Auto Refinance Calculator
- Auto Refinance Calculator
Empower Yourself with Accurate
Loan Estimates
Our Auto loan Refinance calculator is a powerful tool designed to assist you in making informed financial
decisions.
- Auto Refinance Reviews
In-depth Analysis for Informed Auto Refinancing decisions
Auto Approve – Auto Refinance
More Money For What Matters Most
- Nation's most competitive rates
- Payment isn't due for 45-90 days.
- Very Fast Response.
- Average savings $1600/year.
AUTOPAY – Auto Refinance
Refinance Your Auto Loan and Save.
- Online Pre-Approval.
- Everything Done Online.
- Good Customer Service.
- Average customer savings $900/year.
Caribou – Auto Refinance
Take Control Of Your Auto Payments
- Co-Borrowers Welcome
- Qualify Same Day
- Online Support
- Multiple Loan Options
Tresl – Auto Finance
Cross Over To A Better Auto Loan
- Pre-Approval
- Dedicated Sales Rep
- Very Fast Resposne
- Good Customer Service
RateGenius – Auto Refinance
Refinance Your Auto Loan and Save
- Interest Rates Starting 5.50%
- Educational Resources
- Fast Resposne
- Average Customer Savings
Use the auto loan refinance calculator to find potential savings
BestAutoRefinance.ai’s auto refinance calculator can help you determine how much you could save on interest, monthly payments or both.
- Input details.
- Compare rates.
- Get your rate.
Use our Artificial Intelligent engine to select the best lender lenders that fits your needs in your area,
What refinancing is and how it works
Refinancing allows you to replace your current loan with a new one. If you can qualify for lower rates and opt for a shorter — or equivalent — term, you may reduce your monthly payment and the total amount of interest you pay.
While many can qualify for better rates through refinancing, it’s not always the case. Lenders may require you to meet specific requirements to refinance, including:
- A history of on-time payments.
- A good personal credit score.
- Less than 100,000 miles on vehicle.
- Vehicle less than 10 years old.
- Current loan meets the minimum refinance amount.
Refinancing your auto loan can be a smart financial move, but it does come with some risk. If you refinance at a similar rate but choose a longer repayment term, you increase the chance of becoming “upside down” on the loan. To avoid this, steer clear of lengthy terms, even though smaller monthly payments may be appealing. Carefully weigh the pros and cons before making a decision to refinance your auto loan.
When should you refinance an auto loan?
Is now the right time to refinance your auto loan? Refinancing could save you money if any of these apply:
- You received dealer financing. Dealers often charge higher rates as commission, so you may get a lower rate by refinancing.
- Your credit score improved. Even a small increase on your credit score can make a significant impact on your rate. If your score has improved since your original auto loan, you may save money by refinancing. Get A FREE Credit Score
- You want to lower your payment. Refinancing for a longer loan term can reduce your monthly payment. However, it will increase the amount of interest you pay. Ideally, you should lower your payment by sticking with a term similar to the time you have left at a lower interest rate.
- National interest rates are low. When the federal funds rate is low, auto loan rates will also be more competitive. This is unfortunately not the case right now as the Federal Reserve has increased rates at 11 meetings in 18 months, meaning a higher cost for lenders to borrow.
- You have equity in your car. Lenders see positive equity, when your vehicle is worth more than you owe, as a plus. If you fall into this category you might get offered lower rates.
How to apply for an auto refinance loan
- Decide if refinancing is best for you financially.
- Review your current loan.
- Check your credit score.
- Determine the value of your car.
- Estimate your savings.
- Get your paperwork in order.