'Top Ten Most Refinanced Vehicles' List Reveals Practical Ownership Choices by Below Prime Consumers


nissan altima (select to view enlarged photo)
2013 Nissan Altima

With auto refinancing on the rise, CarFinance.com releases its list of most refinanced vehicles; dominated by sensible, fuel-efficient, mid-sized sedans with reputation for longevity and value: Nissan Altima, Honda Accord, Toyota Camry

IRVINE, CA--June 11, 2013: With auto refinancing on the rise, CarFinance.com today 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. Mid-size 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.

"As this list indicates, these are generally sensible consumers owning practical vehicles and making prudent choices to help them weather and survive an economy that has challenged so many," said CarFinance CEO Jim Landy.  "This is not a list dominated by luxury vehicles -- quite the opposite; and, with longer ownership cycles and the quality of even the most economical of vehicles higher than ever before, making that investment work for the long term can make a lot of sense in the current economic climate."

The Top Ten Most Refinanced Vehicles: Below-Prime Car Buyers (CarFinance)


The Top Ten Most Refinanced Makes: Below-Prime Car Buyers (CarFinance)

1.

Nissan Altima 


1.

Chevrolet

2.

Ram 1500


2.

Ford

3.

Honda Accord


3.

Dodge

4.

Toyota Camry


4.

Nissan

5.

Dodge Charger


5.

Toyota

6.

Ford F-150


6.

Kia

7.

Toyota Corolla


7.

Honda

8.

Chevrolet Impala


8.

Jeep

9.

Chrysler 300


9.

Hyundai

10.

Honda Civic


10

Chrysler

The Top Ten Most Refinanced lists are based on 2012 and Q1 2013 data from CarFinance.com .

Auto refinancing, like refinancing a house, can offer an important financial opportunity for consumers -- and more and more are choosing this option.  According to CNW Research,1 auto loan refinancing could top 14.1% of existing contracts in 2014, a 12% percentage increase since 2012, and a 228% increase since 2009. CNW attributes the rise, in part, to the fact that many consumers who purchased during the recession were hit with high interest rates -- and refinancing offers the chance to lower that rate.

This, says CarFinance.com, appears to be reflected in its customer data which shows that recession-year models (2007/2008) were among the most refinanced model years (although some consumers may have purchased the vehicles used and out of their model year); and also speaks to the greater longevity of today's vehicles. The top three model years for refinanced vehicles by below prime consumers are 2008, 2010 and 2007 respectively.

With no SUVs or luxury vehicles making the top ten list, the dominance of top-selling midsize and fuel-efficient sedans, two solid trucks, and automaker brands split almost evenly between domestic and imports, the list reveals a consumer making smart refinance choices on solid vehicles that are destined to last.

Interestingly, the list diverges significantly from CarFinance.com's recently released Top Ten Most Purchased Vehicles 2 by below prime consumers, which was also full of practical vehicle choices, but included smaller, even more affordable, vehicles such as the Nissan Versa and Sentra.  According to CarFinance.com experts, this is probably a reflection both of the redesigns these vehicles have had since the recession - which enable customers to migrate to them without sacrificing too much in terms of amenities -- and a customer who is more budget conscious post-recession.

For CarFinance.com 2013 Auto Refinance Tips, click here: Below Prime Consumers .

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