March 2021 auto refinance rates expected to remain low across all credit tiers

AUSTIN, TEXAS, UNITED STATES, March 16, 2021 /EINPresswire.com/ -- RateGenius, a fintech company with a proprietary consumer-lending platform, released their new monthly auto refinance rate report providing current rates for March and an analysis of 2021 auto refinance activity in the U.S. RateGenius is one of the largest providers of auto refinance loans with a dataset of thousands of anonymized completed auto refinance applications across more than 150 lender partners nationwide.

“During the last week of February into early March, we saw lenders in our network reduce their rates across all credit tiers and monthly loan terms,” says RateGenius CEO Chris Speltz. “Rates will continue to be competitive this month.”

MARCH 2021 AUTO REFINANCE REPORT FINDINGS
The current average auto refinance interest rate is 6.23%. The current average includes all loan terms and credit tiers for all approvals within the last 30 days.

For 60-month auto refinance loans, the current average rates by credit score tier are:
Excellent (750+): 2.95% APR
Good (700-749): 3.35% APR
Fair (640-699): 7.28% APR
Poor (Below 640): 11.61% APR

Find current auto refinance rates for more loan terms here: https://www.rategenius.com/auto-refinance-rates

The March auto refinance report breaks down the current average interest rates by loan term and credit tier and looks back at the average interest rates, average monthly savings, and loan balances by credit tier in January and February 2021.

Among the February 2021 findings:
The overall average auto refinance interest rate in February was 6.20%, just slightly lower than January’s average of 6.48%. Among borrowers with excellent credit, the average rate was 4.05%. The overall average auto refinance savings in February was $83 per month. Borrowers with credit scores below 700 saved $90 per month after refinancing their car loans.

Read the full report here: Auto Refinance Rate Report: March 2021

About RateGenius
RateGenius is a technology company which has created a proprietary, web-based platform that has assisted hundreds of thousands of consumers nationwide in refinancing auto loans to more favorable terms. By utilizing its network of more than 150 lenders, RateGenius has successfully facilitated more than 375,000 loans worth more than $8 billion. The company's proprietary LOS (loan origination system), educational content, and customer-experience-focused business approach have been instrumental in its success. RateGenius's online application is quick, simple, and available from the comfort of your home at apply.rategenius.com.

Cristy Lynch
RateGenius
+1 512-628-0629
pr@rategenius.com