One of the most important reasons to refinance your car, boat, or RV is to cut down your monthly payment. This is one of the few places where you can make room in your monthly budget for other things – groceries, luxuries, or just savings.
The other reason is to lower your interest rate. Oftentimes, a lower interest rate can lead to a lower monthly payment.
How much can you save? Use the calculator below to see.
Unlock your savings potential! Plug in your info to find out how much extra cash you could be stashing away each month!
Unlock your savings potential! Plug in your info to find out how much extra cash you could be stashing away each month!
Some combinations of loan terms and personal characteristics can’t easily be estimated with our loan calculator. Very large loans and very low credit, in particular, might require a more detailed approach to get an estimate. In these cases, it’s important to talk to a Loan Consultant to get an idea of how much you may be able to save.
Monthly savings on car loan refinancing depends on the terms we can secure for your new loan. These terms depend on many factors. Some of the most common factors that influence your monthly savings include:
The amount of money you still owe on your loan is a major determiner of your monthly loan payment. The more money left on your loan, the larger your monthly payment. With more money left on your loan, any change in your interest rate can make a bigger contributor to lowering the total cost of your loan, and this may dramatically decrease your monthly payments.
How much you can save also depends on the interest rate on your current loan. The worse the terms of your current loan, the more you can potentially save by refinancing.
The longer your loan term, the more time you would be accumulating interest. This means that if there’s more time left on your loan, reducing your interest rate would lead to a greater reduction in your total cost and a greater reduction in your monthly payment.
Finally, your credit rating will impact your monthly payment. The better your credit rating, the lower the interest rate you can secure. This will reduce your monthly payment and the total cost of the loan more.