Omni Calculator logo

Car Refinance Calculator

Created by Tibor Pál, PhD candidate
Reviewed by Dominik Czernia, PhD and Steven Wooding
Last updated: Jan 18, 2024

Should I refinance my car? – If this is the question you would like to answer, then our car refinance calculator (or auto refinance calculator) can give you excellent support. Read on further, and you will get more insight on why refinance a car and how to refinance a car loan.

If you want to drive a car without worrying about its affordability, you can check our car lease calculator.

Check our mortgage refinance calculator if you are more interested in refinancing your house.

Why refinance a car?

If you have some financial struggle with your budget, lowering the monthly payment might be a good reason to refinance a car loan. You might do so by obtaining a new loan with an extended term, lower interest rate, or both.

Suppose your salary rises and you expect it as a permanent impact on your budget. In that case, you may refinance an auto loan by taking a new loan with a shorter term to achieve lower interest charges.

How to refinance a car loan?

Can you refinance a car loan? You can do it in most cases. The procedure is as follows:

  1. Collect documents.

    Before anything else, you need to know the details of your current loan to have a good base of comparison with a potential new loan. The most important factors you must know are the following:

    • Your current monthly payment and the remaining balance.
    • The amount of time left to repay the loan; often called the loan term.
    • The interest rate.

    In addition, it is advisable to know the customer service number of the lender in case you have questions.

For a loan application, you need also the below details:
* Your driver’s license;
* The vehicle identification number of your car;
* Pay stubs from your current employer or proof of employment; and
* Your Social Security number.

  1. Apply for the new loan.

    Apply to several refinance auto loan lenders, so you can compare interest rates and find the best offer.

  2. Make a comparison.

    Use our auto loan refinance calculator to make the comparison.

  3. Complete the process.

    If you decide to refinance, you need to sign the new loan documents so the lender will provide the new loan. The refinance company will then pay off your old loan and start making payments to your new lender.

How to use the car refinance calculator?

Our auto refinance calculator should be straightforward to use since you just input values from the top to the bottom. In case you have any doubt, here is the instruction of use:

  1. Current loan

    In the first section of car refinance calculator, you need to give your current car loan details of what you would like to refinance.

    You have two options to run the estimation: you can use the remaining loan term or the monthly payment.

    • Balance left on loan – You can give the original loan amount or the outstanding balance of the remaining loan
    • Due date (advanced mode) – Set the date according to the balance previously set.
    • Payment: the monthly installment.
    • Remaining loan term – The remaining or the original loan term.
    • Interest rate – The annual interest rate.
  2. Loan refinancing

    In this section, you need to add the details of the new loan you use for refinance car loan:

    • New due date (advanced mode) – The date of the first payment of the new loan.
    • New loan term – What's the new loan term?
    • New interest rate – What's the new interest rate?
    • Origination fee (advanced mode) – An upfront fee as a percentage of the new balance
    • Cost of refinancing (advanced mode) – Use it if refinancing a loan requires additional costs
    • Cash in/out – Give this option if you are about to have some cash out (positive sign) or cash in (negative sign)
  3. Refinance car loan summary

    In the last section of the car refinance calculator, you can compare the old and the new loan, which can be helpful in supporting your decision. In addition, you can follow the progression of balances of the two loans in a chart and check the schedule of both loans.


You should consider the auto loan refinance calculator as a model for financial approximation. All payment figures, balances, and interest figures are estimates based on the data you provided in the specifications that are, despite our best effort, not exhaustive.

For this reason, we created the calculator for instructional purposes only. Still, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive useful feedback and advice.


Is refinancing a car worth it?

Refinancing can save you money in interest or extend your loan payments, but you should only consider it when the circumstances are right. If interest rates are lower or your financial situation has improved, it may be worth shopping around for a loan with better terms.

Can I refinance my car with the same lender?

When looking for refinancing an auto loan, you certainly can apply for a new loan at the same lender. However, it is always recommended shopping around for multiple offers from other lenders to compare offers, as you may get a better deal from other lenders.

When can you refinance a car loan?

Refinancing auto loans is possible right after the purchase, even before you make your first monthly payment. You just have to meet all the requirements for the new loan to refinance.

Should I refinance my car?

Refinancing your auto loan can help to reduce your monthly payment or reduce your interest charges. With our car refinance calculator, you can quickly check if the financial transaction brings you benefits.

Tibor Pál, PhD candidate
Current loan
Estimation by...
remaining loan term
Balance left on loan
Remaining loan term
Interest rate
Loan refinancing
New loan term
New interest rate
Cash in / out
Refinance car loan summary
Current loan*New loanDifference
Loan amount$32,000.00$32,000.00$0.00
Monthly payment$568.91$596.58$27.67
Interest rate8.5%4.5%-4%
Loan term6 years5 years1 year
Total interest$8,961.40$3,794.60-$5,166.80
Total payments$40,961.40$35,794.60-$5,166.80
* The results apply for the remained part of the loan.
Chart of balances
Check out 50 similar debt management calculators 💳
10/1 ARM28/36 RuleAmortization… 47 more
People also viewed…


This millionaire calculator will help you determine how long it will take for you to reach a 7-figure saving or any financial goal you have. You can use this calculator even if you are just starting to save or even if you already have savings.

Relative strength index (RSI)

The relative strength index calculator (RSI) is a fantastic trading tool that measures stock price momentum, indicating if a stock is overbought or oversold and ready to start a change in its current price trend.

Schwarzschild radius

Calculate the gravitational acceleration at the event horizon of a black hole of a given mass using the Schwarzschild radius calculator.

Software contract value

Efficiently calculate total contract value and understand ACV in finance with our software contract value calculator. Optimize deals now!
Copyright by Omni Calculator sp. z o.o.
Privacy, Cookies & Terms of Service