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RateGenius Releases April 2021 Average Auto Refinance Rate Report

Average overall auto refinance rates increased to 6.42% in March, saving borrowers an average of $89.63 per month

/EIN News/ -- AUSTIN, Texas, April 14, 2021 (GLOBE NEWSWIRE) -- RateGenius, one of the largest providers of auto refinance loans in America with more than 150 lender partners nationwide, today released its monthly Auto Refinance Rate Report, which found that the average overall auto refinance interest rate grew to 6.42% in March 2021. This number is an average across all loan terms (36 to 72 months) and all credit profiles for approved loans during the course of the month.

The monthly Auto Refinance Rate Report is an analysis of anonymized completed auto refinance applications and funded (closed) loans in RateGenius’s network of more than 150 lenders nationwide. Below are the top statistics from the report, which can be read in full here: Auto Refinance Rate Report: April 2021

  • 6.42% – The average overall auto refinance interest rate in March 2021 for all approved auto refinance applicants
  • $89.63 – The average auto refinance savings for borrowers who successfully refinanced their auto loans per month
  • $23,271 – The average auto loan balance refinanced

The March 2021 overall average auto refinance interest rate increased from February’s rate of 6.21%, but still trailed January’s high of 6.48%. Among borrowers with excellent credit, the average rate was 4.01%, the lowest rate so far this year. 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.

APRIL 2021 AUTO REFINANCE REPORT FINDINGS

Q1 2021: Monthly Average Auto Refinance Interest Rates
Average interest rates by credit tier from January 1 to March 31, 2021 for all approved auto refinance loans in the RateGenius network.

Credit Tier Jan-21 Feb-21 Mar-21
All borrowers 6.48% 6.21% 6.42%
750+ Excellent 4.14% 4.09% 4.01%
700-749 Good 5.00% 4.87% 4.85%
640-699 Fair 7.31% 6.93% 7.00%
<640 Poor 12.21% 11.98% 12.05%

Source: RateGenius database

Q1 2021: Average Monthly Savings and Amount Refinanced

Monthly Average Auto Refinance Savings by Credit Tier
How much borrowers saved after refinancing their auto loans by credit tier from January 1 to March 31, 2021

Credit Tier Jan-21 Feb-21 Mar-21
All borrowers $86.11 $90.77 $89.63
750+ Excellent $80.17 $85.13 $80.85
700-749 Good $85.82 $87.40 $89.69
640-699 Fair $90.78 $98.00 $94.25
<640 Poor $88.28 $93.80 $95.91

Source: RateGenius database

Monthly Average Auto Loan Balance Refinanced by Credit Tier
The average auto loan balance refinanced by credit tier from January 1 to March 31, 2021

Credit Tier Jan-21 Feb-21 Mar-21
All borrowers $23,222 $23,220 $23,271
750+ Excellent $23,652 $23,553 $24,651
700-749 Good $24,041 $23,941 $23,596
640-699 Fair $22,707 $23,050 $22,636
<640 Poor $21,274 $21,184 $21,032

Source: RateGenius database

April 2021: Current Auto Refinance Interest Rates
Average interest rates by credit tier and loan for auto refinance loans this month

Credit Tier 36-month term 48-month term 60-month term 72-month term
750+ Excellent 2.74% 2.39% 2.95% 2.99%
700-749 Good 3.61% 3.32% 3.35% 3.39%
640-699 Fair 6.16% 7.02% 6.80% 7.21%
<640 Poor 11.99% 11.64% 11.41% 12.09%

Source: RateGenius database

As of this announcement, the current average overall auto refinance interest rate is 6.42%. This is the average across all loan terms (36 to 72 months) and all credit scores (Poor to Excellent) for approved loans in RateGenius’s network over the last 30 days. For up-to-date auto refinance rates for more loan terms, please visit: https://www.rategenius.com/auto-refinance-rates

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

Media Contact

John Stavinga
CSG
610-212-8515
media@rategenius.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74f884cf-f5a7-4a3f-8a49-b122f2ff2be3

 


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Auto Refinance Rate Report: April 2021

The average overall auto refinance interest rate grew to 6.42% in March 2021