Where do these numbers come from?
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What to compare
Enter your payoff balance (not the original amount), current APR and months left, then the new APR, term and any fees (title transfer, lender fee). Keeping the same number of months isolates the rate savings; a longer term lowers the payment but usually raises total interest.
Savings on $25,000 (48 months remaining)
| Current APR | New APR | Monthly savings | Total savings |
|---|---|---|---|
| 9% | 6% | $35 | $1,680 |
| 11% | 7% | $47 | $2,279 |
| 14% | 8% | $73 | $3,496 |
| 18% | 10% | $100 | $4,815 |
| 22% | 12% | $129 | $6,207 |
Cars lose value quickly, so lenders may decline a refinance if you owe more than the car is worth.
Example rates are for comparison only, not offers or current quotes. Your rate depends on credit, loan-to-value and lender.
Sources and assumptions
- Same amortization formula as the car loan calculator.
Related
Frequently asked questions
When is it worth refinancing a car loan?
When the new APR is meaningfully lower, fees are small, and you do not extend the term so far that total interest rises.
Does refinancing a car hurt credit?
A hard inquiry may lower scores slightly for a short time.