Auto Loan Refinance Calculator
See how much you can save by refinancing your auto loan.
Compare your current rate to a new rate and see monthly and total savings.
Refinance Savings
Auto loan refinancing replaces your current loan with a new one at a lower interest rate, reducing monthly payments and total interest.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Where P = principal, r = monthly rate, n = number of months.
Monthly Savings = Old Payment − New Payment
Total Savings = (Old Payment × Old Remaining Months) − (New Payment × New Term Months)
When to refinance your auto loan:
- Your credit score has improved significantly
- Interest rates have dropped since you got the loan
- You have at least 12–24 months remaining
- Your car is worth more than the loan balance
Average auto loan rates (2025):
- Excellent credit (750+): 5.0–6.5%
- Good credit (700–749): 6.5–8.5%
- Fair credit (650–699): 8.5–12%
- Poor credit (below 650): 12–20%
Tips:
- Check with credit unions — they often have the lowest rates
- Avoid extending the loan term just to lower payments
- Factor in any refinancing fees ($50–300)