Auto Refinance Calculator

Calculate your refinance savings

Current Loan Details

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Auto Refinance Calculator

See how much you could save by refinancing your current auto loan.

When to Consider Refinancing

Auto loan refinancing can help you save money by securing a lower interest rate or better terms. Consider refinancing if any of these situations apply to you:

  • Interest Rates Have Dropped: Market rates are lower than your current rate
  • Credit Score Improved: Your credit has improved since your original loan
  • Need Lower Payments: Want to reduce monthly payment burden
  • Want to Pay Off Faster: Shorter term to save on total interest
  • Remove a Co-signer: Take full responsibility for the loan

Refinancing Benefits

Potential Savings

  • Lower monthly payments
  • Reduced total interest paid
  • Better loan terms
  • Improved cash flow

Considerations

  • Loan origination fees
  • Prepayment penalties
  • Longer loan terms
  • Vehicle age restrictions

Refinancing Requirements

Most lenders have specific requirements for auto loan refinancing:

  • Vehicle Age: Usually no more than 7-10 years old
  • Mileage Limits: Typically under 100,000-125,000 miles
  • Loan Balance: Minimum loan amount (often $7,500+)
  • Credit Score: Generally 600+ for approval, 700+ for best rates
  • Loan Seasoning: Some lenders require 6-12 months of payment history
  • Loan-to-Value: Vehicle value must support the loan amount

Steps to Refinance

  1. Check Your Credit: Know your credit score and report
  2. Determine Vehicle Value: Use KBB or Edmunds for current value
  3. Gather Documents: Current loan info, income verification, etc.
  4. Shop Around: Compare offers from multiple lenders
  5. Apply for Preapproval: Get rate quotes without hard inquiries
  6. Choose Best Offer: Consider rate, terms, and fees
  7. Complete the Process: Submit application and required documents
Read more about this calculator →

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