Auto refinancers saved $83 a month on average in Q2 data

Completed refinances produced larger average savings

Experian's August 27 analysis says approximately 140,000 auto loans were refinanced in the second quarter of 2026. Those completed refinances reduced monthly payments by $83 on average, up from an average $64 reduction in Q2 2025.

The average rate moved from 10.40% on the original loan to 7.97% on the refinanced loan. That is a 2.43-percentage-point difference within the group that completed a refinance; it is not a current market quote or an estimate of what every borrower could save.

Savings differed by lender type

Experian reports an average payment difference of $102 for refinances completed through credit unions, $65 through banks, and $38 through finance companies. These are observed group averages, not a ranking of lenders or a promise that one lender type will offer an individual borrower the best total cost.

A lower payment can come from a lower rate, a longer repayment period, a changed balance, or a combination of terms. Compare the APR, remaining principal, new term, fees, monthly payment, and total amount repaid before deciding whether a refinance lowers the full cost of the loan.

Hybrid financing carried the lowest average new-vehicle payment

For new vehicles financed in Q2, Experian lists average monthly payments of $646 for hybrids, $692 for electric vehicles, and $721 for gasoline-powered vehicles. Hybrids accounted for 16.80% of new-vehicle financing, up from 12.99% a year earlier.

Those averages combine vehicles, prices, loan sizes, credit profiles, down payments, and terms within each powertrain group. They do not show that the same buyer will always pay less for a hybrid than for a specific gasoline or electric alternative.

Use the report as a reason to compare current offers

• Ask your current lender for the payoff amount and check whether the loan has a prepayment penalty or other payoff fee.
• Compare multiple offers using APR, term, fees, monthly payment, and total repayment—not the payment alone.
• Check whether extending the term would keep you in negative equity longer even if the monthly payment falls.
• Treat Experian's Q2 averages as historical benchmarks; only a current lender quote can show the terms available for your vehicle and credit profile.