Truck Refinancing (August 2025)
Refinance Your Truck Fast and Easy with Way!
Save up to $1850 per Year
APR as low as 5.74%
View your pre-qualified rates* in under a minute!
Have you ever gotten behind the wheel of your truck and wondered, “God, I love this truck”? No matter how attached you are to your truck, it's not great to spend too much on it - especially to pay off your auto loan! If you're servicing a truck loan with high APRs and monthly payments, truck refinancing can help you get a better deal.
Refinancing a truck through Way.com is a fast and easy way of saving money on your truck’s auto loan. No matter the model and type of truck, refinancing will help you lower your monthly payments, change your loan term, and save money in the process!
What is Truck Refinancing?
Truck refinancing is the process of taking out a new auto loan with better terms and conditions to replace your existing auto loan. The new truck loan essentially pays off the outstanding amount and replaces it with a lower APR, a longer term, or both.
With truck refinancing, you can reduce your monthly payments by up to $100, get a better deal than your original loan, or even get cash in hand for immediate expenses. You can also add Guaranteed Asset Protection (GAP) and an Extended Service Contract to protect your truck from unforeseen accidents.
Why Should I Refinance My Truck?
When you first buy a commercial/semi-truck using bank financing or dealership lending, you may have gotten a lousy loan deal with a high APR, resulting in higher monthly payments. You may not have a choice in selecting the loan either, because of their financing criteria like:
- Credit Score
- Payment History
- Vehicle Eligibility
However, after servicing the loan for a while, you may have improved your financial standing. If you have been consistent in your payments, been responsible with your finances, and improved your credit score, you may be eligible for semi-truck refinancing. You may also want to reduce the high monthly payment to take stress off your wallet.
Refinancing your commercial truck through Way.com can help you compare rates from multiple lenders, choose deals that have favorable terms (like co-borrowers, auto payments, etc.), and even get cash-out refinancing for immediate expenses.
When Should You Consider Truck Refinancing?
You can consider refinancing your truck in the following cases:
- If your credit score has improved
- If you’ve become eligible for a better loan
- If your monthly expenses have increased
- If you want to add a co-signer to your loan
- If your car has become old and is not worth the high monthly payments
Truck Refinance Rates (June 2023)
Initiating the process of refinancing your truck needs a thorough comparison of auto refinance rates. This will help assess the rates across different lenders and understand them before committing to refinancing your truck.
| Lender | Est. APR | Loan amount | Min. credit score |
|---|---|---|---|
| RefiJet | 3.49 - 28.00% | $6,000 - $120,000 | 560 |
| Caribou | 5.99 - 38.00% | $12,000 - $135,000 | 630 |
| RateGenius | 4.99 - 22.00% | $9,000 - No max. | 560 |
| LendingClub | 5.99 - 25.99% | $5,000 - $65,000 | 670 |
| Consumers Credit Union | 6.54 - 22.24% | $8,500 - $600,000 | 630 |
| Upstart | 12.17 - 30.99% | $6,000 - $70,000 | 520 |
| MyAutoloan | 1.99 - 22.00% | $6,000 - $110,000 | 585 |
| Ally | 9.54 - 24.49% | $8,500 - $100,00 | 530 |
| LightStream | 9.74 - 17.19% | $6,000 - $110,000 | 670 |
| Tresl | 4.99 - 22.00% | $9,000 - No max. | 560 |
| Autopay | 4.99 - 22.00% | $9,000 - No max. | 570 |
| OpenRoad | 5.29 - 29.00% | $8,500 - $110,000 | 510 |
| iLending | 5.74 - 24.00% | $8,500 - $160,000 | 570 |
| Gravity Lending | 5.49 - 15.99% | $11,000 - $210,000 | 590 |
| Lending Arts | 6.44 - 22.00% | $6,000 - $160,000 | 560 |
| PenFed Credit Union | 6.29 - 18.99% | $11,000 - $110,000 | Did not disclose |
| Bank of America | Not available | $8,500 - Max. not disclosed | Did not disclose |
| Digital Federal Credit Union | 7.24 - 15.99% | $3,500 - $600,000 | 610 |
| Alliant Credit Union | 7.52 - 27.40% | $5,000 - $1,200,000 | Did not disclose |
| Navy Federal Credit Union | 5.54 - 19.00% | $253 - No max. | Did not disclose |
How much can you Refinance?
What you can refinance depends on your truck's worth. Lenders base loan terms on Loan-to-vehicle (LTV). Lower loan-to-truck value ratios reduce lender risk. Lower risk means better borrowing conditions.
Multiple factors determine your truck's value. Based on the (Vehicle identification number) VIN, your truck's manufacturer, model, year, and mileage are considered. VINs are unique numbers that identify truck types. This is the first set of information required to obtain the value of your truck. Next, you would be required to provide details regarding how much you use your truck, its mileage, and its features.
- Mileage: The truck lasts longer and is worth more with lesser mileage. These factors impact lender risk. If your truck has less than 150,000 kilometers (about 93205.68 mi), it may qualify for refinancing.
- Features: Standard VIN and manufacturer features will be reviewed when valuing your truck. This is the time to highlight all the special features of your truck. An accurate vehicle description will help lenders determine the value of your truck. This will, in turn, aid in raising the value over the base amount.
What Kinds of Truck Refinancing Are There?
There are refinancing options for almost all types of trucks in the market. Some common types include:
- Light truck
- Heavy truck
- Semi-truck
- Dump truck
- Commercial truck
What Do You Need to Refinance a Truck?
Before applying, ensure you have the following loan details ready:
- Your credit score: A score over 660 will net you much better APRs than your existing loan. Many credit bureaus offer a free credit report every year.
- 14-day payoff amount: The amount you owe to completely pay off the loan.
- Car Loan-to-value ratio: Ensure that you are not “underwater” on your car loan (owing more than what the car is worth)
- Loan term remaining: Ideally, you should have more than a year left on the existing loan – otherwise, it may not be worth refinancing.
- Prepayment penalty: Ensure that your existing loan provider will not penalise you for paying off the loan early.
Besides, also have your personal details ready, like:
- Car information: VIN, title, registration, number, and mileage
- Income information: Salary slips, pay stubs, and tax returns
- Personal information: Driver’s license and Social Security Number
How do I refinance my truck?
Step 1: Calculate how much you can save
Use an auto loan refinance calculator to input your desired APR, new loan term, and check whether your truck is worth refinancing. If the calculator shows that you can save a significant amount of money by refinancing, you can go ahead.
Step 2: Apply to refinance lenders with Way.com
Start shopping for auto refinancing by checking with banks, online lenders, and credit unions. Online refinance aggregators are a great option if you want to compare rates from multiple lenders. Some of them also offer a pre-approval through a soft credit inquiry which won’t affect your credit score.
Step 3: Choose an offer and save
Once you find an offer you like, complete the application and submit all the required documents. There will be a hard credit inquiry which will temporarily affect your credit score. However, it will increase once you’re consistent in your payments.
Your estimated monthly loan payment is
$684.10/mo
Monthly savings
$55.90
Difference in interest
$2683.20
How do I know if my truck will qualify for refinancing?
Your truck will have to meet certain vehicle criteria to be eligible for refinancing.
a. Vehicle Age: Most refinance lenders have a vehicle age limit of 10-12 years. As long as you are within this range, you will get qualified for refinancing your truck.
b. Mileage: Any vehicle that has less than 150,000 miles on it can qualify for refinancing.
c. Model and make: Some lenders will not refinance electric vehicles, hybrids, or models that have been phased out.
What if you have been turned down for your truck's refinance?
Getting your refinance application rejected is a painful experience, but don't dishearten yourself. Here are a few pointers that can help you take the next step:
Identify the reason for rejection
You need to understand the cause of your refinance application being denied. If you can pinpoint the reason, you can improve your chances the next time you apply. Normally, the common reasons for refinance rejection could be:
- Low credit score
- Not meeting the minimum loan-to-income requirements
- Your credit history may have some negative points
- Your loan amount might be enormous
If you cannot identify the problem, you can always ask your lender for an explanation. As a customer, you can get your queries clarified within 60 days of the denial.
Improve credit score
Often, refinance applications are denied due to low credit scores. Check your credit reports; if it shows late or defaulted payments, your application may get rejected. Take timely steps to improve your credit score by paying your monthly payment on time.
Improve your eligibility
Your loan eligibility depends on many factors, but debt-to-income ratio and credit score are the most important. Low credit ratings are a major reason for loan rejections. Credit scores range from 300 to 900. A credit score of 670 or higher is good and can improve loan acceptance chances.
Loan applications also include your debt-to-income ratio, which shows your ability to pay back the new loan while managing your present debt. Divide your monthly debt by your income (gross) to obtain your debt-to-income ratio.
Prequalify with other lenders
You should prequalify with many lenders because loan eligibility requirements vary. When you prequalify, the lender provides your loan amount and interest rate if approved. You can bargain with other lenders using this info.
Pay off debt
Paying down debt will considerably improve your debt-to-income ratio, increasing your refinance loan acceptance chances. Pay down your smallest debt first and make minimum payments on the remainder.
What are the benefits of GAP and ESC?
Another advantage of refinancing your truck is that you can add new insurance components to the loan. The most important add-ons are GAP and ESC.
- Guaranteed Asset Protection (GAP) protects you if your car is completely totalled in an accident and you are left to pay off a loan that is more than the value of the car at the time of the accident. In short, GAP covers the difference between the vehicle’s worth (paid for by your existing insurance company) and the actual amount you owe on it.
- Extended Service Contract (ESC) is an additional warranty that covers any mechanical failure, engine issues, and electrical problems your truck may face after the manufacturer’s warranty expires. This helps mitigate any unexpected financial expenses on your truck.
Can I refinance a truck with bad credit?
Having a bad credit score may result in higher APRs while refinancing your truck. However, you can still refinance and get a moderately good credit score if you follow some of the guidelines below.
- Evaluate your credit history before refinancing your truck. If you have been inconsistent in payments, ensure you rectify them before applying.
- Get a free copy of your credit report and analyse it to see how you can improve your score.
- You can refinance a truck even with bad credit if you make a larger down payment. That may help you qualify for a lower APR.
- Use online refinance lending aggregators to search and compare different offers based on a soft credit inquiry.
Why choose Way.com to refinance your truck
We understand how hard it is to finance and maintain your truck. We want to make vehicle ownership affordable for everyone! No matter what type of refinancing you require for your truck, Way.com works with multiple lenders to find the best deals and save you money!
Use Way.com to easily compare the best rates and lenders for your truck – all in just a few minutes. In addition, we’ll also help you find refinancers that provide additional insurance, 100% online application process, and excellent customer support.
Way.com has a 4.5 rating on Trustpilot, with more than 3 million satisfied customers. The Way app also has a 4.7 rating on Google Play and 4.9 on the iOS app store.
Auto Refinance Methodology
The auto refinance rates published in this guide are based on the results of research completed by Way.com’s data team. Using public data, we averaged these rates across various segments. Given these auto refinance rates are averages, please contact our agents for a personalized quote to you.
Truck Refinancing: Frequently Asked Questions
Can I refinance my truck?
Yes, you can. You can refinance your truck as soon as you find a lender who will agree to the new loan. But ideally, lenders accept a refinancing application after six to twelve months of on-time payments.
What do I have to do to refinance my truck?
Then initial step would be to get yourself pre-qualified. Then choose your deal and complete your credit application. If you like the offer, submit a credit application. Then sign your contract and submit the required documents. The rest will be taken care of the lender.
When can I refinance my truck?
If you've had credit problems before, you should wait at least a year before refinancing. So you'll have time to show that you pay your bills on time.
Will refinancing my truck hurt my credit score?
Some refinance lenders offer a pre-approval process, which will only have a soft credit inquiry. For lenders that do not offer pre-approval, the hard inquiry will temporarily reduce your credit score by a few points. However, you can easily make it up through consistent monthly payments.
How many times can I refinance my truck?
There is no legal limit to how many times you can refinance your truck, but we don’t recommend doing it more than twice. Each time you refinance, you may come across as financially irresponsible and lenders may be more hesitant indulge you.
Can you refinance a truck lease?
Yes, some lenders also allow refinancing for lease buyouts, which allows you to purchase the car at the end of the lease contract.
What is refinancing a truck?
When you finance a truck, you agree to pay the interest rate for a certain loan term every month. Now, if at some point you think the loan is a burdening expense or want to change the current factors, the best option is to refinance your truck. It's swapping your existing truck loan for another loan with some savings.
What happens when you refinance a truck loan?
Truck refinancing lets you get a new car loan to replace your old one. Loan terms are the key reason to refinance. Refinancing might cut your interest rate or extend your loan term if you need more time to pay it off.
The new lender pays off the old one when you refinance. Then, you pay the new lender according to the loan terms.
Do you find Auto refinance complex? Here is the ultimate Auto Refinance FAQ Guide with answers to all your questions!