America First Auto Calculator

Use our America First Auto Calculator to estimate your potential savings when refinancing your auto loan through the America First program. This calculator helps you compare your current loan payments with what you might pay after refinancing, considering the program's interest rate discounts and other benefits.

How the America First Auto Program Works

The America First Auto program is designed to help military veterans, active-duty service members, and their families secure better auto loan terms. The program offers:

Lower interest rates for qualifying borrowers
Reduced loan fees
Flexible repayment options
Special programs for military families

Eligibility Requirements

To qualify for the America First Auto program, you must be:

A veteran of the U.S. military
An active-duty service member
A surviving spouse or dependent of a veteran or service member

Program Benefits

The program provides several benefits that can significantly reduce your auto loan costs:

Interest Rate Discounts: Up to 1% lower interest rates for qualifying borrowers
Reduced Fees: Lower origination and closing costs
Flexible Terms: Extended repayment periods for better cash flow management
Special Programs: Additional benefits for military families

Interest Rate Calculation

The program calculates your new interest rate using the following formula:

New Rate = Original Rate - (Discount Percentage × Original Rate)

For example, if your original rate is 5.5% and the discount is 1%, your new rate would be 4.95%.

Example Calculations

Let's look at two example scenarios to see how the America First Auto program can save you money.

Example 1: Veteran Refinancing

A veteran with a $25,000 auto loan at 5.5% interest wants to refinance through the America First program. The program offers a 1% interest rate discount.

Using our calculator:

Original loan amount: $25,000
Original interest rate: 5.5%
Program discount: 1%
Loan term: 5 years

The calculator shows that the veteran could save approximately $250 per month by refinancing through the America First program.

Example 2: Active-Duty Service Member

An active-duty service member with a $30,000 auto loan at 6.25% interest qualifies for the program's 1.25% discount.

Using our calculator:

Original loan amount: $30,000
Original interest rate: 6.25%
Program discount: 1.25%
Loan term: 60 months

The calculator shows that the service member could save about $375 per month by refinancing through the America First program.

Scenario	Original Rate	Program Discount	New Rate	Monthly Savings
Veteran	5.5%	1.0%	4.95%	$250
Active-Duty	6.25%	1.25%	5.00%	$375

Frequently Asked Questions

Who qualifies for the America First Auto program?

The program is available to U.S. military veterans, active-duty service members, and their families. Eligibility requirements may vary by lender, so it's important to check with your specific financial institution.

How much can I save with the program?

Savings vary based on your original loan terms and the specific discount offered by your lender. Using our calculator, you can estimate your potential savings by entering your current loan details and the program discount.

Are there any fees associated with the program?

The program typically offers reduced fees compared to standard auto loans. However, it's important to review the specific terms with your lender to understand all associated costs.

Can I refinance my existing auto loan through the program?

Yes, the program allows you to refinance your existing auto loan to take advantage of the lower interest rates and other benefits. You'll need to meet the eligibility requirements and work with a participating lender.

How do I apply for the America First Auto program?

To apply, contact a participating lender and provide your military service information. You'll need to meet the eligibility requirements and provide documentation to verify your status. The lender will then process your application and determine your eligibility for the program benefits.