How Much Can You Save Refinancing Your EV Loan?
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The answer depends on three things: your remaining balance, your current rate, and what you qualify for today. Here's how to calculate your actual savings — and a reference table to see where you stand before you check.
The Formula
Total interest savings from refinancing = (remaining interest on old loan) minus (total interest on new loan)
You don't need to do the math manually. Use the tables below to find your approximate scenario, then check your actual rate with Tenet to get a precise number.
Savings by Remaining Balance and Rate Drop
Remaining balance: $20,000, 48 months left
| Current Rate | New Rate | Monthly Savings | Total Savings |
|---|---|---|---|
| 8.0% | 5.75% | ~$22 | ~$1,056 |
| 9.0% | 5.25% | ~$36 | ~$1,728 |
| 10.0% | 5.25% | ~$46 | ~$2,208 |
Remaining balance: $30,000, 48 months left
| Current Rate | New Rate | Monthly Savings | Total Savings |
|---|---|---|---|
| 8.0% | 5.75% | ~$33 | ~$1,584 |
| 9.0% | 5.25% | ~$54 | ~$2,592 |
| 10.0% | 5.25% | ~$69 | ~$3,312 |
Remaining balance: $40,000, 48 months left
| Current Rate | New Rate | Monthly Savings | Total Savings |
|---|---|---|---|
| 8.0% | 5.75% | ~$44 | ~$2,112 |
| 9.0% | 5.25% | ~$72 | ~$3,456 |
| 10.0% | 5.25% | ~$92 | ~$4,416 |
Remaining balance: $50,000, 48 months left
| Current Rate | New Rate | Monthly Savings | Total Savings |
|---|---|---|---|
| 8.0% | 5.75% | ~$55 | ~$2,640 |
| 9.0% | 5.25% | ~$90 | ~$4,320 |
| 10.0% | 5.25% | ~$115 | ~$5,520 |
Why EV Owners Tend to Save More Than Gas Car Owners
Two reasons:
Higher loan balances. A 1.5% rate improvement saves more in absolute dollars on a $40,000 EV loan than on a $22,000 gas car loan. The math scales linearly with balance.
Larger origination rate gap. Many EV buyers financed through dealerships or marketplaces like Carvana at rates 2-3% above what credit union-backed lenders like Tenet offer. That gap has widened rather than narrowed since 2022. EV owners who refinanced in Q1 2026 saved an average of $209/month, reflecting both higher balances and larger rate gaps than the typical gas car refinance.
What Rate Can You Qualify for Today?
| Credit Score | Tenet APR |
|---|---|
| 760+ | From 5.25% |
| 720+ | From 5.75% |
| 680+ | From 6.25% |
| 620+ | From 7.50% |
Regional rates as low as 4.40% through select credit union partners. Rates as of April 2026, subject to change.
Two Other Variables That Affect Your Savings
Remaining term. The savings tables above assume 48 months remaining. More time remaining = more savings from a rate reduction. If you have 60 or 72 months remaining, your savings are proportionally higher. If you have 18 months remaining, they're lower.
Whether you extend or match the term. If you keep the same remaining term, your monthly payment drops and total interest drops. If you extend the term to lower the payment further, your monthly savings are larger but total interest savings are smaller. Tenet can show you both scenarios when you check your rate.
What the Process Costs
Nothing. No application fee, no origination fee, no prepayment penalty on the existing loan. Checking your rate is a soft pull with no credit impact. If you proceed, the hard pull from the full application can have a termporary impact on your score, typically recovering within 3–6 months.
One Last Thing
The tables above are estimates. Your exact savings depend on your specific balance, current rate, remaining term, and what you qualify for today. The most useful next step is checking your actual rate with Tenet — it takes two minutes and gives you a precise number.
Check your refinance rate — soft pull, no credit impact.
Rates as of April 2026, subject to change. APR range 5.25%–18.99%; regional rates as low as 4.40% through select credit union partners. Minimum loan balance $10,000. Tenet Energy Inc., NMLS #2262929.