Car Loan Refinance and Payoff Calculators

Your monthly statement or online account usually shows the maturity date or number of payments left. You can also count from your contract's first payment date and term. If you have paid ahead, the remaining count may be shorter than the original schedule suggests. Your lender can also confirm the figure by phone or in a written payoff quote.

It is a loan where interest is charged only on the principal outstanding, usually accruing daily between payments. Paying early or paying extra reduces the balance sooner, so less interest builds up. Most auto loans work this way. It also means paying late costs more, because interest accrues on the balance for the extra days.

On a precomputed loan, total interest is calculated upfront and built into the payment schedule. Paying early may not save as much as on a simple-interest loan, depending on how the lender calculates the rebate of unearned interest. Federal law bars the Rule of 78s method on precomputed consumer loans longer than 61 months.

Once approved, many refinances close within days to a few weeks, depending on how quickly the old lender provides a payoff and the title is transferred. Keep paying your existing loan until you confirm it has been paid off. Missing a payment during the switch could be reported as late.

Often, but many lenders set limits on vehicle age, mileage and the loan-to-value ratio. Older vehicles may qualify only for shorter terms or higher rates. Ask lenders about their limits before applying. A higher balance relative to the car's value can also limit approval, so paying down principal first may help.

Both work by sending more money to principal. Biweekly paying adds roughly one extra monthly payment per year; adding one-twelfth of a payment each month does almost the same. Choose whichever your lender handles cleanly and your budget supports. Fee-based biweekly programs are rarely worth it compared with setting up extra payments yourself for free.

Usually not. On most auto loans, extra principal shortens the loan rather than reducing the required payment. Your payment stays the same until the loan is paid off early. A refinance is the way to lower the required payment. Some lenders may advance your next due date when you pay extra, so ask for principal-only application to keep the full benefit.

Confirm the lender has released its lien and that you receive the title or lien release per your state's process. Consider redirecting the former payment into savings for your next vehicle. Review your insurance, since coverage required by the lender may no longer be mandatory. Check your credit report later to confirm the loan shows as paid in full.