Glossary of refinancing terms

Original loan amount
Your current loan amount is equal to the price you paid for your car, truck, or SUV, minus your down payment. The average auto loan tends to be between $15,000 - $30,000. 

Original term

This is the number of months for the auto loan you have now. It is the total time you are paying off the cost of the vehicle. Your current car payment term may be 48, 60, 72, or 84 months. Enter the term into the car refinance calculator field.

Original interest rate

This is the amount of interest you are currently paying on your car's loan. Your interest rate varies on factors that are unique to you and your situation. It is frequently between 4% and 8% APR. Input it into the car refinance calculator interest rate.

Original Loan Amount

Original Term

Original Interest Rate

Remaining Loan Amount

Desired Term

Desired Interest Rate

Your estimated monthly auto loan refinance savings:

Estimated yearly savings:


That's this many $3 cups of coffee:



Can I save money by refinancing my car?

Refinancing your car can potentially save you money. Your savings depends on a multitude of factors including auto loan term, interest rate, where you live, what type of vehicle you are financing, and your credit score. All of these factor into the refinancing process and the final APR on your total loan amount. Understand how auto refinancing works

Can I pre-qualify to refinance my car?

Yes, it is possible to be pre-qualified for auto refinancing. You can quickly submit your information to check if you qualify. Please Apply to start the process and submit your information. Learn about terms and definitions related to pre-qualifying

How much money can I save refinancing my car?

This depends on the refinancing offer you select. If you want to save more money each month, there may be options to lower your monthly car loan payment. The amount of money you save is based on your financial health, term length, interest rate, and other loan factors. The average Caribou customer saves about $100* per month on their car payment.

What are the benefits of refinancing my vehicle?

There are several benefits when it comes to refinancing your vehicle. They include saving money on monthly payments, lowering your interest rate, paying off the loan early, lengthening the term of the loan so you have more time to pay, and other things like positioning to buy a house next.

Can I refinance my used car loan?

It is possible to refinance a used car loan. This depends on several factors like the amount of the loan, car's age, vehicle's mileage, and auto loan term.

Can I refinance my car right after I bought it?

Yes, you can usually refinance your car at any time after purchasing it from a dealer. Keep in mind car dealerships often add services and incentives which may end when you refinance the car. This applies to finance-related things like cash back programs, lessee deals, dealership cash offers, rewards programs, and other related things. This does not apply to things like GAP insurance, manufacturer's vehicle warranties, and dealership service contracts.

Can I refinance my car in someone else's name?

Refinancing allows for changes like adding a cosigner. However, your name must remain on the vehicle's title.

Can I have an auto loan cosigner?

Yes, refinancing can give you the opportunity to add a cosigner to the loan. The cosigner requirements vary depending on the lender.

Why is refinancing your car important?

Refinancing your vehicle is a great way to put money back into your monthly budget. When you refinance your car, truck, SUV or other vehicle, you have the opportunity to work with our auto loan officers to understand the lending process better. You can refinance your vehicle with several goals in mind such as extending your term, lowering your interest rate, or just simply saving money on your monthly payment.

Remaining loan amount

This is the dollar amount you still owe on your vehicle. Enter this number into the car refinance calculator field. Not sure of this amount? Subtract all of your payments year-to-date from the original loan amount. Or, check with your lender (ie: your bank or dealership).

Desired term

This will be the amount of time in months for your new refinance payment term. Your new term can vary or allow you to extend your loan. Most refinanced car loan terms are around 36 to 72 months.

Desired interest rate

This is the new interest rate you would be paying on your refinanced auto loan. Keep in mind your loan term helps to determine your rate. At Caribou you could qualify for a rate as low as 1.99%.** 
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How refinancing your auto loan can help you reach your goals

Lower your interest rate

Refinancing your car could be a great way to lower your auto loan interest rate. Several ways to qualify for lower rates are to decrease the term, make sure your credit report is free of errors, and find a cosigner.

Shorten your loan term

Shortening your loan term could help you pay off your car loan faster. This often lowers the interest over the term of the loan while increasing your monthly payment. This can cost more now to save later.

Save money each month

Check to see if refinancing your loan will save you money. You may be able to save money each month by refinancing your car. A lower monthly payment or interest rate can make all the difference in saving you money.



your auto loan

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Calculate My Savings

Estimate how much you could save by refinancing your auto loan with our refinance calculator.*

Estimate how much you could save by refinancing your auto loan with our refinance calculator.*

Calculate My Savings

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Convenient, transparent refinancing that puts money back in your pocket, with offers from our network of lenders.


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1. Check your rate

Share minimal information and we’ll find competitive pre-qualified loan options in minutes, without impacting your credit.+

2. Select your offer

Pick the refi offer that works best for you, and select from our other products to help protect the value of your vehicle.

3. Finalize your offer

Submit a few pieces of information and sign your loan refinance documents online. We do the heavy lifting.


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Tech to unlock low rates.

People who make the process easy.

Great rates

Get access to the lowest rates possible, saving you thousands over the life of your loan or policy.

Great rates

Get access to lower rates, saving you thousands over the life of your loan or policy.

Dedicated support

Our team of loan officers are standing by, happy to help you through the process.

Our team of loan officers are standing by, happy to help you through the process.

Dedicated support

Fast and easy

Instantly access offers with no hidden fees, impact to your credit score, or SSN required.

Quickly access offers with no hidden fees, impact to your credit score, or SSN required. 

Fast and easy

All in one place

The savings are limitless when you bundle refinance and car insurance.

All in one place

The savings can grow when you refinance and improve your car insurance through Caribou. 


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With Caribou, you could start saving today!

Refinance my loan

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help you save

Tech to unlock low rates.

People who make the

process easy.

50,000+ happy

drivers with 

more cash in

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Disclaimer: Calculator estimates are for educational purposes only. Savings are not guaranteed. Figures and amounts shown are not representative of actual auto loan refinance rates, terms, or offers. Applicants must provide lenders with additional information including but not limited to credit score, location, and vehicle details.

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About the auto refinance calculator

How does this car refinance calculator work?

The car refinance calculator works by taking the entered car loan interest rate and term and evaluating it against the entered refinance offer info. The results are the estimated monthly and yearly differences in payments shown as savings. Entering realistic refinance terms and interest rate estimates is the best way to use this tool. If you are interested in refinancing, you can get started now.
Using our auto refinance calculator can come in handy for estimating potential savings on your car loan.