Auto Refinance Calculator
See if refinancing could save you money.
Your Current Loan
Your credit score significantly affects the interest rate you'll qualify for.
New rate: 7.9% based on your credit
When Does Auto Refinancing Make Sense?
Lower Interest Rates
If market rates have dropped since you got your loan, or your credit has improved, you may qualify for a significantly lower rate. Even a 2% reduction can save hundreds.
Break-Even Point
Refinancing has costs (~$300-500 in fees). You need enough time left on your loan to recoup these costs through monthly savings. A break-even under 12 months is ideal.
Lower Monthly Payment
If you need cash flow relief, extending your loan term can lower your monthly payment. Just be aware this may increase total interest paid over the life of the loan.
Improved Credit Score
If your credit has improved since your original loan, you likely qualify for better rates. A jump from fair to good credit can save 3-4% APR on your rate.
When NOT to Refinance
- Your loan is almost paid off (less than 12 months remaining)
- Your car is underwater (you owe more than it's worth)
- The new rate is only slightly lower (less than 1% difference)
- Your vehicle is too old (most lenders won't refinance cars over 10 years)
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Get your own Sidekick
Watch over all your car costs for you. Monitor rates and get notified when it makes sense to refinance.
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