Calculate how much you can save by refinancing your car loan. Compare your current payment to a new rate and see total lifetime savings.
Refinancing your auto loan can reduce your monthly payment and total interest if rates have dropped or your credit score has improved since your original purchase. A 1% rate reduction on a $30,000 loan saves approximately $1,500 in interest over a five-year term.
Results are estimates only. Not financial advice.
🔒 Financial Disclaimer: These calculations are estimates for informational purposes only. Results are not financial advice. Consult a qualified financial advisor before making major financial decisions.
Calculations based on publicly available data from government agencies. Actual results may vary based on individual circumstances.
60-month new car loans — updated April 2026
| Lender | Rate | APR | Est. Payment | Action |
|---|---|---|---|---|
Credit Union AutoBest Rate | 4.990% | 5.150% | $377/mo | Check Rate |
Online Auto Loans | 5.490% | 5.650% | $382/mo | Check Rate |
Auto Finance Direct | 5.990% | 6.250% | $387/mo | Check Rate |
National Bank Auto | 6.490% | 6.750% | $392/mo | Check Rate |
Dealer Finance | 6.990% | 7.250% | $397/mo | Check Rate |
Rates shown are for illustrative purposes. Actual rates may vary based on credit score, loan amount, down payment, and market conditions. Contact lenders directly for personalized rate quotes.
The Auto Refinance Calculator projects savings from replacing an existing auto loan with a new one at a lower interest rate. The methodology compares the total cost of the remaining balance under the current loan terms against the cost of a new loan for the same remaining balance over the new term or the remaining term. It calculates the difference in monthly payments and total lifetime interest to determine net savings after any refinance fees. This calculator helps car owners who purchased their vehicle at higher rates determine whether refinancing makes financial sense. Real-world use cases include evaluating rate drops since the original loan was taken, deciding between shortening the term versus reducing the rate, and determining the break-even point if the new lender charges closing costs. Key limitations include the assumption that the new loan rate applies for the full remaining term, not accounting for prepayment penalties on the existing loan, and the fact that extending the loan term reduces monthly payments but may increase total interest paid over the life of the new loan.
Result: Dropping from 8% to 5.5% on a $20,000 balance with 48 months remaining: Current payment: ~$488/month. New payment: ~$466/month. Monthly savings: ~$22. Total interest savings over the remaining term: approximately $1,056. If refinancing adds new fees of $500, net savings are $556.
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