Auto Loan Calculator
Determine how much your monthly auto loan payment may be based on vehicle price and loan information.
Auto Loan Refinance Calculator
Calculate your new monthly payments and see how much you may save on your loan. Take control of your finances and explore auto loan refinancing options today.
Find Out How Much You May Save on Your Car Loan
How to use the auto refinance payment calculator
Input your current loan information
Start by entering details about your existing auto loan. These numbers help the calculator compare what you currently owe with what a refinanced loan could look like.
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Current monthly payment
Your current monthly payment is the amount you pay toward your auto loan each month. This affects your overall vehicle cost because it reflects how your loan balance, interest rate, and repayment term work together over time.
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Current Annual Percentage Rate (APR)
Your current annual percentage rate or APR is the yearly cost of borrowing money expressed as a percentage. A higher APR generally means you’ll pay more over the life of the loan, while a lower APR may reduce your overall borrowing costs. You can compare available options on our vehicle rates page.
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Original loan amount
Your original loan amount is the total amount you borrowed when you first financed the vehicle. This helps show how much of the vehicle cost was financed and gives the calculator context for estimating your remaining loan repayment progress.
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Loan origination date
Your loan origination date is the date your current auto loan began. This matters because it helps determine how long you have been making payments, how much time may remain on your loan, and how refinancing could change your repayment timeline.
Enter auto refinance details
Next, enter the details of the new auto loan you want to compare against your current loan. These numbers help estimate how refinancing could change your monthly payment, repayment timeline, and total loan cost.
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New interest rate
Your new interest rate is the rate you may qualify for if you refinance your auto loan. A lower rate could reduce the amount of interest you pay over time, while a higher rate could increase the total cost of the vehicle financing.
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New loan term
Your new loan term is the amount of time you would have to repay the refinanced loan. A longer term may lower your monthly payment, but it could increase the total interest you pay, while a shorter term may help you save on interest but come with a higher monthly payment.
Calculate your potential savings
After you enter your information, the calculator can estimate how your current loan compares to a refinanced auto loan. The results may show whether refinancing could lower your monthly car payment, reduce your total interest, or help you adjust your payment schedule to better fit your budget.
Take the next steps to refinance your auto loan
If the calculator shows that refinancing could help lower your monthly car payment, WECU can help you explore your options. Review our auto refinance solutions and take the next step toward a payment that may better fit your budget.
Frequently Asked Questions (FAQs)
How does refinancing a car loan work?
Refinancing a car loan means replacing your current auto loan with a new loan, usually with a different interest rate, monthly payment, or repayment term. If approved, the new loan pays off your existing loan, and you make payments on the refinanced loan moving forward.
When should I refinance my auto loan?
You may want to consider refinancing if your credit has improved, interest rates have changed, or your current monthly payment no longer fits your budget. It can also be worth exploring if you want to pay your vehicle off faster than your current loan allows.
What credit score do I need to refinance a car loan?
The credit score needed to refinance a car loan may vary based on things such as your income, the loan amount, vehicle value, and overall credit history. A stronger credit profile may help you qualify for better refinancing options, but credit score is only one factor of consideration.
Can I refinance an older vehicle?
You may be able to refinance an older vehicle, but eligibility can depend on the vehicle’s age, mileage, value, and loan balance. Because requirements vary, it is a good idea to review your options with WECU before assuming your vehicle does or does not qualify.
Can refinancing help me pay off my car faster?
Yes, refinancing may help you pay off your car faster if you choose a shorter loan term or qualify for a lower interest rate that allows more of your payment to go toward the principal balance. Keep in mind that a shorter term may increase your monthly payment, so it is important to compare both the monthly cost and long-term savings before deciding.
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