Car Refinance Calculator — Calculate Your Auto Loan Refinancing Savings

Car Refinance Calculator

Calculate potential savings when refinancing your car loan. Compare current payments with new loan terms to find the best refinancing option for your vehicle.

Step 1: Current Loan Details

7.5%
48 months

Understanding Your Current Loan

Check your loan statement or lender portal for accurate current balance, interest rate, and remaining term. Accurate information ensures precise refinancing calculations.

Step 2: Refinancing Options

5.5%

About Refinancing Fees

Some lenders charge application fees, origination fees, or early termination fees. Include these in your calculation to understand true savings. Many lenders offer no-fee refinancing.

Refinancing Results

Summary
Term Comparison
Breakdown

Total Monthly Savings

£42.50
Monthly reduction from £362.50 to £320.00
Current Monthly Payment
£362.50
New Monthly Payment
£320.00
Total Interest Savings
£1,240.00
Break-even Period
6 months

Loan Term Comparison

Loan Term Monthly Payment Total Interest Total Savings

Payment Breakdown

Loan Payment Formula

Monthly Payment = [P × r × (1+r)^n] ÷ [(1+r)^n – 1]

Where P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of payments. This formula calculates fixed monthly payments for amortizing loans.

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