60% of Vehicles Refinanced on the Road Are Pickup Trucks
Trucks are refinanced more than any other personal vehicle type on the road and driving higher monthly refinance savings ($89 on average in 2018 for truck owners versus $77 on average for car owners), according to a new report from web-based auto refinance lending platform RateGenius.
Pickup trucks make up 60% of the vehicles refinanced year to date in 2019 versus 50% in 2015. Last year, after refinancing, pickup truck owners saved about 12% more versus car owners.
The larger the auto loan, the more of a strain it can put on your budget and some pickup truck drivers end up with payments that they struggle to afford a few years down the line.
However, the combination of truck quality, a longer vehicle life, and a good resale value all combine to create attractive refinance opportunities.
RateGenius is a fine platform for comparing refinance rates, but you should also check with your local credit union. Credit unions often have the best rates on vehicle refinancing.
If you originally got your financing through a dealer, you’re probably paying more than you should. That’s because dealer’s “mark-up” financing packaging to make money. You probably qualified for a better deal when you got the vehicle, and you almost certainly qualify for a better deal now.
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