Auto Refinance Calculator
Estimates monthly and lifetime savings from refinancing an existing auto loan.
What Auto Refinance Calculator does
An auto refinance calculator that estimates monthly and lifetime savings by comparing an existing auto loan to potential refinanced terms. Users input their current loan balance, current interest rate, remaining loan term, and details of a new refinance loan including the new interest rate and desired loan term. The tool then projects the new monthly payment and total interest savings, allowing individuals to see whether adjusting their auto loan terms would improve their financial situation. The output includes a side-by-side comparison of the original loan versus the refinanced option, highlighting changes in monthly payment and total cost over the life of the loan. Bankrate’s version distinguishes itself through a clean, step-by-step interface that breaks the process into clear sections—"How to use this calculator," "Use your results," and "How to make the most of this calculator." Inline explanations define key terms like "balance left on loan" and note the trade-off of extending a loan term, which may lower monthly payments but increase overall interest paid. The site also links to other Bankrate calculators and provides next-step guidance for auto loan refinance, offering a more integrated experience than standalone calculators that only perform math without context or follow-up resources.
How to use the Bankrate Calculators Auto Refinance Calculator
- 1
Enter the current monthly payment amount on your existing auto loan
- 2
Input the remaining balance left on your current auto loan
- 3
Provide the current interest rate on your existing auto loan
- 4
Enter the new interest rate and desired loan term for the refinance option you are considering
- 5
Review the projected monthly payment and total interest savings comparison displayed in the results
Best for
Drivers with existing auto loans who are considering refinancing to lower their monthly payment or reduce total interest costs and want a clear, side-by-side financial comparison before committing to a new lender.
Limitations
- Results are estimates based on user-provided inputs and may not reflect exact lender rates or terms
- Does not account for refinancing fees, prepayment penalties, or credit score impacts on offered rates
- Extending the loan term to lower monthly payments may result in paying more interest over the long term
Auto Refinance Calculator FAQ
- Can I use this calculator if I have bad credit?
- The tool requires you to input specific interest rates; it does not pull your credit score or guarantee you will qualify for the rates you enter. Actual offers from lenders will depend on your credit profile.
- Does the calculator include refinancing fees or closing costs?
- No, the calculator focuses on interest rate and term comparisons. Any origination fees, title fees, or other closing costs would need to be calculated separately to determine true savings.
- What if I want to keep my current loan term instead of extending it?
- You can input a new loan term that matches or is shorter than your remaining term. The tool will show how a shorter term affects your monthly payment and total interest, though monthly payments may be higher than extending the term.
- How accurate are the savings estimates provided?
- The estimates are based on the numbers you enter and are meant for comparison purposes. Actual savings will vary based on the lender’s final approved rate, loan term, and any associated costs of refinancing.
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