You’ll need to know the following information:
Some calculators may also ask for your vehicle’s make, model, model year and your credit score to fine-tune your savings estimates.
Next, compare your current loan to the rates and terms of a new loan. What would a loan with a lower rate look like? How about a loan with repayment terms of 60, 72 or 84 months? See what your new monthly payment could be and how much you might save.
When you find a refinance option that works for you, apply for a quick preapproval. RefiJet lets you check personalized rates without an impact on your credit. Once you find an offer you like, applying for the refinance loan is a matter of providing your personal information and uploading some documents for verification.
When you use a car refinance calculator, you’re looking for opportunities to save money. A good time to refinance is when:
The first step in the refinancing process is to do your research so you feel confident in your decision to change up your auto loan. That involves:
Next, compare current auto refinance rates to your existing loan. This is a great time to use our auto refinance calculator, because it lets you see how different rates and terms affect your payment. Note which offers could save you the most money.
Gather your documents before you apply — it makes the process much faster and easier. You’ll usually need the following:
When you’ve found an offer that works for you, fill out the application, upload your documents, and wait for approval. Depending on the lender, it could take anywhere from hours to weeks to complete the application process. The lender will verify your information and let you know when you’ve been approved.
Then all that is left to do is pay off the balance of the old loan and begin making payments on your refinance loan.
It’s very important to check whether your current loan has a prepayment penalty, but this is uncommon. Also check whether your new lender has any application or origination fees, which adds to your refinancing costs.
Remember that an auto loan refinance calculator shows you an estimate of your savings — it’s not set in stone. Your credit score, the car’s value, refinance fees and other charges, and even current economic conditions could all affect how much you’ll actually save.
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