Estimate your monthly payments and savings when refinancing your auto loan.
1. Enter the current loan amount that you owe on your vehicle.
2. Input the current interest rate of your existing loan.
3. Provide the new interest rate you expect from the refinancing offer.
4. Enter the remaining loan term (in years) that you have left on your current loan.
5. Click the “Calculate” button to view your estimated new monthly payment and savings.
Refinancing involves replacing your current auto loan with a new loan, often with better terms, such as a lower interest rate or different loan duration.
Consider refinancing if interest rates have dropped since you took out your original loan, if your credit score has improved, or if you want to lower your monthly payments.
Yes, refinancing may involve fees such as application fees, appraisal fees, or prepayment penalties. It’s important to factor these into your decision.
Improving your credit score, reducing your debt-to-income ratio, and shopping around for the best rates can increase your chances of obtaining a lower interest rate.