60% of Vehicles Refinanced Last Year were 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 RateGenius report.
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.
Pickup Truck Owners can learn about their refinancing options while they’re surfing the web. According to AudienceSCAN, within the last month, these consumers have used the internet to search for products they’re considering, play online games, find coupons and discount codes and check sports scores. Additionally, within the last year, these drivers have been driven to action by sponsored search results, email ads, TV commercials and direct mail ads and coupons.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on community and regional banks and credit unions, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.