Car Refinance Calculator
Compare your current car loan to a new refinance offer and see how much you could save each month and overall.
Is refinancing your car loan worth it?
Refinancing replaces your current auto loan with a new one, ideally at a lower interest rate or with different terms. This calculator compares your existing loan’s payment to a new offer on the same remaining balance.
How it’s calculated
Both payments use the standard loan amortization formula: Payment = Balance × r / (1 – (1 + r)^-n), where r is the monthly interest rate and n is the number of months. The difference between the two payments, and their total cost over their terms, shows your potential savings.
This is a general estimate for planning purposes. Refinancing may involve fees, and extending your term can lower payments while increasing total interest paid.