The U.S. is seeing a spike in auto loan applications from people trying to refinance their loans.
The number of borrowers seeking to refinances is up nearly 100 percent from the same time last year.
The number of people who have applied to refinancings jumped more than 4,000 percent from January to March.
It’s the largest year-over-year increase in the number of auto refinancings.
More:Aboriginal communities are more likely to have more than half of those who apply to refins homes in California, according to a new report from the Pew Charitable Trusts.
A new report by the Pew Research Center found that the number who apply for a refinance has increased by more than 10 percent in the past six months.
That means the average refinance borrower pays about $2,200 a month in interest.
Many refinance for less than $500 a month.
For the average person, that would amount to about $6,500 a year in interest over the next six years.
That number is based on data from the Federal Reserve Bank of New York, the National Consumer Law Center and the Bureau of Economic Analysis.
It does not include the interest that a person may be charged for late payments or unpaid taxes.
Pew found that a typical homeowner who refinances has more than $6.5 million in credit card debt and more than 1.5 times the amount of home equity they have in their homes.
They also have a median income of about $75,000, which is $8,500 higher than the national median.
The median age is 40, and the median annual household income is $42,500.
That puts them in a more precarious financial position, said Brian Goss, senior vice president of finance and economics at Pew.
They are also more likely than others to have a child in college, with nearly 20 percent of borrowers ages 25 to 34 living at home.
More from NBC News:The Pew study also found that more than a quarter of people with refinance mortgages are renters, which means they rent out the home they’re refinancing in order to help pay the interest.
They make more money than they paid on the loan.
They also tend to be younger, with about one-third of borrowers between the ages of 30 and 44 living at the time of the survey.
Some of those younger borrowers, or those with lower incomes, are also far more likely in their current loan to be paying off the loan as their debt-to-income ratio drops.
That could mean more trouble down the road, especially if they’re facing a higher-interest rate due to the downturn.
The Pew report also found a substantial increase in those borrowers who had to leave the loan because they couldn’t make payments.
That’s a trend that’s become more common as more people are unable to refortify because of low interest rates.
About 25 percent of the borrowers surveyed had to give up the refinance because they could not make their payments, and another 17 percent had to refit because of a bad credit score.
About 22 percent of those with low credit scores had to move out of the loan and start over.
Puerto Rico has the highest rate of underwater homeownership among the 50 states.
Many residents there have been unable to make their monthly payments. The U