How to Save Monthly by Refinancing Your Truck Loan
Curious about replacing your existing vehicle financing and locking in more affordable payments? RateGenius® can help.
Drivers trust RateGenius for exceptional service & savings
4.9 Stars
4.7 Stars
Refinance Basics
How Auto Loan Refinancing Works
Refinancing a truck means taking out a new loan with more attractive terms to pay off your existing loan. RateGenius helps drivers gather offers from a nationwide marketplace of lenders, find a better loan, and guide you through the steps of the refinance process.
Why Refinance
By refinancing, you can often get a lower monthly payment, which frees up cash in your budget and enables you to put more of your money toward what matters most.
If your credit score has improved since you took out your truck loan and/or prevailing interest rates have dropped, then you may be able to take advantage of a lower interest rate through a refinance, which can save you money over the life of the loan by decreasing how much you pay in interest.
Some drivers opt to refinance because they want to accelerate the loan payoff. This type of refinance increases your payment but puts you on the fast track to full truck ownership.
Unsure where you stand in terms of your credit health? Get a copy of your credit report at annualcreditreport.com. Under the Fair Credit Reporting Act, you’re entitled to one free credit report annually from each of the three major credit bureaus.
How to Know It Makes Sense to Refinance
- Consider your current loan: Find out how much you still owe on your existing loan. If you owe more than the value of your truck, refinancing is probably not a good choice.
- Determine your savings: Use an auto refinance calculator to figure out how much you can potentially save. Plug in your original loan amount, remaining balance, current interest rate and initial loan term. Then, enter your anticipated new interest rate and term for your new loan.
If you owe less on your truck than its current value, meet the requirements of various lenders, and believe you can save money monthly by refinancing, this option may be well worth it.
How Soon Can You Refinance a Truck Loan?
If you’re interested in refinancing your truck loan, you may start looking for new lenders as soon as you’d like. Believe it or not, you may be able to refinance right after you buy your truck. If you got financing through a dealer, there could be better offers out there if you shop lender marketplaces like the one built by RateGenius, which features over 150 financial institutions.
Explore Auto Loan Refinancing Offers through RateGenius
What Can Auto Refinancing Do for You?
- More Options
RateGenius has built a nationwide network of 150+ financial institutions specializing in auto loans, giving you access to a competitive marketplace, more potential offers and savings opportunities on your vehicle financing.
- Customers Love Us!
Drivers have awarded us 4.9 out of 5 stars across more than 11,000 certified customer reviews.
- Big Savings, Delivered
Refinancing a costly auto loan can create valuable space in your budget. Customers who refinance through RateGenius lower their monthly car payments, on average, by $96 per month. You often can also save money on vehicle protections like GAP and VSC as part of the refinance process. RateGenius loan specialists can help walk you through these potential savings opportunities.
- 20+ Years of Expertise
RateGenius has helped drivers make car ownership more affordable since 1999, with over 400,000 loans funded. Our staff of experienced loan specialists are here to guide you through the refinance process.
The process is simple and fast
- Start with strategy
First we get to know your refi goals, like lowering your monthly payment.
- Easy onboarding
We make registration simple. Out digital tools can identify your vehicle and current auto loan in just minutes.
- A wealth of options
We shop your current loan to our lender marketplace to help get you instantly pre-qualified for refinancing.
- In your corner
Our job is to be your advocate. We don’t show any bias toward specific lenders within our marketplace. Let the best deal win!
- Human help
Once you apply, our loan specialists are there to guide and support you through the application review, all the way to the payoff of your old loan and the funding of your new one.
Ready to lower your monthly truck payment?
If your current truck loan doesn't work for your budget, or you're simply curious if a better deal on vehicle financing is out there, RateGenius is here to help.
We help people save money on their auto loans with a network of 150+ lenders nationwide.
* This value was calculated by using the average monthly payment savings for our customers from January 1, 2023 through December 31, 2023.
We help people save money on their auto loans with a network of 150+ lenders nationwide.
* This value was calculated by using the average monthly payment savings for our customers from January 1, 2023 through December 31, 2023.