Will refinancing hurt my credit?
Applying for a refinance will cause a hard inquiry on your credit report, which can temporarily lower your score by a few points.
Free calculator
Auto Loan Refinance Calculator
Calculate how much money you can save by refinancing your current auto loan to a lower interest rate.
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How refinancing changes your loan
Refinancing pays off your old auto loan with a new one. Your new loan will have a new interest rate and a new term.
You can save money by securing a lower interest rate, or by shortening the term to pay off the car faster with less interest.
New Payment = Balance [ r(1 + r)^n ] / [ (1 + r)^n - 1 ] r = New Monthly Rate, n = New Term
Frequently asked questions
Can I refinance if I am underwater?
It is very difficult to refinance if you owe more than the car is worth, because lenders use the car as collateral.