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Estimate monthly car payments and total interest for new, used, or refinanced vehicles. Compare terms and down payments.
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New Car vs Used Car Financing
New cars typically qualify for lower interest rates because they hold more value as collateral. Used cars carry higher rates and shorter terms. But the real cost difference is depreciation: a new car loses roughly 20% of its value in the first year alone. A 2–3 year old used car at a slightly higher rate often costs less total than a new car at a lower rate when you factor in depreciation.
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Compare Auto Refinance Rates
Credible lets you compare auto refinance rates from top lenders — no impact to your credit.
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When Refinancing Your Auto Loan Makes Sense
Refinancing replaces your current auto loan with a new one — ideally at a lower interest rate. It makes sense when your credit score has improved since you bought the car, when market rates have dropped, or when you're stuck with a dealer-arranged loan at an inflated rate. Compare your options on NerdWallet — See Options → to find the best rate.