Car Loan Refinance Calculator

Yes, it's possible to refinance your car loan even if your credit is less than ideal. The new loan interest rate will depend on your credit score, financial situation, and the value of your car. A secured car loan may offer a more favorable interest rate because it's backed by the value of your vehicle, while an unsecured loan is also an option for those who prefer not to secure their loan against their car.

When you refinance your car loan with a new lender, you may access more suitable repayment terms ranging from 1 to several years, allowing you to spread out your car loan repayments over a longer loan term. You might also opt for a balloon repayment option if it fits your budget. Some lenders specialise in helping borrowers with less-than-perfect credit, and our loan specialists can match you with lenders who offer competitive car loan interest rates and assist you throughout the loan application process.

Using our car loan refinance calculator is intended to help you understand the overall savings, compare interest rate ranges and representative examples, and decide if refinancing is right for you. This calculator allows you to estimate the amount of interest you will pay under new repayment terms, providing a better comparison against your original car loan.

Remember that a large proportion of your car loan interest accumulates early in the loan term, so securing the right car loan rates can help you save effectively. Take time to explore different comparison rates and repayment options, and use this calculator to see how replacing your original loan with a new one could help you drive away in your dream car sooner. Check out our tips for refinancing an auto loan for more information.

The potential savings from refinancing your car loan can be significant, depending on several factors including the interest rate of your existing loan, the terms of the new loan, and your current credit score. By securing a lower interest rate or better repayment terms with a new lender, you might reduce the monthly repayments and the total amount of interest you pay over the life of the loan. Our car loan refinance calculator is specifically designed to help you calculate your car loan repayments and compare various loan options, allowing you to see how much you could save by switching to a different loan product, whether it's a fixed rate or variable car loan.

If you're aiming to pay off your loan quicker, our calculator can also show how adjusting the length of your loan term can affect your regular car loan repayments and overall cost of the loan. For those dreaming of a new or used car, refinancing might free up additional funds or offer better interest rates that make that dream car more attainable. Whether you're looking to lower your repayments, save on interest, or maybe switch from a secured loan to an unsecured loan with more favorable conditions, using our car loan calculator to estimate your repayments can guide your decision-making process.

Keep in mind that loan fees, such as early repayment fees or loan discharge fees, might apply when refinancing. It's important to consider these along with the potential rate and loan term improvements when you calculate the overall value of refinancing your car loan. Always check the comparison rates as they provide a better insight into the real cost of the loan, including interest rate and fees, helping you find the best rate and save effectively on your car loan. Discover the benefits of refinancing a car loan here.

To refinance your car loan, you typically need your current loan details, proof of income, identification, and vehicle information like the title or registration. Some lenders might ask for additional documentation, so it's helpful to have these ready when starting the process.

Refinancing earlier in your loan term can often lead to higher potential savings because more of your remaining payments will go toward interest rather than the principal. This is particularly true if you can secure a lower interest rate, reducing your monthly repayments and the total amount paid over the life of the loan. However, refinancing later might still be beneficial if your financial situation has improved or if loan rates have generally decreased. It's crucial to use tools like a car loan repayment calculator to compare the differences in loan amounts, repayment schedules, and comparison rates. Our repayment calculator can help you visualise the potential savings at various stages of your loan, ensuring that you make an informed decision about when to refinance your car loan for maximum benefit. Wondering if you can change car finance companies? Find out more here.