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Car Loan Refinance Calculator

Calculator

Calculate savings from refinancing your car loan to a better rate

Free to useNo data storedAI insightsUpdated: February 2026

Stuck with a high-rate car loan? Rates may have dropped, or your credit may have improved. This calculator shows if refinancing makes sense after accounting for fees.

Enter Your Details

Enter Your Details

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Same as remaining or different

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Exit fees + new loan setup fees

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Real-World Examples

Rate Drop Refinance

$22,000 balance at 11%, 36 months left. New offer: 7.5% for 36 months. $400 total fees.

Inputs:

balance:22,000currentRate:11newRate:7.5fees:400
Current path: $720/month, $3,920 interest. Refinance: $685/month, $2,660 interest. Save $860 after fees!

Frequently Asked Questions

Glossary

Refinancing
Taking a new loan to pay off an existing loan, usually to get better terms.
Exit Fee
Penalty charged by some lenders for paying off a loan early.
Break-Even Point
How long until savings from the new rate exceed refinancing costs.

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026

How to Use
  1. Enter your current loan balance
  2. Add your current rate and monthly payment
  3. Input the remaining months on your loan
  4. Enter the new rate you've been offered
  5. Include any exit and setup fees
Key Information
  • Refinancing makes sense if you can save more than the fees
  • A 1-2% rate reduction can save hundreds to thousands
  • Check for exit fees on your current loan first
  • Your credit score may have improved since original loan
Pro Tips
  • Wait until you've had the loan 12+ months to refinance
  • Shop around - banks, credit unions, online lenders
  • Negotiate with the current lender first - they may match
  • Don't extend the term too much - lower payment but more interest
Avoid These Mistakes
  • Not factoring in fees when calculating savings
  • Extending term significantly (lowers payment but costs more)
  • Refinancing a small balance where fees exceed savings
  • Not checking if current loan has hefty exit fees
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