Texas Drivers Refinance Auto Loans as New Vehicle Prices Top $50,000

1 articles · Updated · KSAT San Antonio · May 19

$50,000 new-vehicle prices and steep monthly bills are pushing more Texas drivers to refinance auto loans for lower payments and short-term budget relief.
Caribou said the squeeze has intensified over five years, with car prices up 22%, new-car payments up 33% and auto insurance costs up 56%, alongside higher fuel costs.
Texas borrowers who refinance through Caribou save an average of $162 a month, and some use the freed-up cash to tackle higher-interest credit card debt or reduce costs after credit scores improve.
Seven-year-plus auto loans are also becoming more common as drivers try to cut payments, but longer terms can leave borrowers barely reducing principal while vehicles depreciate.

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