Everyone making car payments that owns a car should make sure they are not overpaying. If you just took the first financing offer presented to you from the dealership, (JHH – dealership aren’t the only place to get financing offers) you may be paying too much for your car loan. Our auto refinance calculator will help you determine if you could lower your monthly payment, lower your total interest paid, or even lower both.
Auto Refinance Calculator: What Else Should I Consider?
When looking into refinancing your car, you should be very sensitive to the term of the loan. If you refinance your car to just lower your monthly payment, you could potentially be increasing the term on your loan for longer than the car will reliably run. The last thing you want is to refinance your way into a money pit, so be especially sensitive to this if your car already has high mileage on it. In an ideal situation, you want to refinance to a lower interest rate and keep the term the same if not shorter. Use our calculator to see if an auto refinance could save your money!