Auto Refinance Calculator

Auto Refinance Calculator

Current Loan Balance:
Current Interest Rate (%):
Current Monthly Payment:
Proposed Interest Rate (%):
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Auto Refinance Definition

How many times have you bought something and then found it later for less? Didn’t you wish you could change your original deal? But you can’t go back and renegotiate the price of the corn flakes you just bought. Grocery stores don’t work that way. Automobile finance companies, however, do.

Refinancing your auto loan is a legal way to change your original deal, a “do over” of your loan that can save you money. By refinancing you can:

  • Lower your monthly payment
  • Save money on interest
  • Reduce the overall cost of the loan

It’s clear the benefits are great. But you need to consider a few things first:

When Should I Refinance?

Strictly speaking, the only times you should consider refinancing are when there are changes in two specific areas affecting your loan:

1. Your Credit Rating. When your credit rating improves, even by as little as 50 points, you may be eligible for a lower interest rate.

2. Interest Rates. When prevailing interest rates drop, car loan rates usually follow suit. Refinancing your balance at the new lower rate may save you thousands.

What Should I Refinance?

This may seem obvious. It’s your car, right? But that’s just one side of the equation. On the other side are money and time. Bankers say “balance” for money and “term” for time. When you refinance you make adjustments to one or both of these.

Refinancing your balance at a lower interest rate will save by reducing both the monthly payment and the loan’s total cost. But refinancing just your term with a longer loan period, while lowering your monthly payments, ultimately results in higher overall loan costs.

So if your goal is simply to lower your monthly payments, and you don’t mind paying more for the overall loan, then refinancing the term may be an acceptable option for you. But for most, refinancing only makes sense when it’s done to apply a new, lower interest rate to the balance.

Where Should I Refinance?

Start by checking with the company you’re with now. Then check your bank or credit union. In addition, websites such as can help you find an online lender and compare rates.

How Do I Get Started?

Go online or look at your loan account documents. Make a note of the current loan balance, the current interest rate, and the current monthly payment. Enter these amounts into the Auto Refinance Calculator.

Now invoke your power as a consumer and compare interest rates from different lenders. The calculator will tell you just how much you’ll be saving and what your monthly payment will be.

Refinance: Take Back the Power!

Banks do it to us all the time. They’ll raise the interest rates on our credit cards without batting an eye. Isn’t that just a do-over? Now you can impose a do-over on them. Refinance your car loan when the conditions are right. Let our Auto Refinancing Calculator help.

How to Calculate Auto Refinance

Let's be honest - sometimes the best auto refinance calculator is the one that is easy to use and doesn't require us to even know what the auto refinance formula is in the first place! But if you want to know the exact formula for calculating auto refinance then please check out the "Formula" box above.

Add a Free Auto Refinance Calculator Widget to Your Site!

You can get a free online auto refinance calculator for your website and you don't even have to download the auto refinance calculator - you can just copy and paste! The auto refinance calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!