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Car Loan Refinance Calculator

See how much you could save by moving your car loan to a lower rate, after payout fees, establishment fees and monthly fees.

$
years
% p.a.
% p.a.
$
$
$
$
$
years
You could save each month
$0
Current repayment$0
New repayment$0
Break-even–
Total cost now$0
Total cost if you switch$0
Net saving$0

Amount owing over time

Repayments include monthly fees. Totals are everything you'd pay from today until the loan ends, including fees and any balloon.

Printed from CalcMate (calcmate-au.pages.dev/car-loan-refinance-calculator/). Estimates only, not financial advice.

Next step

When refinancing a car loan makes sense

Refinancing means taking out a new loan at a lower rate to pay off your existing car loan. It's most likely to be worth it when:

  • Your credit score has improved since you took the loan.
  • You got your loan through a car dealer, where rates are often higher than banks or online lenders.
  • You still have at least a year or two left. Most interest is paid early in a loan, so savings shrink as you near the end.
  • Your current loan has low or no early payout fees.

Fees to check before you switch

  • Early payout or termination fee from your current lender. Ask for a payout figure in writing.
  • Establishment fee on the new loan, often a few hundred dollars.
  • Monthly account fees. A $10 monthly fee adds $480 over four years, so compare these too.
  • Comparison rate. It combines the interest rate and most fees into one number, which makes loans easier to compare.

Don't stretch the term

A longer loan term lowers your repayment but usually increases the total you pay. The car is also losing value, so a longer loan raises the risk of owing more than it's worth. Keep the new term the same as, or shorter than, the time left on your current loan.

Balloon payments

A balloon is a lump sum due at the end of the loan. It makes repayments smaller, but you'll need to pay it, refinance it or sell the car when it falls due. The calculator keeps the same balloon on both loans so the comparison is fair.

Car loan rates vary widely with your credit history and the car's age. In September 2026, average rates for borrowers with good credit were around 7.7%, while dealer and bad-credit loans can be far higher.

Frequently asked questions

Can I refinance my car loan?

Yes. Most lenders let you refinance a car loan as long as you meet their credit criteria and the car meets their age and value rules. The new lender pays out your old loan, and you then repay the new lender.

Will I save money refinancing from 11% to 7.5%?

Usually yes. On $25,000 over four years, that cut lowers the repayment by about $42 a month. After a $300 payout fee and $400 establishment fee, you'd save roughly $1,300 overall.

Does refinancing a car loan hurt my credit score?

Applying adds a credit enquiry to your file, which may lower your score slightly for a short time. Paying both loans on time from then on is what matters most.

Is there an early payout fee on car loans?

Many car loans have one, especially fixed-rate loans. Australian law requires early termination fees to be reasonable, but they can still be several hundred dollars. Check your contract or ask your lender.

Last reviewed October 2026. This calculator gives an estimate for general information only. Check important figures with the relevant government agency or a licensed professional.