Should I refinance my auto loan at a lower rate?

See what refinancing your auto loan at a lower rate would save you in interest, keeping the same remaining term.

Assumptions

Current loan balance ?

The amount you still owe on your current auto loan.

Current interest rate ?

The interest rate on your existing auto loan.

Current monthly payment ?

What you pay each month on your current loan.

Proposed interest rate ?

The interest rate offered on the refinance.

Enter your values and select Calculate.

The new monthly payment is the headline number here, but it only tells part of the story — pair it with the total interest and payoff timeline before deciding anything. A lower payment that stretches the loan out longer can still cost more in total interest, even at a better rate, so check the total interest figures side by side, not just the monthly amount.

The result moves most when you adjust the proposed rate or the current balance — a small change in rate can shift total interest meaningfully over the life of the loan. If you're not sure what rate a lender would actually offer, try a couple of realistic values to see how sensitive the outcome is.

This calculator doesn't account for refinance fees, prepayment penalties on your current loan, taxes, or changes in loan term length beyond what's implied by the payment amount. Those can offset some or all of the savings shown, so treat this as a starting estimate rather than a final answer.

If the numbers look favorable, a good next step is to get an actual quote from a lender and compare the fees against the projected interest savings. Revisit this calculator whenever your credit improves, rates shift, or you get a new offer — running the numbers again costs nothing, and having even a rough estimate puts you ahead of guessing.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.