TransUnion recently discussed significant opportunities percolating for auto refinancing, potentially involving 18 million individuals.

Caribou got even more specific about the topic, saying lenders appear to be doubling down on electric vehicle owners by offering them greater monthly savings through refinancing than traditional gasoline vehicle owners.

The developments are surfacing as the federal EV tax credit sunsets on Sept. 30.

Caribou reported that EV refinancing can deliver an average saving of $166 per month, compared to $138 for gasoline vehicles. That’s a 20% larger monthly payment reduction for electric drivers who refinance.

Caribou data also showed meaningful refinancing benefits can start to materialize in as little as four months of ownership, making now an ideal time to refinance for many people who purchased this year.

National Averages:

Fuel Type Average Refi
Loan Amount		 Average
Monthly Savings		 National Average
Original APR		 National Average
New APR		 Average
FICO Score
Electric $37,121 $166 11.43 7.75 746
Gasoline $31,638 $138 12.98 8.21 729
Hybrid $28,455 $133 13.51 8.14 738
Diesel $49,424 $204 11.49 8.06 737

*Analysis based on consumers whose auto refinance loan funded through Caribou between July 1, 2024 and June 30, 2025, had  an existing loan on their credit report, and selected a loan offer to reduce their monthly payment.

Source: Caribou

And EV refinancing could be even more powerful in California, which is the place Caribou classified as the nation’s EV capital.

The company computed electric vehicle refinancing in the Golden State can offer an average monthly saving of $176, higher than gasoline vehicles at $150 and $138 for hybrids.

“This underscores the growing financial advantage for EV drivers and signals a major opportunity for consumers looking to take control of their auto loans,” Caribou said.

California Averages:

Fuel Type Average Refi
Loan Amount		 Average
Monthly Savings		 National Average
Original APR		 National Average
New APR		 Average
FICO Score
Electric $36,588 $176 11.34 7.77 749
Hybrid $25,419 $138 14.12 8.64 732
Gasoline $30,319 $150 13.01 8.20 729
Diesel $49,482 $234 10.92 7.70 749

**Analysis based on consumers in California whose auto refinance loan funded through Caribou between July 1, 2024 and June 30, 2025, had an existing loan on their credit report, and selected a loan offer to reduce their monthly payment.

Source: Caribou

Additionally, Caribou explained buyers of U.S.-assembled EVs purchased in 2025 and before Sept. 30 may qualify for both the federal EV tax credit and new incentives under the One Big Beautiful Bill Act (OBBBA), creating a rare chance to stack government credits with refinance savings.

“While federal tax credits helped get many Americans into electric vehicles, the benefits don’t end there,” Caribou CEO Simon Goodall said. “Our data shows that even as government incentives sunset, refinancing delivers meaningful, ongoing financial relief for EV owners. We’re witnessing a rare moment when EV drivers can combine government incentives with refinancing to achieve exceptional monthly savings.

“Even as federal tax credits expire, lenders are rewarding EV drivers with significant payment relief, making now the perfect time to refinance,” Goodall went on to say.