Auto Refinance: When It Actually Saves You Money
Written by
Michael Ecke
Founder & Editor-in-Chief
Reviewed by
CarSavr Editorial Team
Reviewed for accuracy
Last updated:
5 min read
Refinancing is not free money. Here is the exact math — and the four moments it makes sense.
Refinance when: (1) your credit score has jumped 50+ points, (2) market rates dropped 1%+ since you signed, (3) you have 24+ months left on the loan, and (4) your car is under 8 years and 100k miles. A simple example: a $25,000 loan refinanced from 9% to 6% with 48 months left saves ~$1,640 in interest. Watch for prepayment penalties on your current loan and skip 'rate shopping' more than 14 days — multiple inquiries inside that window count as one credit pull.
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