Truck Loan Refinance Calculator

Refinancing replaces your existing truck loan with a new one, ideally at a lower rate or a better term. Enter your remaining balance, the current rate, the rate you have been offered, the years left on the loan and any costs of switching, such as title transfer fees, lender fees or a prepayment penalty on the old loan.

The calculator compares the payment on the old loan with the payment on a new loan of the same remaining length, then divides your refinance costs by the monthly saving to estimate how many months it takes to break even. Worked example (illustrative): a $42,000 balance with 4 years left at 12.5% costs about $1,117 a month; at 9.0% it costs about $1,045. The saving is roughly $72 a month, so $600 of costs is recovered in about 8 months.

Limits: if you extend the term to lower the payment you may pay more interest overall, and this tool does not model that. Check your current contract for prepayment penalties, confirm the new lender will take a first lien on the truck, and remember that older or high-mileage trucks may not qualify for refinancing.