Should I refinance my car loan?
Refinancing means replacing your current loan with a new one—ideally with a better interest rate, a shorter term or lower monthly payments. Try our free calculator to see if refinancing your auto loan could save you money.
What you’ll need to calculate your refinance savings:
When refinancing your auto loan might make sense
- Interest rates have dropped: If rates are lower now than when you got your loan, you might be able to get a better deal.
- Your credit score has improved: A stronger credit score could help you qualify for a lower rate than before.
- You want a lower monthly payment: Stretching out your loan term could give you more room in your immediate budget (though you might pay more interest in the long run).
- You want to pay off your loan faster: Shortening your term could save you money on interest and get your loan paid off sooner.
How much can you save by refinancing?
Even a small drop in your interest rate could make a difference. Use this calculator to see how your current loan compares to new options.
Need help with your auto refinance options?
Still have questions? We’re here to help! Call our Consumer Loans team at 800-373-7600, ext. 306, and we’ll walk through your options with you.
