Monthly payment to expect by refinancing a 2022 Ford Bronco - RateGenius (2024)

• We considered the market value of the 2022 Ford Bronco of $40,613 and discounted a hypothetical down payment of $2,000 and 20% equity in the car.

• We assumed an odometer reading of 26,000 miles driven based on typical usage given the age of your 2022 Ford Bronco.

• To determine the 8.1% APR of the refinanced auto loan, we assumed a borrower credit score of 750 and the common loan term of 72 months. The rate was derived from real-time data from the 150+ financial institutions making up the RateGenius auto loan marketplace**.

Does this monthly payment estimate represent a savings for you compared to your current auto loan payment? Even if it does not, there is still good reason to believe that you can lower your payment by refinancing. Here’s why.

• Your loan amount may be less. If you have paid down the principal of your existing auto loan on your 2022 Ford Bronco, then your refinanced loan amount is likely to be below the market value of your car. This is because you have increased equity or ownership of the vehicle. If the amount you would need to borrow when refinancing is less than what we used in our estimate, it’s likely that your refinanced monthly payment will be lower.

• Your refinanced APR may be lower. We based the interest rate in our payment estimate on a borrower credit score of 750, which is considered within the “very good” range. Credit scores indicate a borrower’s creditworthiness and are expressed as a three-digit number between 300 and 850. Credit scores impact the rate lenders offer on vehicle loans; generally, a higher credit score means a borrower is eligible for lower rates on financial products like auto loans. If your score is above 750, then it’s possible you could access a monthly payment below our estimate. For those with lower credit scores, the rate and monthly payment may be higher.

• A longer loan term may lower your monthly payment by more. In our payment estimate, we assumed a new loan lasting 72 months. Some borrowers opt extend their auto loans to longer durations, such as 84 months, which generally leads to a smaller monthly payment.

** Other factors — like a vehicle’s age and mileage, a borrower’s income, and the down payment (if any) being made — also can affect the terms of an auto loan.

If you want to get an even better sense of what you could potentially save by refinancing the loan on your 2022 Ford Bronco, use the auto refinance calculator below.

Key reasons to refinance

• Lock in a lower interest rate. Refinancing may allow you to take advantage of a lower interest rate, particularly when prevailing interest rates have declined since your loan was first created. By accessing a lower interest rate, borrowers may be able to reduce their monthly payments and save money over the life of the loan.

• Access loan terms that reflect your financial situation. If your financial position has improved since taking out the original loan — for example your credit score has improved, and/or your income is now greater — you may qualify for better loan terms. This could include a lower interest rate, extended loan term, or reduced monthly payments, affording you a repayment schedule that works better for your budget and is more attractive over the life of the loan.

• Free up cash in your budget. Refinancing an auto loan can also be a strategic move to improve cash flow. By extending the loan term, borrowers can reduce their monthly payment amounts, freeing up more money for other financial obligations or to use as disposable income.

• Change lenders. You may consider refinancing your auto loan to switch to a lender for a variety of reasons. You may want a better customer service experience, more flexible repayment options, or additional benefits. Switching lenders gives you the opportunity to work with a financial institution that better aligns with your needs and preferences.

• Add or remove a co-borrower. For a range of financial or personal reasons, you may find yourself wishing to change who is listed as a borrower on your auto loan. One common scenario: a parent initially serves as a co-borrower on their child’s car loan because the child has limited credit history on their own, but then later wishes to come off the loan because the child has built a sufficient credit profile to hold a loan independently. It won’t be possible to add or remove borrowers listed on your current auto loan, you’ll have to refinance the loan to make a change like that.