#Caribou #auto refinance #monthly payments

Caribou's Rise in 84-Month Auto Refinances

In a recent analysis, Caribou, a prominent auto refinance platform, unveiled that 84-month auto refinance terms have reached unprecedented popularity among borrowers. This trend reflects the evolving financial landscape that many consumers are navigating, notably amid rising living costs and uncertain economic conditions.

Overview of the Trend

According to Caribou's updated Auto Refinance Trends Report, issued in late October 2025, the choice of 84-month terms surged as many drivers focus on lowering their monthly payments. The data, derived from refinances completed through Caribou, indicates that these borrowers gained an average savings of $179 each month in September 2025. The statistics underscore the importance of financial flexibility during a time when many Americans face heightened economic stress.

The design of these prolonged loans has, for the first time, bridged a gap between affordability and ownership, allowing borrowers to manage their finances more effectively. In light of current statistics, borrowers are opting for longer loan agreements rather than the traditional shorter terms, which may have once been viewed as the standard. The shift towards 84-month refinancing is a strategic move by consumers who grapple with rising expenditures, including auto insurance and healthcare.

Reasons Behind the Popularity

The surge in refinancing activity can be attributed to several factors. Initially, a tightening of household budgets has made it increasingly difficult for many families to manage traditional monthly payments. As interest rates have begun to ease, consumers are increasingly making informed decisions to refinance their existing loans, allowing them to save considerably on their monthly obligations.

Caribou's CEO Simon Goodall commented on this trend, stating,