Auto Loan Refinancing Calculator
See your prequalified lender rate estimates. Compare and apply today!
Why Refinance Your Auto Loan?
What to Expect in Your Auto Loan Refinance
With a refinanced auto loan, you can expect some important changes.
Pros and Cons of Refinancing Your Auto Loan
As with all methods of borrowing money, there are pros and cons to refinancing a car loan.
How to Use the Auto Refinance Calculator
Current monthly payment: Include what you pay in principal plus interest each month for your current car loan.
Balance Left on Loan: This is how much you still owe on your current loan. Check your most recent statement or your lender's payment portal/app to find this amount.
Current Interest Rate: As with the others, your current interest rate should be on your statement or lender's site. Remember, if your auto loan has a variable interest rate, this number could change throughout the life of your loan based on the overall market. But, if you went for a fixed rate, your interest rate should stay the same throughout the life of your loan.
New Interest Rate: Input your ideal interest rate or one that has already been quoted to you by an auto loan refinance lender.
New loan term: Input your preferred or quoted new loan term. Typical auto loans follow 12 month increments (e.g. 12, 24, 36, 48, 60, 72, 84). Longer terms can result in lower monthly payments but a higher overall cost because more interest accrues over the life of the loan. Conversely, shorter terms may have higher monthly payments but lower overall costs because interest has less time to accumulate.
Understanding the Results and Your Potential Savings
Once you enter all the information about your current and refinanced car loans, our auto refinance calculator crunches the numbers and shows your estimated new monthly payments and interest owed over the life of the loan.
It also shows you how much you could potentially save on monthly payments and/or interest so you can decide if refinancing your car loan is worth it.
Your Next Steps
If you have found a result you like using the auto refinance calculator, such as a more acceptable interest rate or monthly payment, hit "get prequalified rates." Prequalifying requires more information, including your contact details, but will not affect your credit score.
Then, you will get to see what different lenders have to offer.
Note: The calculator is an estimate and may not reflect the prequalified information—though our lenders show their best auto refinance rates and terms for your situation.
Compare your refinancing options thoroughly. Do not just look at terms and rates, check benefits, pre-payment penalties, additional fees, and user reviews.
After choosing the lender you are most comfortable with, apply directly with the lender. Their specific application requirements may differ, but they often require:
Your employer information and pay stubs
Identifying documents, like driver's license and social security number
Details about your vehicle
Start comparing your auto loan refinance options today on Lantern and see how much you could potentially save.