Based on live rates as of
Is now a good time to refinance my auto loan?
It depends
It depends on your current rate. Here's the rule of thumb.
Today's best auto refinance rate is about 5.24%, versus an average outstanding auto loan APR of 8.51%. Refinancing an auto loan typically pays off once your existing rate is a point or more above today's best rate, roughly 6.24% or higher, since auto refis usually carry low or no closing costs, unlike a mortgage refi, so the break-even is fast. If your current rate is already close to or below 6.24%, refinancing likely won't save much. Run your specific loan terms before deciding.
Best auto refinance rate
5.24%
Average outstanding auto loan APR
8.51%
This is general guidance from live SwitchWize rate data, not personalized financial advice. Verdicts reflect current rates and standard rules of thumb — run your own numbers before acting.