Auto Logo. Car Refinance Calculator

Car Refinance Calculator.

This tool will help you to determine if it’s in your best interest to refinance your auto loan. First input the principal balance of your car loan followed by the total amount you pay per month on your car loan, including interest. Then enter the loan’s current interest rate, the rate you wish to refinance at, and the number of years you’ll be financing for. Finish up by inputting the lender’s refinancing fees and choosing whether or not you plan to roll those fees into the loan. Press CALCULATE, and you’ll be provided with a detailed breakdown of the total costs associated with refinancing your loan. Hopefully, this will help you decide if refinancing is a viable option.

Car Refinancing Details Amount
Current car loan balance:
Monthly car payment amount (Principal & Interest Only):
Current interest rate:
Interest rate you will be refinancing at (APR %):
Years you will be refinancing for:
Lender Refinance Details
Lender refinance fees:
Would you like to roll those fees into the loan?
Monthly Payment Refinancing Amount
This is how much your monthly payment will be if you refinance:
Monthly payment reduction:
Months for payment & interest savings to offset refi costs:
Remaining Interest Details Amount
Remaining interest due under original loan:
Interest you will pay under your refinanced monthly payment plan:
Interest you will save if you refinance:
Net refinancing savings (interest savings less refi costs):



Current Fairfield Auto Loan Rates

The following table shows currently available automotive loan rates in Fairfield for new and used cars. Adjust your loan inputs to match your scenario and see what rates you qualify for.

Things to Consider When Refinancing

Better Cars for Less.

Although plenty of people have at least considered the prospect of revisiting the interest rates attached to their home mortgage loans, few people are even aware of the fact that you can try the same strategy as a means of reducing interest payments on automotive lines of credit

As a matter of fact, lenders offer ample opportunities to retool lending contracts. And while there will certainly be fees associated with making changes to existing agreements, the money you end up saving on interest payments over the life of the contract could cover these costs - and then some

And it costs you nothing to consult with banks and other lending institutions to find out if you qualify to finance your vehicle at a lower rate of interest, as well as how much you could end up saving in the process. But in order to get the impetus to move forward, you may first need to understand some of the reasons why you should consider a new arrangement.

Interest Rates Have Dropped

Interest rates are changing all the time, reflecting the progression of the economy. Even if you only bought your automobile a few months ago, interest rates may have dropped dramatically since your purchase

Whether you follow market fluctuations or not, it never hurts to check in periodically to see if there has been a significant improvement in the interest rates associated with various forms of lending. If so, there's no reason not to consider talking to a lender about renegotiating terms

The worst that could happen is that you may not qualify, or the cost of fees associated with the process will negate any savings you might enjoy. In this case, however, you've lost nothing but time. And there's always the chance you'll realize major savings from your efforts.

You Agreed to Unfavorable Terms

It's easy getting swept up in the emotion of buying a new automobile and letting a pushy salesman get the better of you with a deal that isn't exactly favorable. But you don't necessarily have to see the deal through to the bitter end, overpaying all along the way

By electing to renegotiate the terms of your agreement with a lender, you could end up with far better rates and long-term savings that number in the hundreds or even thousands of dollars. Just because you initially made the mistake of agreeing to unfavorable terms doesn't mean you can't rectify the situation down the line when the opportunity to score lower interest rates presents itself

So don't get hung up on the fact that you got suckered into a bad deal. Instead, take steps to ensure that you don't end up paying for it for the next several years.

You Want to Lower Monthly Payments

This is an excellent reason to revisit the terms of your finance agreement, especially if your financial situation has changed since you bought your automobile

A booming economy means more jobs, better pay, and higher interest rates all around. But an economic downturn heralds just the opposite

So if you are one of the many still suffering from the Great Recession, why wouldn't you lower your monthly expenses by speaking with a lender about renegotiating the terms of your auto payments for the remainder of the contract?

Whether you have simply realized how low interest rates have dropped and you want to take advantage or you truly need lower payments in order to live within your means, taking a second look at your contract for repayment would be wise.

You've Improved Your Credit Score

The wonderful thing about knowing your credit score is that you can work to improve it. After you order your free report from, you can start to pay down debt, clean up black marks, and raise your credit rating

Your score could see a major improvement within six months to a year if you're diligent. And if you purchased a vehicle when your credit was poor, improvements will give you the opportunity to improve interest rates on any outstanding lines of credit.

You Joined a Credit Union

With major banks finding more and more ways to hit their members with fees, you might be inclined to leave these corporations behind in favor of local institutions. And credit unions are a good choice for individuals and small business owners alike

The best news is that these lenders often provide incredibly low interest rates to their members. So if you are carrying automobile payments that have excessive interest rates attached, it's well worth considering what your credit union has to offer in the way of renegotiating the terms for the remainder of your contract.

You Owe More Than Your Vehicle is Worth

In truth, this probably happens the moment you drive your car off the lot. Automobiles are notorious for being the major asset that loses the most value following purchase

Of course, there are certain situations in which you could end up owing significantly more than your vehicle is worth. If you have selected a longer-than-normal term for repayment, for example, the value of your automobile could depreciate by a large margin long before you pay it off

If, on the other hand, you've been in a serious accident that compromised the integrity of your car (or even made it unsalvageable), you might not be able to sell it or get the insurance payout needed to cover associated expenses. In this case, more favorable terms for interest could be a major boon.

Your Lease is Up

Leasing is a great way to try out a new set of wheels before you buy, and you stand to save a lot in the long run by going this route. After all, you get lower monthly payments for the life of the lease and then you can secure better terms and borrow a lot less money when you decide to buy

Even better, this is a great time to rethink your financial strategy. Although you may have to go through various checks and approvals during the leasing process, you can redo everything when it comes time to purchase the vehicle

And this means securing lower interest rates, especially if you elect to use an alternative lending institution such as your credit union



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