Articles from Caribou

Drivers spent the summer paying more at the pump and headed into fall facing higher interest rates, but car refinancing remained a source of savings for owners looking to reduce car costs. According to Caribou's Q3 2026 Auto Refinance Trends Report, customers who refinanced to lower their monthly payments saved an average of $165 a month, up from $162 in Q2.* Customers lowered their APR by an average of 3.89 percentage points.

Most car owners know their monthly payment down to the dollar. Far fewer know their APR, add-ons, or the total cost of their loan. According to Caribou’s 2026 Blind Spots of Car Ownership Survey, 75% of car owners can’t recall how much total interest they’re paying on their auto loan. Yet 38% say the total interest on their loan is higher than they expected.

High gas prices and persistent inflation squeezed Americans throughout the spring, leading many to seek out savings where they could, especially in their driveways. New data from auto refinance platform Caribou shows growing interest among Americans to save on their car loan. Customers who refinanced to lower their car payment in Q2 2026 saved an average of $162 a month, twice the industry average reported by Experian.* Customers also cut their APR by an average 4.13 percentage points, the most significant rate drop in a year. This is welcome relief for drivers as monthly car payments for new vehicles reached a record $777 in Q2, according to Edmunds.

Millions of car owners are caught in a double bind. Many didn’t get a good deal when they first bought their car. Nearly half (44%) felt pressured during the original financing process. Now, those same borrowers are absorbing the full force of inflation, high gas prices, and rising everyday costs with a loan that was never revisited. Caribou’s 2026 Car Loan Sentiment Survey* captures the scope of this squeeze—and finds that most borrowers have never even checked whether they could be paying less.

Faced with mounting financial pressure around car ownership, more American drivers are turning to auto refinancing for relief. New data from auto refinance platform Caribou shows that customers who refinanced to lower their monthly payments in Q1 2026 saved an average of $162* a month, at a time when car payments have never been higher. The average monthly payment for a new vehicle hit a record $773 in Q1 2026, according to Edmunds, with a growing share of buyers now committing to payments above $1,000 a month.

Tax season is one of the most important financial moments of the year for Americans, and with the new auto loan interest deduction and evolving EV tax incentives, vehicle costs have become top of mind for tax filers. But while Americans hunt for refunds, credits, and deductions, auto refinance platform Caribou finds that many overlook a major recurring expense where savings may already be available: their car loan.

Caribou Rewards is announcing its official partnership with Right at Home, becoming the national in-home care provider’s preferred rewards and recognition partner for their 433 locations throughout the United States.