Most car owners know their monthly payment down to the dollar. Far fewer know their APR, add-ons, or the total cost of their loan. According to Caribou’s 2026 Blind Spots of Car Ownership Survey, 75% of car owners can’t recall how much total interest they’re paying on their auto loan. Yet 38% say the total interest on their loan is higher than they expected.

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Caribou's latest survey finds that most drivers can recite their car payment down to the dollar, but can’t recall what the rest of their auto loan is actually costing them.

Caribou’s latest survey finds that most drivers can recite their car payment down to the dollar, but can’t recall what the rest of their auto loan is actually costing them.

Key findings from this new survey of 2,000 car owners reveal what they wish they’d known, from vehicle financing to the mundane repairs that have caught them off guard.

Car owners know their monthly payment, but lose track of the total cost.

The monthly payment may be the most visible part of an auto loan, but many drivers lose track of other important details, including their APR, total interest and whether their loan includes added protection.

  • 70% of drivers can recall their exact car payment without checking paperwork.

  • Only 43% of drivers know their APR and just 25% can recall the total interest they’re paying over the course of the loan.

  • 29% of drivers can’t recall if their auto loan includes a vehicle service contract/extended warranty. 29% don’t know if they have GAP insurance.

In hindsight, drivers say they’d change how they financed their vehicles.

Many drivers say they’d make different financing decisions, especially as they continue to feel the pressure from larger and longer auto loans.

  • 47% said they’d put more money down, the most common change drivers would make.

  • 33% said they’d shop multiple lenders before signing, the second-most common response.

  • 25% of drivers said they’d choose a shorter loan term, compared with 17% who’d have chosen a longer one.

Budget anxiety, not risk, is why drivers decline protection.

For many drivers who decline optional protection, the decision comes down to what they can afford rather than risk.

  • Not being able to afford the extra monthly cost was the top reason for declining coverage, cited by 38% of drivers who skipped GAP insurance and 31% who skipped a vehicle service contract.

  • A knowledge gap could also explain why drivers decline GAP coverage. 38% of drivers incorrectly believe their standard car insurance policy would automatically cover the difference if their vehicle is totaled or stolen and they still owe more than it’s worth.

Car owners underestimate the routine, everyday vehicle expenses.

From repairs to tire replacements, the costs of keeping a car on the road continue to surprise drivers.

  • 67% of drivers report at least one unexpected car-related expense in the past 12 months; 38% say those costs added up to $500 or more.

  • The cost of a single repair (44%) and the cost of a full set of new tires (41%) topped the list of surprises that car owners say have caught them off guard.

  • 31% say their car has depreciated faster than they expected, more than double the share who say it depreciated slower than expected.

Drivers expect costs to keep climbing.

Between inflation, gas prices, and labor costs, drivers expect it’s only going to get more expensive to own a car.

  • 31% expect their monthly car-related costs to go up in the next 12 months.

  • 54% of car owners believe federal policy, from tariffs to regulation to Fed rate decisions, will have a moderate or major impact on what they pay for their vehicle over the next 12 months.

“Drivers can recite their monthly payment to the dollar, but their APR, their coverage, and what the loan actually costs them sit in a blind spot,” said Simon Goodall, CEO of Caribou. “Most people set up their financing once and never look at it again, and that’s where the overpaying happens. Pulling up your loan and checking whether your rate is still competitive takes a few minutes. It can save you real money and give you peace of mind.”

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. The company is backed by QED Investors, Goldman Sachs, and other leading investors. Learn more at www.caribou.com.

*Caribou’s 2026 Blind Spots of Car Ownership Survey was conducted from August 3-4, 2026 among 2,000 U.S. respondents to understand how drivers track their car-related expenses and the surprising or underestimated aspects of car ownership. All respondents currently have a car loan on their primary vehicle.

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