If you want to lower your monthly car payments, you can extend the loan for more months, but you will pay more in interest over the life of the loan. It will also mean you pay less in interest. New loan term: If your goal is to pay off the new car loan faster, input fewer months than you have remaining on your existing loan.Refinanced loan amount: This is the amount you want to borrow to pay off your existing car loan.Months left on current loan: How much time is left before your car loan matures.Balance of current loan: This is how much you still owe on your existing car loan.Length of current loan: The terms, or repayment period, of your current car loan in total months.Current interest rate: The interest rate on your existing loan.Loan amount: This is the total amount you borrowed from your first lender.To get started, you’ll need to gather the following information for the calculator to most-accurately determine if refinancing your auto loan is the best course of action. Keep in mind that exact results are based on factors like the type of vehicle you’re refinancing, the lender and your personal financial profile. The calculator results will give you a rough estimate of your new monthly payment and what you’ll pay in interest if you refinance your existing auto loan. You can also estimate a refinance rate based on the rate you’re likely to be approved for or select the default rate to get an idea. Then, you’ll need to input the total amount you would like to refinance and for how many months. You’ll first need to input your current loan amount, the interest rate and the number of months left on the loan. How to Use This Auto Refinancing Calculator Offers not available in MA, MD, MS, NE, NV, WI, WV. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Rates are reserved for the highest qualified borrowers. Not all borrowers receive the lowest rate. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. Participating lenders, rates and terms are also subject to change at any time without notice. Caribou reserves the right to modify or discontinue products and benefits at any time without notice.
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