Refinance your car loan and save.
Paying too much on your current car loan? We compare 50+ banks and lenders to find you a better rate. Whether refinancing helps depends on your current rate, payout figure and any exit fees. It only takes minutes to check.
Why refinance your car loan
Several reasons refinancing could put money back in your pocket.
Lower Interest Rate
Rates may have dropped since you took out your loan, or your credit score has improved, either way, you could qualify for a better deal.
Reduce Repayments
Extend your loan term or secure a lower rate to bring down your monthly repayments and free up cash flow.
Pay Off Faster
Switch to a shorter loan term at a competitive rate to own your car sooner and pay less total interest.
Consolidate Debt
Roll multiple debts into one car loan refinance for simpler management and potentially lower overall costs.
How car loan refinancing works
Switching car loans, made simple.
Share your current loan details
Tell us your current lender, interest rate, remaining balance, and vehicle details.
We compare 50+ lenders
Our specialists search our entire lender panel to find better rates for your situation.
Review your savings
We show you exactly how much you could save monthly and over the life of the loan.
We handle the switch
If you choose to proceed, we manage the entire refinance process including paying out your old lender.
Benefits of refinancing with Simple Loans
What is staying actually costing you.
Plug in your numbers. See the dollar difference between staying on your current rate and switching.
The cost of staying.
Inaction has a price. Here is yours, in dollars.
Stay
$29,678
total over 36mo
Switch
$28,199
total over 36mo
Staying costs you $1,480 more.
That is about $41 per month back in your pocket.
Your savings summary
Biggest driver: A large rate gap
You're paying roughly 3.5% above the comparable rate. Closing that gap is where most of the saving comes from.
Recommended next step
Check eligibility, even small savings add up.
Indicative only. Includes interest, excludes switching fees. Final figures depend on lender assessment.
Car loan refinancing FAQs
When should I refinance my car loan?
Consider refinancing if interest rates have dropped since you took out your loan, your credit score has improved, your financial situation has changed, or you want to adjust your loan term. Even a modest rate reduction can save you thousands over the life of your loan.
How much can I save by refinancing my car loan?
Savings depend on your current rate, remaining balance, and the new rate you qualify for. Our team can calculate your exact potential savings for free, including any exit fees on your current loan.
Are there fees for refinancing a car loan in Australia?
Some lenders charge early exit fees on your current loan, and there may be establishment fees on the new loan. However, these fees are often far less than the interest savings from refinancing. We'll calculate whether refinancing makes financial sense for your specific situation before proceeding.
Can I refinance a car loan with bad credit?
Yes, even if your credit score has dipped, refinancing may still be possible. If your score has improved since you originally borrowed, you may qualify for better rates. We work with specialist lenders who consider your current situation, not just your credit history.
How long does car loan refinancing take?
The refinancing process typically takes 3-5 business days from application to settlement. We handle all the paperwork, including paying out your existing lender. Conditional decision timing depends on the lender and your file.
Can I borrow extra when refinancing my car loan?
Yes, many lenders allow you to borrow additional funds when refinancing, known as a cash-out refinance. This is subject to the vehicle's current value and your serviceability. It can be a cost-effective way to access funds at a lower rate than a personal loan.