Top 10 states with highest used financing penetration in Q1
Tennessee shares a border with eight states, including Kentucky, Virginia, North Carolina, Georgia, Alabama, Mississippi, Arkansas and Missouri.
And according to Experian Automotive’s first quarter data, the Volunteer State edged out several of its bordering neighbors for the highest rate of used vehicles sold in Q1 with financing attached.
Tennessee led the nation in Q1 with 85.2% of used-vehicle sales being financed. Mississippi came in No. 2 at 85.0%.
Here is the rundown of the top 10 based on data shared in Experian Automotive’s latest State of the Automotive Finance Market report:
1. Tennessee: 85.2%
2. Mississippi: 85.0%
3. Wyoming: 83.9%
4. Indiana: 83.7%
5. Kentucky: 83.6%
6. Alabama: 83.0%
7. Iowa: 82.2%
8. Nebraska: 82.2%
9. Missouri: 81.5%
10. Oklahoma: 81.5%