Car loan refinancing: compare what you would pay from here.
A different loan may offer lower costs or more suitable conditions. Before switching, compare the remaining repayments, fees and final payment—not just the new monthly amount. RateSmart supports refinance enquiries Australia-wide.
Car refinance calculator
Compare written repayment schedules for the same existing debt, with no extra cash borrowed. Include ongoing charges in each regular payment, or enter their remaining total under additional fees. All amounts are AUD.
Figures stay in this calculator; they are not included in analytics or sent with your enquiry.
Start with both schedules, or load an illustrative example.
Totals use exact payment counts. Monthly equivalents and approximate terms use 52 weeks or 26 fortnights per year; actual calendar debits differ. Excludes rate changes, missed payments, future extra repayments and unentered costs.
A payout funded by the new loan is already in its quoted repayments—do not add that principal again. Zero regular payments is valid only for a positive final-payment-only obligation. Unequal terms are cash totals without discounting for timing.
Compare security and conditions as well as cost. Switching unsecured debt to a secured loan can put the asset at risk. If repayments are difficult, ask your lender about hardship support before borrowing more.
Get these figures before comparing
Your remaining balance and your payout quote may differ. Ask what each figure includes and when the quote expires.
- 01
Current payout and remaining schedule
Request the payout amount, any early-exit or discharge costs, monthly payments still due and any final balloon. Keep the remaining schedule separate from costs payable only if you switch.
- 02
Written replacement quote
Compare the same debt without extra cash borrowing. Check the new repayment amount, number of payments, ongoing fees, final balloon and which setup costs are paid upfront or financed.
- 03
Vehicle and affordability
The car's age, condition, value and any shortfall can affect lender assessment. Consider your current income and commitments before committing to another repayment term.
Car refinancing feedback
“Refinanced my car with ratesmart and the boys really looked after me”
An individual client experience; costs and outcomes vary.
Lower each month can still cost more
Illustrative schedules only, not lender offers or a customer case.
Keeping 36 payments of $650 costs $23,400 from now. Switching to 60 payments of $450 plus $500 in separately paid fees costs $27,500. With no balloons, the new payment is $200 lower each month but the total is $4,100 higher, and repayments continue for another two years.
This is why a refinance comparison should include the whole remaining schedule. Money already paid on the old loan is excluded from the decision about future payments.
Moneysmart: refinancing costs and risks ↗Car refinancing questions
Is refinancing my car loan worth it?
Compare what you would pay from today if you kept the current loan with the complete cost of the new loan. Include exit costs, setup and ongoing fees, both terms and any final balloon. A lower monthly payment can still mean paying more overall if the term is extended.
Can I refinance a car loan balloon payment?
Potentially, subject to the vehicle and lender assessment at that time. Refinancing creates a new obligation and is not guaranteed. Ask your current lender for the exact final amount and its due date, then discuss options well before it falls due.
What if the payout amount is higher than the car's value?
That shortfall can affect whether refinancing is available and whether a contribution is needed. Provide a current payout quote and accurate vehicle information. Do not assume a new lender will finance the whole shortfall.
Does asking RateSmart about refinancing lodge an application?
No. The website enquiry starts a conversation. A broker can explain the information needed and discuss suitable options before you decide whether to progress. Approval and final terms remain with the lender.