Car Loan Refinance Calculator
Compare your current car loan against a new rate and term — including switching costs — to see your monthly saving, total saving and how long it takes to break even.
Enter your current payout balance and rate, then a new rate and term. Switching costs (exit fees plus the new loan's establishment fee) are financed into the new loan, and the break-even shows how many months of savings recoup them.
Frequently asked questions
When is refinancing worth it?
Generally when the new rate is meaningfully lower and you'll keep the loan past the break-even point. Watch out for extending the term, which can lower repayments but increase total interest.
Where do I get my payout balance?
Ask your current lender for a payout figure. You can estimate it with our car loan payout calculator.
What costs are involved?
Typically an early exit/discharge fee on the old loan and an establishment fee on the new one. This tool finances those into the new loan and shows the break-even.
Will refinancing affect my credit?
A new application involves a credit enquiry. Compare offers before applying. See our repayment calculator to model the new loan.
Estimates only and not financial advice. Actual savings depend on your lender's fees, exact payout figure and approval. Confirm with lenders before switching.