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How much is an average truck payment?
I’m looking to help my son with the initial down payment for a new truck and let him manage the rest, but I want to make sure he gets something he can afford. How much should we expect a truck payments to be on average?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your son is so fortunate to have you as a parent!
The average truck payment can reach $650 or higher for a new truck, but the actual amount will differ depending on what truck you get.
The average monthly payments have increased dramatically over the last year or two but there are ways to help lower the monthly payment amount:
- Have a good credit score: those with higher credit scores often qualify for lower interest rates
- Negotiate with the lender: the payment amount isn’t finalized until you sign the contract. Have a number in mind so that you can confidently negotiate.
- Consider a longer loan term: The longer the loan term, the lower the monthly payments. However, your son will also be paying more interest overall.
- Co-sign with your son: If your son doesn’t have a high credit score established, consider being his co-signer to lower the rate
- Consider a used truck: This will help lower the total payment amount
You can also consider getting a loan in your name and having your son pay you instead if he is unable to get a loan—although you’ll be on the hook for the payments (or the hit to your credit) if he stops paying on the loan.
The monthly truck payment isn’t the only major expense to consider—there’s also
car insurance
. Thankfully, with the help of the Jerry
app, you and your son can quickly find affordable insurance rates. Jerry is the easiest and most effective way to find customized car insurance policies at the best rates. After inputting your information, you can choose from a list of the most competitive quotes right in the app. The average Jerry user saves over $800 a year on car insurance!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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