Auto finance sites online are usually equipped with auto refinance calculators. These user-friendly calculators aim to help users to compare payments at different rates.

Getting the best auto loan refinance service requires a careful analysis of the benefits that can be derived given certain auto refinance rates. A useful tool to use in assessing rates is the auto refinance calculator. A typical auto refinance calculator would contain the following fields: payoff amount, vehicle type, months remaining, current monthly payment and credit level. The responses for these fields will be calculated using scores as would auto refinance companies do.

In auto refinance calculators, the payoff field means the amount of money needed to completely pay the auto loan. It is preferable to input here the balance due ten days from the date the payoff amount is requested. Meanwhile, the months remaining field refers to the number of months left on the current vehicle loan.

The credit level field, in particular, should be carefully filled out. This would greatly affect the results of the calculation. To assist users, most auto refinance calculators have put up their own criteria to determine the credit standing of a certain user. Common ratings are excellent, very good, good and fair. An excellent rating should mean that the user has established substantial credit over five years. He or she should also pay all creditors on time and is not in bankruptcy. A very good rating entails the same criteria as that of an excellent except for a slightly looser rule on paying creditors on time. A good rating, on the other hand, should be given to those applicants who do not pay their creditors on time and has at most one past due account. The lowest rating are reserved for those are relatively new to the credit business or has more than one past due accounts.

While auto refinance calculators may be helpful in giving users an idea of the benefits they may get from availing themselves of the services of a lending company, it should be remembered that there are other important factors that may affect the results of auto refinancing. Among these are additional scores or criteria implemented by the lending companies that cannot be mathematically computed and the diligence of the applicant to research on all available lending companies.