Can I use this calculator if I'm upside-down on my loan?

The tool requires the balance left on the loan; if you owe more than the car's value, the calculator may not accurately reflect refinance eligibility or terms.

Does the calculator factor in loan origination fees?

No, the calculator does not include origination fees, closing costs, or other lender charges; actual savings may be lower once fees are accounted for.

Will refinancing always lower my monthly payment?

Not necessarily; extending the loan term can reduce the monthly payment but often increases the total interest paid over the life of the loan.

Is the results data saved or shared with lenders?

The calculator is for personal estimation only; results are not stored or shared with lenders unless you choose to use the site's optional save feature.

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Auto Loan Refinance Calc - Compare Refinancing Options

Provided byBankrate Calculatorsbankrate.com

Bankrate’s Auto Refinance Calculator lets users enter current loan details and a proposed refinance offer to estimate...

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Screenshot of Auto Loan Refinance Calc - Compare Refinancing Options on Bankrate Calculators — bankrate.comOpen the live tool →

About this tool

What Auto Loan Refinance Calc - Compare Refinancing Options does

Bankrate's Auto Refinance Calculator helps users estimate the financial impact of refinancing an existing auto loan. By entering current loan details and a proposed refinance offer, the tool calculates the new monthly payment, total interest impact, monthly savings, and overall cost differences across scenarios. The output highlights whether refinancing will reduce monthly payments or lower total interest, while warning that extending the loan term may increase overall interest paid. Users receive a clear comparison that supports decision-making about whether a new loan offer is advantageous.

Step by step

How to use the Bankrate Calculators Auto Loan Refinance Calc - Compare Refinancing Options

1
Enter the balance left on your current auto loan
2
Input the current monthly payment amount
3
Provide the current interest rate and remaining loan term
4
Enter the proposed refinance interest rate and new loan term
5
Review the calculated monthly payment, interest savings, and cost difference between the two scenarios

Is it right for you

Best for

Drivers considering auto loan refinancing who want a quick, side-by-side estimate of monthly payment changes and total interest impact before contacting lenders.

Limitations

Results are estimates based on user-entered numbers and may not reflect actual lender offers
Does not include fees, prepayment penalties, or credit score impact on approved rates
No unit switching or currency conversion; U.S.-focused calculations only

Questions

Auto Loan Refinance Calc - Compare Refinancing Options FAQ

Can I use this calculator if I'm upside-down on my loan?: The tool requires the balance left on the loan; if you owe more than the car's value, the calculator may not accurately reflect refinance eligibility or terms.
Does the calculator factor in loan origination fees?: No, the calculator does not include origination fees, closing costs, or other lender charges; actual savings may be lower once fees are accounted for.
Will refinancing always lower my monthly payment?: Not necessarily; extending the loan term can reduce the monthly payment but often increases the total interest paid over the life of the loan.
Is the results data saved or shared with lenders?: The calculator is for personal estimation only; results are not stored or shared with lenders unless you choose to use the site's optional save feature.

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