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RateGenius Releases August 2021 Average Auto Refinance Rate Report

·5-min read

July’s average auto loan savings after refinancing was the highest ever recorded by RateGenius, while the month also saw a new annual high for the average loan balance refinanced

RateGenius Auto Refinance Rate Report: Aug. 2021

Borrowers obtained the highest monthly savings of all-time in July, based on RateGenius records.
Borrowers obtained the highest monthly savings of all-time in July, based on RateGenius records.
Borrowers obtained the highest monthly savings of all-time in July, based on RateGenius records.

AUSTIN, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- RateGenius, a subsidiary of The Savings Group and one of the largest providers of auto refinance loans in America with more than 180 lender partners nationwide, today released its monthly Auto Refinance Rate Report, which found that the average overall auto refinance interest rate for July 2021 was 6.60%, a slight decrease from June. 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.

Borrowers were also able to obtain the highest monthly savings of all-time in July, based on RateGenius records – saving on average $103.93 per month. Consumers of all credit tiers across the board saw increased savings month-over-month.

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

  • $103.93 - The average auto refinance monthly savings for borrowers who successfully refinanced their auto loans, a new all-time high that’s on record for RateGenius.

  • 6.60% - The average overall auto refinance interest rate in July 2021 for all approved auto refinance applicants, the lowest in three months.

  • 3.84% - The average rate among borrowers with excellent credit (750+), the lowest of the year for this group.

  • $24,265 - The average auto loan balance refinanced, a new high for the year.

The overall average auto refinance interest rate decreased slightly in July from June’s average rate of 6.63%. Among borrowers with excellent credit, the average rate was 3.84%, which once again marked the lowest rate of the year so far for this subset. The current lowest approved interest rate is 2.46% for a 48-month term for borrowers with excellent credit (750+).

But among approved auto refinance applicants, those with credit scores below 700 did see slight increases in rates. In July, a 72-month loan term with a poor credit score had an average interest rate of 9.28%, while this month’s average is back up to 9.52%.

AUGUST 2021 AUTO REFINANCE REPORT FINDINGS

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

Credit Tier

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

All borrowers

6.48%

6.21%

6.42%

6.45%

6.67%

6.63%

6.60%

750+ Excellent

4.14%

4.09%

4.01%

3.97%

3.95%

3.88%

3.84%

700-749 Good

5.00%

4.87%

4.85%

4.79%

4.86%

4.67%

4.59%

640-699 Fair

7.31%

6.93%

7.00%

6.81%

6.81%

6.61%

6.51%

<640 Poor

12.21%

11.98%

12.05%

11.56%

11.21%

11.11%

11.32%

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

Credit Tier

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

All borrowers

$86.11

$90.77

$89.63

$91.50

$98.14

$99.86

$103.93

750+ Excellent

$80.17

$85.13

$80.85

$79.74

$85.54

$85.18

$87.01

700-749 Good

$85.82

$87.40

$89.69

$91.71

$94.16

$102.05

$104.27

640-699 Fair

$90.78

$98.00

$94.25

$97.50

$104.34

$104.50

$107.53

<640 Poor

$88.28

$93.80

$95.91

$98.76

$106.89

$101.46

$113.88

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

Credit Tier

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

All borrowers

$23,222

$23,220

$23,271

$23,391

$23,639

$23,950

$24,265

750+ Excellent

$23,652

$23,553

$24,651

$24,119

$24,541

$25,220

$24,720

700-749 Good

$24,041

$23,941

$23,596

$23,789

$24,200

$24,532

$25,045

640-699 Fair

$22,707

$23,050

$22,636

$23,192

$23,440

$23,968

$24,589

<640 Poor

$21,274

$21,184

$21,032

$23,394

$21,908

$21,789

$22,161

Aug. 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

-

2.46%

2.70%

2.99%

700-749 Good

-

3.09%

2.99%

2.99%

640-699 Fair

5.99%

5.58%

5.96%

6.01%

<640 Poor

-

8.82%

8.79%

9.52%

Source: RateGenius database

As of this announcement date, the current average overall auto refinance interest rate is 5.63%. 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
Corbin Mihelic
CSG
316-209-9794
media@rategenius.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14bbc8cf-8d6f-49f0-99de-6af0ed3f8ef0


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