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Message:: [QUOTE="Studebaker Hawk, post: 11934199, member: 51267"]I refinanced 3 of the 5 tractors while I owned them. In all cases the interest rates had dropped, or I had a major cost (overhaul) to deal with. But, in all 3 cases, the prevailing rates at most truck lenders were very similar. The only way I could get a significantly lower rate was to borrow money against the house I owned at the time. A home equity loan applied to paying off the truck. The bank doesn't care, they have a lien against the house. If things go south and you cannot repay,  their money is safe. Truck loans, particularly for used trucks are always at higher than average interest rates. They are risky loans by lending standards.Your credit score, stability (length of time) at your operation, gross revenue, profit and loss sheet, condition of the truck and whether you have tattoos (that is a joke son) are factors in any lender determining the rate. Like has been mentioned, check to see if your loan has an early payoff penalty. It has to be clearly spelled out in the installment contract. If it does not, start applying for truck loans at the usual suspects and see what happens. I don't have a lot of optimism for finding better, particularly since the Federal Reserve is in the process of raising interest rates to battle inflation.It is affecting various well known stocks as well.[/QUOTE]