AUSTIN, June 12, 2019 /PRNewswire/ -- 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 RateGenius report. Click for more information:
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.
"The main point of this research is to illustrate how Americans are paying for new trucks at today's prices," says RateGenius CEO Chris Speltz. "If there's a chance to drop the interest rate by a few points, even if it's years down the line, that could mean saving the truck owner hundreds or thousands of dollars. This makes refinancing almost imperative for many truck drivers," he adds.
About rateGenius Based in Austin, Texas, rateGenius is a nationwide web-based auto refinance lending platform. With a network of over 150 lenders across the country, rateGenius matches customers with the most competitive interest rates to refinance their cars, trucks, and SUVs.
RateGenius has facilitated over $7 Billion in auto loans since its inception, and counting. RateGenius' auto refinance process is quick, simple and can lower your monthly payments and save you on interest over the life of your loan. https://www.rategenius.com/apply/