Refinance Car Loan Calculator
If rates have dropped or your credit has improved since you took out your auto loan, refinancing can lower your monthly payment or cut the total interest you'll pay. This calculator compares your current loan to a proposed refinance so you can see the real difference — including any refinancing fees — before you apply.
Enter your numbers and select Calculate to see your estimated payment.
How this calculation works
The calculator computes the amortized payment for both your current loan and the proposed new loan, then compares monthly payment, total interest over the remaining term, and a simple break-even period based on the refinancing fees entered.
Example calculation
An $18,000 balance at 9.5% refinanced to 6.5% over the same 4-year term (with a $250 fee rolled in) drops the payment from about $452 to $433 — roughly $19 saved per month, or about $1,180 in total interest across the loan.
Frequently asked questions
When does refinancing a car loan make sense?
Typically when your rate drops meaningfully, your credit score has improved, or you want to change your term length. Weigh any refinancing fees against the projected savings.
Will extending my term always save money?
Not necessarily. A longer term usually lowers your monthly payment but can increase total interest paid, even at a lower rate. This calculator shows both effects.
Is this affiliated with Edmunds or any specific refinance lender?
No — this is an independent, lender-neutral calculator not affiliated with Edmunds or any bank, credit union, or finance company.
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This calculator provides estimates for informational purposes only and is not a loan offer or financial advice. See our Disclaimer.