Is refinancing my car loan worth it?

Refinancing usually pays off when the new rate is at least 1-2 percentage points lower and you plan to keep the car past the break-even point. This calculator shows your monthly savings, total interest saved, and how many months it takes to recoup any fees.

Can I refinance a car loan with no fee?

Many lenders offer no-fee refinancing. If your lender charges a fee, divide it by your monthly savings to find the break-even month.

Refinance check · 60 seconds

Auto loan refinance calculator

Compare your current loan with a lower rate and see exactly how much you save — monthly, over the life of the loan, and when a refinance fee pays for itself.

Current loan

Current balance

Current APR

Months remaining

Proposed new loan

New APR

Unsure what rate to expect? Check average rates by credit score.

New loan term

Refinance fee ($0 if none)

Monthly savings with the new loan

$ 36

Current payment

$518.96

New payment

$483.32

Interest saved

$2,138

Break-even

—

Worth it: you save $2,138 in interest after the fee.

Recalculate from a new purchase → Check what you can afford →