A yearlong analysis of auto refinances funded through the online lender Caribou found that drivers in some U.S. metro areas cut monthly auto payments by as much as $184 by refinancing. The study covered refinance loans completed between Oct. 1, 2025, and Sept. 30, 2026.
What the data show
Seattle topped Caribou’s list: customers there averaged $184 in monthly savings after refinancing. On average in the Seattle metro, refinance customers saw interest rates fall from 11.05% to 7.69%. At the lower end of Caribou’s 30-metro sample, Cleveland and Pittsburgh tied for 29th, where average monthly savings were $132.
Where APRs fell the most
Caribou’s analysis also highlighted the biggest declines in annual percentage rate (APR) for refinancing customers. The largest APR drop was in the Washington, D.C., area, where rates fell 4.52 percentage points, from 11.70% to 7.19%. Other metros with large APR reductions included:
- Miami–Fort Lauderdale: 4.29 percentage-point decline
- Atlanta: 4.27 percentage-point decline
- Pittsburgh: 4.20 percentage-point decline
- New York City: 4.18 percentage-point decline
Regional patterns and caveats
Four California metros — San Francisco, San Diego, Los Angeles and Sacramento — finished among the study’s top five metro areas for average monthly savings. Five Florida metros — Jacksonville, Tampa, Orlando, Miami–Fort Lauderdale and West Palm Beach — placed within the top 19.
Caribou’s study analyzed customers who had an existing auto loan on their credit report and who chose a refinance offer specifically to reduce their monthly payment. That means the reported savings reflect a selected group of borrowers, not every driver in a given metro. The company also noted that lower monthly payments can come from reduced interest rates, longer loan terms, or both; extending a loan’s term may reduce monthly costs while increasing total interest paid over the life of the loan.
| metric | example metro | figures |
|---|---|---|
| largest monthly savings | Seattle | $184 per month; APR from 11.05% to 7.69% |
| bottom of top-30 | Cleveland, Pittsburgh | $132 per month |
| largest APR decline | Washington, D.C. | 11.70% → 7.19% (−4.52 points) |
What this means for borrowers
The study underscores two points for borrowers considering refinancing. First, local market conditions and the lender marketplace can produce materially different outcomes by metro. Second, a lower monthly payment does not always mean lower total cost: lengthening a loan term can reduce monthly payments while increasing total interest paid. Caribou’s findings apply to customers who actively sought a refinance to lower monthly payments during the study period; they do not guarantee similar savings for every borrower in those metro areas.
- Study period: Oct. 1, 2025–Sept. 30, 2026.
- Largest reported monthly savings: $184 (Seattle).
- Largest reported APR drop: 4.52 percentage points (Washington, D.C.).
