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Refinance Car Loan Calculator
If you're considering a refinance car loan trying to figure out how much of a loan you can get, how much you're going to have to pay and what your monthly payments will be are all very important pieces of information that you absolutely need to know before you make any decisions. Unless you're really good at doing car loan refinancing computations in your head (which I'm not), you're probably going to need a good refinance car loan calculator to help you out.
The following sections will point you to the best free car loan refinancing calculators that the web has to offer so that you can get all of the numbers that you're needing to make a good, sound decision as you're making your refinancing decisions. Also, as you start this process please remember that it's always good to check out multiple calculators and refinance auto loan rates as you begin to collect all of your information. You never know if one set of rates will be significantly higher or lower than another, so doing the work needed to compile and compare each one, although time consuming, can really pay off in the end.
Understanding Auto Financing
If you're thinking about car loan refinancing, then you most likely are up to speed with how the whole process works and what each of the terms like APR options, down payments and residuals mean, but just in case, BankRate.com has a great low interest auto financing calculator that you can check out over here.
This calculator allows you to plug in different APR interest rates along with other variables that make up an auto financing loan so that you can see how the different interest rate levels affect the overall payment amount. Like I said, this isn't a specific refinance car loan calculator, but if you're not educated on all of the various general elements of car loans, then you might have some trouble understanding how to best take advantage of your refinancing.
The Refinance Car Loan Calculator
The calculator that I just talked about in the previous section could easily be used for calculating a refinance car loan, but this calculator right here is the one that will take care of all your car refinancing questions. It's fairly easy to understand, but I thought that I would explain how to calculate your current car loan refinancing situation and then you can take it and run from there.
Follow these steps to calculate your potential monthly car refinancing payments:
- Go to the refinance car loan calculator that I linked to above
- Fill in your current car loan settings so that your monthly payments match up to what you're currently paying
- Fill in your new, proposed car refinancing numbers that are being proposed (usually this is either a lower interest rate or an extended payout schedule)
- Be sure to fill in the remaining payoff amount that's left in your current auto loan and add it in as the auto loan amount (this is what you'll be refinancing)
- Calculate a few options and see what rates and payout schedules get your monthly loan payment to where you would like it to end up after your car loan refinance
After you calculate a few different options you should have a better idea of what refinancing interest rate levels you should be looking for or how extended you need your payoff to be.