Caribou's latest Auto Refinance Trends Report finds that Millennial car owners continue to see the biggest savings on their monthly car payments when they refinance, while Gen Z drivers record the largest reductions in APR.
DENVER--(BUSINESS WIRE)--
Drivers faced higher costs at the pump over the summer and entered the fall with elevated interest rates, yet car refinancing still offered savings for people trying to lower vehicle expenses. The report says customers who refinanced to reduce their monthly payments saved an average of $165 a month, up from $162 in the previous quarter.* On average, borrowers reduced their APR by 3.89 percentage points.
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