Ford led the pack among cars and trucks with owners seeking refinancing for a vehicle in the past year, but Chevrolet owners received refinancing more often.
Only Ford placed five vehicles in the top 20 of those with owners who applied for refinancing, while Chevrolet placed three in the top 10 and ranked first among manufacturers whose owners actually refinanced their cars or trucks, according to RoadLoans, the online lender.
Ford ranks second to Chevrolet among manufacturers with owners who received refinancing.
“With longer ownership cycles and the quality of even the most economical of vehicles higher than ever before, making that investment [refinancing] work for the long term can make a lot of sense,” said an auto finance industry insider. The RoadLoans.com top 10 list of vehicles with owners who applied for refinancing is dominated by mid-priced, mid-sized cars and trucks rather than luxury vehicles.
Vehicle owners who refinance tended to fall in the 500-700 credit score range, with the greatest concentration in the 550-650 range, reported RoadLoans. Vehicles ranged from 2005-2013 models.
Refinancing generally is sought by vehicle owners who want to reduce their loan interest and payments.
The Ford F-150 (5) was highest ranked among Ford vehicles with owners who sought financing, but the manufacturer was propelled to the top of the list by top 20 models Focus (13), Fusion (14), Mustang (16) and Escape (20) , according to RoadLoans data.
Chevrolet’s Malibu, Impala and Silverado pickup models all are among the top 10 vehicles with owners who applied for refinancing in the past year. The three Chevrolet models – ranked fourth, sixth and seventh, respectively – pushed the manufacturer to the top of the list of those refinanced via RoadLoans, which provides refinancing and financing for all credit types.
The top individual car models on the list of those for which owners applied for refinancing were the Nissan Altima, followed by the Toyota Camry and Honda Accord. Both Toyota and Honda joined Chevrolet with more than one vehicle in the top 10, according to RoadLoans. Also in the top 10 were the Toyota Corolla (8), Honda Civic (9) and Dodge Charger (10).
Vehicle models ranked 11-20 on the list of car and truck owners who applied for refinancing, listed in order, were: Hyundai Sonata, Ram pickup, Ford Focus, Ford Fusion, Dodge Avenger, Ford Mustang, Chrysler 300, Hyundai Elantra, Volkswagen Jetta and Ford Escape.
Meanwhile, Chrysler Group products were third on the list of carmakers with owners who received refinancing, according to the RoadLoans data. Three Chrysler Group nameplates – Dodge (3), Jeep (9) and Chrysler (10) – were among the top manufacturers with owners that applied for refinancing.
Toyota, Honda, Nissan, Hyundai and Volkswagen followed the three U.S. manufacturers.
If you need fast-and-easy vehicle financing or refinancing for a used or new car, SUV, crossover or pickup, let RoadLoans empower you to shop with confidence.
Written by:
James Mayfield is the Director of Content at Santander Consumer USA and has been creating content on financial topics for more than 10 years. In addition to writing for the Santander, RoadLoans and Chrysler Capital blog sites, his work has…
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