Refinancing your automobile loan may decrease your monthly payment or allow you to pay it off sooner. To check whether it’s suitable for you, use this calculator.
You may use our vehicle loan refinancing calculator to:
- Determine how much you may save by refinancing your existing vehicle loan.
- View your refinanced vehicle loan’s new monthly payment.
- Examine how the loan term impacts your monthly payment.
- Compare car refinancing loan options to see which one is best for you.
Why should you refinance your vehicle loan?
Perhaps you’d want to reduce your monthly automobile cost. Your credit score may have improved. Perhaps you believe the dealer overcharged you when you purchased your automobile for your financing rate. Depending on the conditions of your initial loan and changes in your financial situation, vehicle refinancing might save you money on interest or lower your monthly car payment.
Collect critical information about your existing loan
You’ll need some facts about your existing loan to utilize refinance car calculator properly. You may discover the information on your most recent vehicle loan statement or by contacting your lender. If all else fails, estimate the information to get a rough estimate of the outcomes.
In the existing loan part of the calculator, provide information about your current automobile loan. Then, under the new loan area, provide any relevant information regarding the loan you’re contemplating. To see your findings, click the compute button.
You will want current auto loan details
The original loan amount is the whole amount of money borrowed. If you purchased a new automobile and made a down payment, the purchase price of the car less the amount you put down is the amount you put down.
Current interest rate: The interest rate that you qualified for at the start of your loan. If you financed via a vehicle dealer, you may be paying more than you should. This often occurs to individuals who do not get preapproved for a loan or have poor credit, mostly because they are unaware that better rates are available.
Current loan length: This is the number of months in the loan when you started paying it off. Most individuals take out 60-month loans for new autos.
Current loan balance: Hopefully, you’ve been paying payments on time each month. If you’ve held the loan for a year or longer, your current debt is much less than the amount borrowed. If you’re not sure how much you still owe, check your most recent statement or contact your lender and request the “payoff amount.”
Months remaining on existing loan: This is the remaining period on your initial loan. It’s difficult to refinance at a lower rate if you haven’t made regular, on-time payments for at least six to twelve months. However, the longer you have on your loan, the more money you might save by refinancing.
Enter the details of your newly refinanced auto loan
If you don’t know how much you still owe on your previous loan, check your most recent statement or contact your lender and ask for the “payoff amount.” you may owe more than the automobile is worth; most lenders will refinance sums larger than the book value of a vehicle.