Car owners are overpaying an estimated $54 billion annually on their loans. This is often due to a lack of comparison shopping for auto loan rates. Refinancing a car loan can provide an opportunity to lower monthly payments through a reduced rate, extended term, or both.

Data from Caribou shows that some drivers are achieving significant savings by refinancing. The amount saved can vary depending on factors such as loan size, with larger loans typically resulting in larger savings.

Further details on which groups of drivers are saving the most are available, including breakdowns by state, fuel type, and vehicle style. Some states have seen particularly notable refinancing wins, with Louisiana, New Mexico, and Washington among them.