Calculate savings and costs of paying off your car loan early
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Interest saved
$815
vs paying as scheduled
Months saved
10 mo
baseline 53 mo
New payoff time
43 mo
3.6 years
Worth it?
Yes
savings exceed any fee
Extra payments and lump sums attack the principal directly: the balance line drops faster, especially in the first year or two.
What the balance does if you continue with only the existing monthly payment, no extras.
Even $50 to $100 extra a month shortens the loan noticeably, because it comes straight off the principal early on.
Thinking of paying off your car loan early? See how much interest you could save with extra payments or a lump sum, and whether any exit fees make it worthwhile.
As of 7 November 2026, the lowest car loan rate from a bank or lender is 5.74%, from Westpac's Car Loan, while the typical best across 42 institutions is 6.99%. The lowest carmaker finance rate is 2.70%, from Chery Motor Finance's Chery 4.46% EV Comparison Rate Offer, while the typical best across 12 institutions is 4.99%.
Maria owes $18,000 at 9% with 48 months left, paying $448 a month. She adds $100 a month.
She finishes 10 months early and saves $757 of interest. Check the loan has no early repayment fee before paying extra.
James owes $25,000 at 8% with 60 months left, paying $507 a month. He puts a $5,000 bonus on the loan.
The loan finishes 14 months early and he saves $2,130 of interest.