Data from Experian’s State of the Automotive Finance Market Report: Q2 2026 might show why this scenario has unfolded with greater regularity.

Dealerships and finance companies could have suggested to their special finance customers to maintain higher payments on their initial loan with the recommendation of refinancing the contract about 24 months later.

Experian reported on Thursday that the average refinance rate in Q2 was 7.97%, compared to a 10.40% average original rate, which saved consumers an average of $83 a month.

According to the report, credit unions offered the largest average payment savings when refinancing a vehicle, coming in at $102 in Q2. Meanwhile, banks offered an average of $65 and finance companies presented a $38 difference.

And Experian added that loans were refinanced in Q2 about 26.27 months after the initial origination.

“The automotive finance market continues to evolve, and refinancing can give consumers another avenue to alleviate the monthly payment for their vehicle,” said Melinda Zabritski, Experian’s head of automotive financial insights.

“By reaching qualified borrowers with competitive finance options, lenders can help consumers save on financing costs while creating opportunities to strengthen customer relationships and build long-term loyalty,” Zabritski continued in a news release.

From a total market perspective, Experian data from the second quarter found the average loan amount for a new vehicle climbed $1,715 year-over-year, reaching $43,610, and the average monthly payment increased $16 to $765 compared to the previous year.

However, Experian noticed the average interest rate for a new vehicle dropped to 6.35% this quarter, from 6.79% last year.

On the used side, the report mentioned the average loan amount saw an uptick of $875 year-over-year, coming in at $27,852 in Q2 2026, and the average monthly payment increased to $542 this quarter, from $532 last year.

Though, the average interest rate for a used vehicle fell to 11.19%, from 11.57% in the same time frame, according to tracking by Experian, which is one of the sponsors, exhibitors and speakers during Used Car Week that begins on Nov. 16 in San Diego.

Additional findings from Q2 include:

—New leasing declined from 24.04% in Q2 2025 to 23.75% in Q2 2026, while new loans increased from 57.45% to 59.57% in the same period.

—The average payment difference between a new vehicle loan and lease was $148 in Q2 2026.

—30-day delinquencies increased to 2.39% this quarter from 2.32% last year and 60-day delinquencies ticked up to 0.90% from 0.87% during the same time.

—Banks continued to lead the total automotive finance market share in Q2 2026 at 27.15%, followed by captives (26.26%), and credit unions (20.38%).

To learn more, watch the entire State of the Automotive Finance Market Report: Q2 2026 presentation on demand.