When does refinancing make sense?

When (1) your credit score has risen by 50+ points, (2) market rates dropped 1%+ since you bought, or (3) you have 24+ months left on the loan. The savings need to exceed any prepayment penalty.

Does refinancing hurt my credit?

Initial rate quotes are soft pulls (no impact). A hard pull happens only when you formally accept. Multiple inquiries within 14 days count as a single pull.

How long does refinancing take?

Most online lenders fund within 3–10 business days. You keep paying your current loan until the new lender pays it off.

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Auto Refinance Savings Calculator

Enter your current loan balance, rate, and what you'd qualify for today. We'll show your new monthly payment and total interest savings.

Current loan balance$18,000

Current APR9.50%

New APR6.00%

Months remaining48 mo

In plain English

Refinancing $18,000 from 9.50% to 6.00% (48 months left) saves you $29/mo — $1,415 over the remaining loan.

Monthly savings

$29/mo

Lifetime savings

$1,415

Old payment

$452

New payment

$423

Refinance savings playbook

5 triggers that signal it's time to refinance

1
Your FICO is up 50+ points since you bought — the single strongest predictor of an APR drop ≥ 2 points.
2
Market rates dropped ≥ 1 point since your origination date.
3
You have 24+ months left on the loan — the break-even window for closing costs.
4
Your current APR is ≥ 7.5% AND your credit score is ≥ 670 — …
5
You want to remove a co-signer or change the loan term — ref…

Rate alerts

Notify me when refi rates drop.

Refi rates move with the 5-year treasury — sometimes 0.5+ points in 6 weeks. Set your target and we'll email you the moment a vetted lender beats it.

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Rates as of Jun 1, 2026

950+ compared this week

Today's refinance rates

Live APR ranges from refi lenders. Compare these against your current rate above.

Comparing 7 lenders· Rates verified Jun 1

Data last reviewed Jun 1, 2026. Source: CarSavr editorial methodology.

Free to compare · No obligationHow we score

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Lender	APR	Min. credit	Loan amount	Term	Rated
1 Editor's pick	4.99–17.99% Total int. ~$3,300 · $25k · 60mo	560+	$5K–$100K	24–96 mo	Reviewed today	Free · Soft pull · No obligation
2 Best for subprime refi	5.49–17.99% Total int. ~$3,645 · $25k · 60mo	580+	$8K–$80K	24–84 mo	Reviewed today	Free · Soft pull · No obligation
3 Soft-pull · subprime-friendly · luxury ceiling	5.49–19.99% Total int. ~$3,645 · $25k · 60mo	580+	$8K–$250K	24–96 mo	Reviewed today	Free · Soft pull · No obligation
Best for prime refi	6.49–13.74% Total int. ~$4,342 · $25k · 60mo	660+	$5K–$100K	24–84 mo	Reviewed today	Free · Soft pull · No obligation
150+ partner lenders · 25 years in market	5.39–17.99% Total int. ~$3,576 · $25k · 60mo	580+	$10K–$100K	12–72 mo	Reviewed today	Free · Soft pull · No obligation
Best credit union refi	5.24–17.99% Total int. ~$3,472 · $25k · 60mo	610+	$500–$150K	36–84 mo	Reviewed today	Free · Soft pull · No obligation