Auto Refinance Calculator: How Much Could You Save?
Refinancing your car loan could allow you to save money on interest, lower your monthly payments, or potentially both.
Want to see how refinancing could affect your bottom line? Use our refinance calculator to compare your current loan with a new, refinanced loan and easily compare rates and calculate your savings.

Auto Refinance Calculator FAQs
What’s the difference between car loan interest and APR?
A car loan’s interest rate is what the lender charges you in exchange for giving you a loan, usually expressed as an annual rate. A car loan’s annual percentage rate (APR) is the interest rate plus any additional fees (including processing fees, document fees, late fees, loan origination fees, title charges, and/or lien fees).
Should I use interest rate or APR when comparing auto refinance options?
Because APR includes potential additional fees, it provides a more apples to apples comparison between car loans.
How do I refinance a car loan?
When you refinance an auto loan, you take out a new loan with a new rate and term to pay off the old loan. Refinancing has multiple options, each with potential distinct benefits:
One option could help you save on the total interest you pay over the life of the loan.
LendingClub auto refinance borrowers save on average $2,000* by refinancing.
Another option could be lengthening your payment term in order to lower your monthly payments (note that this option usually results in higher total interest cost).
A third potential option could be switching from a variable interest rate to a fixed interest rate, or vice versa. A variable rate is typically lower than a fixed rate, but can change as prevailing interest rates change. A fixed rate is typically higher than a variable rate, but will stay the same throughout the life of the loan regardless of what happens to prevailing interest rates.
When can I refinance my car loan?
The best time to refinance your auto loan is when you wish to save money by reducing interest rate or increase your cash flow by lengthening loan term and lowering monthly payments. LendingClub requires you to have made at least one payment on your current loan, and that your current loan term is longer than 24 months.
What’s a good auto refinance interest rate?
Your auto refinance rate will depend on your credit profile and the terms of the loan. You can check your auto refinance rate through LendingClub in just one minute without affecting your credit score.
If you're just starting the car-buying process and debating leasing vs. buying, check out our blog post on the important factors to consider.
*Based on actual customer savings from Oct 2016- May 2018. Average savings were $2,986 over the life of the loan.
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