CarFinance.com released data on the Top Ten Most Frequently Refinanced vehicles and makes by its customers, since 2012. The report reveals that below-prime car owners, focused on lowering their interest rates and/or monthly payments through refinancing, tend to own sensible and durable vehicles. Midsized sedans with a reputation for longevity and value, such as the Nissan Altima, Honda Accord and Toyota Camry, dominate the models list, while durable domestics Chevrolet, Ford and Dodge are the top 3 brands respectively.
According to CNW Research, auto loan refinancing is predicted to grow to 14.1% of existing contracts in 2014, a 12% percentage increase since 2012, and a 228% increase since 2009.
The Top Ten Most Refinanced Vehicles: Below-Prime Car Buyers (CarFinance)
1. Nissan Altima
2. Ram 1500
3. Honda Accord
4. Toyota Camry
5. Dodge Charger
6. Ford F-150
7. Toyota Corolla
8. Chevrolet Impala
9. Chrysler 300
10. Honda Civic
The Top Ten Most Refinanced Makes: Below-Prime Car Buyers (CarFinance)
(The Top Ten Most Refinanced lists are based on 2012 and Q1 2013 data from CarFinance.com).