Car loan refinance calculator
Would a lower rate save you money? Enter what you owe, your rate and months left, and the new loan's rate and length. You will see the new payment, the total you save or lose, and how long it takes to earn back any fees.
Your current loan
These are example numbers. Replace them with yours.
The new loan
Ask your current lender what ending the loan early costs.
You would save over the life of the loan
$1,465.44
$36.78 less each month, and the fees pay for themselves in 9 months
Side by side
- Payment now
- $658.18
- Payment on the new loan
- $621.40
- Still to pay on the current loan
- $31,592.64
- All the new payments plus fees paid now
- $30,127.20
- Difference in your favour
- $1,465.44
The current payment is worked out from your balance, rate and months left, so it may differ a little from your statement. Confirm the payout figure and any penalty with your lender.
Keep going with Uobo
Uobo is your personal car agent. Text it what you need and it does the research and the checks, asks dealerships about availability, condition and price for you, and helps you decide. This is the text you would send:
You can edit this text before you send it.
On a computer? Text (289) 819-4586 from your phone and paste what you copied. Standard message rates apply. Reply STOP any time to stop.
How it works
The tool works out your current payment from your balance, rate and months left, and the new payment from the new rate and term. It compares everything still to be paid on the current loan with all the new payments plus any fees.
If the new loan runs longer than what you have left, the payment falls but you pay interest for more months. The tool warns you, because the total matters more than the monthly figure.
Your privacy comes first. What you enter stays on your device unless you choose to text it to Uobo.
Example: $26,000 left at 9.9%, refinanced to 6.9%
With 48 months left the payment is $658.18. Refinancing over the same 48 months brings it to $621.40, which is $36.78 less each month. After a $300 fee you save $1,465 in total, and the fee pays for itself in 9 months.
What this does not cover
- Your lender may work out interest and your payment differently, so the current payment may not match your statement exactly.
- Ask your current lender about payout fees and any penalty for ending the loan early. They change the answer. The loan term comparison tool shows what a longer or shorter loan costs.
- Refinancing a car that is worth less than you owe can be hard. Lenders usually need the car to be worth enough to secure the new loan.
Common questions
Is it worth refinancing a car loan?
It is when the new rate is clearly lower, the fees are small and you do not stretch the loan much longer. The break-even time in the results shows how long you need to keep the loan for it to pay off.
When should I refinance a car loan?
When your credit has improved, rates have fallen, or the rate you got at the dealership was high. It helps most early in the loan, while there is a lot of interest still to pay.
Does refinancing hurt my credit score?
A new application is a credit check, which can lower your score slightly for a short time. A lower payment and a better history can help over time. Ask lenders about their checks before applying.
Can I refinance a car loan with the same lender?
Sometimes. Many lenders will renegotiate, and others will not. Ask your current lender what they would offer, then compare it with a bank or credit union.