Your car loan might be costing you $80 extra every month. Here's how to fix it

Car loan costs can rise quickly for Americans when interest rates remain elevated, and a new Experian analysis cited in the report highlights refinancing savings. With the Federal Reserve’s benchmark rate reaching levels not seen since 2001, auto loans were taken out at some of the highest interest rates in two decades between 2022 and 2024. Experian’s Q1 2026 automotive finance report says borrowers who refinanced in the first quarter of 2026 lowered their interest rate by an average of 2.2 percentage points and cut monthly payments by $81, for about $3,888 saved across a remaining 48-month term. The article outlines steps beginning with checking credit, considering loan-to-value using car market value and loan position, and noting the 10-day payoff figure. It also explains differences between VantageScore and FICO and emphasizes that checking your own score is a soft inquiry.