Nearly 1 in 3 Drivers Struggled To Make Car Payment On Time in Past Year, New Caribou Survey Reveals

Despite widespread pressure at the dealership and growing payment strain, most Americans haven’t checked to see if they can save money on their car loan

DENVER--(BUSINESS WIRE)--Millions of car owners are caught in a double bind. Many didn’t get a good deal when they first bought their car. Nearly half (44%) felt pressured during the original financing process. Now, those same borrowers are absorbing the full force of inflation, high gas prices, and rising everyday costs with a loan that was never revisited. Caribou’s 2026 Car Loan Sentiment Survey* captures the scope of this squeeze—and finds that most borrowers have never even checked whether they could be paying less.

Key findings from Caribou’s survey of 2,000 consumers with car loans reveals how Americans view their car payments and the role it plays in their household budgets:

The financing process left many borrowers uneasy

A car often represents the second-largest monthly expense behind housing, yet the buying experience often leaves drivers feeling rushed or uncertain. The survey finds that a significant share of drivers walked away from the dealership doubting the terms they accepted.

• 44% felt moderately or very pressured during the financing process at purchase.
• 52% of Gen Z car owners felt moderate to high pressure, the highest of any age group.
• 1 in 4 owners don’t believe they got the best financing deal available to them.

Affordability is a growing problem

The sticker shock didn’t end at the dealership. Today, Americans juggle affordability challenges that have turned car payments into one of the most difficult line items in household budgets.

• 30% of owners struggled to make their car payment on time in the last 12 months.
• 22% say their monthly payment is currently difficult to afford.
• 65% have noticed car prices rise in the past year. Of those, 41% plan to keep their current vehicle longer rather than buy new.

Monthly savings would be a lifeline, not a luxury

When asked what lower monthly payments would actually mean for their households, borrowers weren’t describing vacations or splurges. For most people, financial breathing room would go straight toward stability and survival.

• 60% would use those savings to pay down other debt, 56% would build emergency savings, and 56% would cover everyday expenses.
• 85% of borrowers say saving $150 a month on their car loan would make life “significantly easier”.
• The greatest motivator for refinancing their car loan would be to lower their monthly payment, above lower interest rates.

Refinancing is an overlooked option most drivers haven’t tried

Despite widespread financial strain, most borrowers have never shopped for a better rate on their existing loan.

• Borrowers recognize the upside to refinancing: 71% cite lower monthly payments as a benefit of refinancing, 68% name lower interest rates, and 52% point to less total interest paid over the life of the loan.
• Yet, only 29% of auto loan holders have ever checked to see if they qualify for a lower rate, and only 25% say they’ve refinanced in the past.
• The gap is especially striking along gender lines. Men are nearly twice as likely to have checked their eligibility (39% vs. 20% of women), despite women in the survey reporting greater difficulty making their car payment.
• Borrowers are hesitant to refinance unless they know it’s worth the effort. Fees (47%), hassle (46%), and potential credit score impact (33%) are the top concerns keeping borrowers from acting.

"Most car owners we surveyed are carrying real financial stress, and many of them are sitting on a loan they've never questioned,” says Simon Goodall, CEO of Caribou. “That's understandable. Life gets busy, and revisiting a loan you already closed doesn't feel urgent. But the math often makes a compelling case. Checking your rate takes minutes, doesn't affect your credit score, and in this environment, that five-minute check could be worth thousands of dollars a year.”

Drivers can estimate their savings in seconds with Caribou's auto refinance calculator, and get pre-qualified in just minutes. Full survey findings are available on Caribou.com.

About Caribou

Caribou helps drivers take control of their car loan with real savings, trusted lending partners, and expert help every step of the way. With its advanced technology and friendly loan advisors, Caribou makes the auto refinancing process quick, easy, and transparent. Caribou shares the latest auto refinance trends each quarter, and current refinance rates each day, to provide the most in-depth, real-time insights about the auto refinance market. Customers save up to $162 per month by refinancing through Caribou.** The company is backed by QED Investors, Goldman Sachs, and other leading investors. Learn more at www.caribou.com.

*Caribou's 2026 Car Loan Sentiment Survey was conducted from March 27 to April 1, 2026 among 2,000 U.S. respondents to learn about how consumers financed their car loans, their attitudes regarding auto refinancing, and how their car payments impact their everyday lives. All respondents currently have a car loan on their primary vehicle.

**This information is estimated based on consumers whose auto refinance loan funded through Caribou between 1/1/2026 and 3/31/2026, had an existing auto loan on their credit report, and selected a loan offer to reduce their monthly payment.