financed by your car dealer’s preferred lenders, there’s a good chance you didn’t score the best rate possible.
  • If your credit score has improved. A difference of just 30 points on your credit score can make a huge impact on your rate. If your score has improved since your original auto loan, there’s a chance you’ll save money with a refinance.
  • You need a lower monthly payment. Refinancing for a longer loan term can reduce your monthly rate.

Use the auto refinance calculator to find potential savings

Bankrate’s auto refinance calculator can help you determine how much money a new rate would save you on interest, monthly payments, or even both. To use it, input the details of your current loan: your monthly payment, remaining balance, interest rate, and the remaining loan term.

Next, play around with the interest rate and term for your new loan until the estimated savings or monthly payment are in your favor. Once you have an idea of what term and interest rate will make refinancing worth your while, it’s time to get prequalified. See current offers from Bankrate lending partners to compare different rates and terms on auto loans.