Loans & MortgagesTool Review

Auto Refinance Calculator

Provided byNerdWallet Financial Calculatorsnerdwallet.com

Estimates savings from refinancing an existing auto loan at a lower rate.

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About this tool

What Auto Refinance Calculator does

An auto refinance calculator that estimates monthly and lifetime savings by comparing an existing car loan to potential refinanced terms. Users input their current loan amount, remaining balance, monthly payment, interest rate, and desired new loan term and interest rate to see how changes affect their repayment schedule and total interest paid. The output includes a projected new monthly payment, total interest savings, and total payment comparison over the life of the loan. The NerdWallet version distinguishes itself through its editorial context, offering a breakdown of current loan details alongside new loan options, plus links to the site’s curated list of partner lenders and a clear explanation of how refinancing replaces the original loan. The interface presents input fields side by side for current and new loan terms, and includes a warning if the calculated monthly payment seems too low to repay the loan, a detail not always present in competing calculators.

Step by step

How to use the NerdWallet Financial Calculators Auto Refinance Calculator

  1. 1

    Enter your current auto loan remaining balance, monthly payment, and interest rate

  2. 2

    Input your desired new loan term (in years) and estimated new interest rate

  3. 3

    Review the calculated projected monthly payment, total interest, and total payments for the refinanced loan

  4. 4

    Check the on-page warning if the new payment appears too low to fully repay the loan

  5. 5

    Compare the side-by-side summary of current versus refinanced loan costs

Is it right for you

Best for

Drivers with existing auto loans who are considering refinancing to lower their monthly payment or reduce total interest, especially those who want editorial context and partner lender options alongside the math.

Limitations

  • Results depend on the accuracy of the interest rate and term inputs provided by the user
  • Savings estimates do not include potential origination fees, prepayment penalties, or extended loan term costs
  • The tool provides estimates only; actual terms and approval depend on individual lender underwriting
Questions

Auto Refinance Calculator FAQ

What information do I need to use the NerdWallet auto refinance calculator?
You need your current loan's remaining balance, monthly payment, and interest rate, plus your desired new loan term and estimated new interest rate.
How does the calculator show savings from refinancing?
It compares your current loan's total interest and payments against a projected refinanced loan, displaying the difference in monthly payment, total interest, and total payments over the loan term.
Does the NerdWallet calculator guarantee I will qualify for the estimated rate?
No, the estimated rate is for comparison purposes only; actual rates depend on creditworthiness and lender approval.
Can I use this calculator if I am upside-down on my car loan?
The tool is designed for standard refinance scenarios; users with negative equity should consult a financial advisor before proceeding.
Other Options

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  1. Bankrate Calculators
    bankrate.com

    Estimates monthly and lifetime savings from refinancing an existing auto loan.

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