{
  "slug": "car-refinance",
  "title": "Auto Refinance Calculator",
  "heading": "Auto Loan Refinance Calculator",
  "category": "financial",
  "url": "https://www.revenuelab.fyi/toolbox/car-refinance",
  "summary": "Savings from refinancing your car loan at a lower rate.",
  "description": "Auto refinancing is worth checking once your credit improves or rates fall a point or more. Watch the term: a lower payment on a longer term often costs more in total.",
  "formula": "Savings = (Old payment × months left) − (New payment × new term) − fees.",
  "dateModified": "2026-09-30",
  "run_url": "https://www.revenuelab.fyi/api/public/calc?tool=car-refinance",
  "inputs": [
    {
      "id": "balance",
      "label": "Current loan balance",
      "kind": "number",
      "hint": null,
      "default": 21000,
      "unit": "$",
      "min": 0,
      "max": null
    },
    {
      "id": "oldRate",
      "label": "Current APR",
      "kind": "number",
      "hint": null,
      "default": 9.4,
      "unit": "%",
      "min": 0,
      "max": null
    },
    {
      "id": "monthsLeft",
      "label": "Months remaining",
      "kind": "number",
      "hint": null,
      "default": 42,
      "unit": null,
      "min": 1,
      "max": 96
    },
    {
      "id": "newRate",
      "label": "New APR",
      "kind": "number",
      "hint": null,
      "default": 6.2,
      "unit": "%",
      "min": 0,
      "max": null
    },
    {
      "id": "newTerm",
      "label": "New term (months)",
      "kind": "number",
      "hint": null,
      "default": 42,
      "unit": null,
      "min": 12,
      "max": 96
    },
    {
      "id": "fees",
      "label": "Refinance fees",
      "kind": "number",
      "hint": null,
      "default": 150,
      "unit": "$",
      "min": 0,
      "max": null
    }
  ],
  "outputs": [
    {
      "id": "savings",
      "label": "Total savings from refinancing",
      "format": "currency",
      "hint": null,
      "primary": true
    },
    {
      "id": "monthly",
      "label": "Monthly payment reduction",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "newP",
      "label": "New monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "oldP",
      "label": "Current monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "newTotal",
      "label": "Total paid after refinancing",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "oldTotal",
      "label": "Total paid if you keep the loan",
      "format": "currency",
      "hint": null,
      "primary": false
    }
  ],
  "worked_example": {
    "inputs": [
      "Current loan balance: 21000 $",
      "Current APR: 9.4 %",
      "Months remaining: 42",
      "New APR: 6.2 %",
      "New term (months): 42",
      "Refinance fees: 150 $"
    ],
    "outputs": [
      "Total savings from refinancing: $1,160.16",
      "Monthly payment reduction: $31.19",
      "New monthly payment: $557.50",
      "Current monthly payment: $588.69",
      "Total paid after refinancing: $23,564.83",
      "Total paid if you keep the loan: $24,724.99"
    ]
  },
  "how_to": {
    "title": "How to use this",
    "steps": [
      "Enter current loan balance ($).",
      "Enter current apr (%).",
      "Enter months remaining.",
      "Enter new apr (%).",
      "Enter new term (months).",
      "Enter refinance fees ($).",
      "Read your total savings from refinancing on the right — it updates as you type.",
      "Hit Share to keep the scenario or send it to someone."
    ]
  },
  "scenarios": [
    {
      "name": "Conservative",
      "description": "Lower-end numbers — what if things land soft?",
      "values": {
        "balance": 12500,
        "oldRate": 5.64,
        "monthsLeft": 25,
        "newRate": 3.7199999999999998,
        "newTerm": 24,
        "fees": 100
      }
    },
    {
      "name": "Typical",
      "description": "Defaults — the most common real-world setup.",
      "values": {
        "balance": 21000,
        "oldRate": 9.4,
        "monthsLeft": 42,
        "newRate": 6.2,
        "newTerm": 42,
        "fees": 150
      }
    },
    {
      "name": "Ambitious",
      "description": "Higher-end numbers — what if things really pop?",
      "values": {
        "balance": 33500,
        "oldRate": 15.040000000000001,
        "monthsLeft": 67,
        "newRate": 9.920000000000002,
        "newTerm": 66,
        "fees": 250
      }
    }
  ],
  "limitations": [
    "Results are estimates before tax, fees, and inflation unless an input explicitly covers them.",
    "Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.",
    "This is educational maths, not financial advice. Check anything contractual with the lender or your accountant."
  ],
  "faq": [
    {
      "q": "How does the auto loan refinance calculator work?",
      "a": "Auto refinancing is worth checking once your credit improves or rates fall a point or more. Watch the term: a lower payment on a longer term often costs more in total. The underlying maths is: Savings = (Old payment × months left) − (New payment × new term) − fees."
    },
    {
      "q": "What do I need to enter?",
      "a": "6 values: current loan balance, current apr, months remaining, new apr, new term (months), and refinance fees. Each field starts with a sensible default, so you can change one number at a time and watch the result move."
    },
    {
      "q": "What does the total savings from refinancing result mean?",
      "a": "It is returned as a money amount in US dollars and updates live as you edit the inputs, so you can compare two or three versions of a scenario in a few seconds."
    },
    {
      "q": "Is this calculator free, and do I need an account?",
      "a": "Yes, it's free, and no account is required. Nothing you type is stored on our servers — the maths runs entirely in your browser."
    },
    {
      "q": "How accurate is the result?",
      "a": "It applies the standard formula exactly, so the arithmetic is precise. Results are estimates before tax, fees, and inflation unless an input explicitly covers them."
    },
    {
      "q": "Who is this tool for?",
      "a": "It's built for anyone comparing money scenarios before committing — budgeting a payment, sanity-checking a quote, or seeing what a change in rate or term actually costs."
    }
  ],
  "related": [
    "https://www.revenuelab.fyi/toolbox/auto-loan-payment",
    "https://www.revenuelab.fyi/toolbox/car-affordability-calculator"
  ],
  "license": "CC-BY-4.0",
  "citation": "RevenueLab — Auto Refinance Calculator (https://www.revenuelab.fyi/toolbox/car-refinance)"
}