When does it make sense to refinance an auto loan?

Refinancing makes sense if you can lower your rate by at least 1–2 points and have at least 12 months of payments left.

Does refinancing hurt my credit score?

A hard inquiry causes a small, temporary dip, but on-time payments on the new loan quickly offset it.

Some lenders offer cash-out refinances on auto loans, but this increases your balance and monthly payment.

Compare your current rate to a new rate and see break-even savings.

Estimate your monthly payment, total interest, and payoff date before you sign.

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Total interest

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Estimated payoff date

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Estimates are for illustrative purposes only and are not a financing offer. Taxes, fees, and lender terms may vary.

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