Car Loan Calculator Refinance
Calculate potential savings from refinancing your car loan. Compare current vs new loan terms, monthly payments, and total interest paid.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Car Loan Refinance Calculator
This calculator compares your current car loan with a potential refinance to show your potential savings.
- Enter Current Loan Details (left column):
- Current Balance – The remaining amount you owe on your current loan (e.g., $15,000).
- Current Interest Rate – Your existing APR (e.g., 7.5% – enter as 7.5).
- Current Remaining Term – Number of months left on your current loan (e.g., 48).
- Enter New Loan (Refinance) Details (right column):
- New Interest Rate – The proposed APR for the refinance (e.g., 5.0%).
- New Term – The new loan term in months (e.g., 60).
- Refinance Fees – Any upfront costs in dollars (e.g., $500).
- Click "Calculate Savings" – The calculator will validate all inputs (must be positive numbers; rates 0–100%; terms 1–120 months).
- Review the Results – You’ll see:
- Current vs. new monthly payment and monthly savings.
- Total interest paid under both loans and total savings (after fees).
Note: All rates are in APR (annual percentage rate). Enter them as percentages (e.g., 5 for 5%). The calculator uses the standard loan payment formula and subtracts fees from total savings.
Previous Results
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Frequently Asked Questions
Refinancing replaces your current auto loan with a new one, typically at a lower interest rate or different term, potentially reducing monthly payments and total interest.
A good rate is generally lower than your current rate by at least 1-2% to make refinancing worthwhile after fees.
Extending the term lowers monthly payments but may increase total interest paid. Use the calculator to compare scenarios.
