The Government May Not Like EVs, But Lenders Do: New Caribou Data Reveals Electric Vehicle Owners Save the Most by Refinancing Auto Loans--With A Unique Chance to Stack OBBBA and EV Savings Before Tax Credits End

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Aug 05, 2025, 09:56 ET

DENVER, Aug. 5, 2025 /PRNewswire/ -- As the federal EV tax credit sunsets September 30, new data from Caribou, a leading auto refinance platform helping drivers take control of their car loans (www.caribou.com), reveals a striking fact: while federal government support is fading, lenders appear to be doubling down on electric vehicle owners by offering them greater monthly savings through refinancing than traditional gasoline vehicle owners.

EV Scorecard (PRNewsfoto/Caribou Financial)

EV Refinancing Yields Greater Monthly Savings Than Gasoline Cars*
Nationwide, EV refinancings deliver an average saving of $166 per month, compared to $138 for gasoline vehicles—a 20% larger monthly payment reduction for electric drivers who refinance. Caribou data shows meaningful refinancing benefits can start to materialize in as little as four months of ownership—making now an ideal time to refinance for many people who purchased this year.

National Averages:

Fuel Type	Avg Refi Loan Amount	Avg Monthly Savings	Nat'l Avg Original APR	Nat'l Avg New APR	Avg FICO Score
Electric	$37,121	$166	11.43	7.75	746
Gasoline	$31,638	$138	12.98	8.21	729
Hybrid	$28,455	$133	13.51	8.14	738
Diesel	$49,424	$204	11.49	8.06	737
Analysis based on consumers whose auto refinance loan funded through Caribou between July 1, 2024 and June 30, 2025, had an existing loan on their credit report, and selected a loan offer to reduce their monthly payment.*

California Leads with Biggest EV Refinance Savings and Volume**
In California—the nation's EV capital—electric vehicle refinancing delivers an average monthly saving of $176, significantly higher than gasoline vehicles at $150 and $138 for hybrids. This underscores the growing financial advantage for EV drivers and signals a major opportunity for consumers looking to take control of their auto loans.

California Averages:

Fuel Type	Avg Refi Loan Amount	Avg Monthly Savings	Nat'l Avg Original APR	Nat'l Avg New APR	Avg FICO Score
Electric	$36,588	$176	11.34	7.77	749
Hybrid	$25,419	$138	14.12	8.64	732
Gasoline	$30,319	$150	13.01	8.20	729
Diesel	$49,482	$234	10.92	7.70	749
**Analysis based on consumers in California whose auto refinance loan funded through Caribou between July 1, 2024 and June 30, 2025, had an existing loan on their credit report, and selected a loan offer to reduce their monthly payment.

Stacking Savings: Timing Is Key for 2024 EV Buyers
Additionally, buyers of U.S.-assembled EVs purchased in 2025 and before September 30 may qualify for both the federal EV tax credit and new incentives under the One Big Beautiful Bill Act (OBBBA), creating a rare chance to stack government credits with refinance savings. Though it's important to note that recent Caribou analysis shows these government incentives aren't always as large as advertised—find those details here.

"While federal tax credits helped get many Americans into electric vehicles, the benefits don't end there," said Simon Goodall, CEO of Caribou. "Our data shows that even as government incentives sunset, refinancing delivers meaningful, ongoing financial relief for EV owners. We're witnessing a rare moment when EV drivers can combine government incentives with refinancing to achieve exceptional monthly savings. Even as federal tax credits expire, lenders are rewarding EV drivers with significant payment relief, making now the perfect time to refinance."

About Caribou
Founded in 2016 and based in Denver, CO, Caribou helps drivers take control of their car loan–with real savings, trusted lending partners, and expert help every step of the way. Through its advanced technology and friendly loan advisors, Caribou makes the entire auto refinancing process quick, easy, and transparent. See how you could save at www.caribou.com.

SOURCE Caribou Financial