AUSTIN, Texas, June 11, 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 6.67% in May 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 lender network. Below are the top statistics from the report, which can be read in full here: Auto Refinance Rate Report: June 2021
- 6.67% - The average overall auto refinance interest rate in May 2021 for all approved auto refinance applicants
- $98.14 - The average auto refinance monthly savings for borrowers who successfully refinanced their auto loans
- $23,639 - The average auto loan balance refinanced
The May 2021 overall average auto refinance interest rate increased from April’s rate of 6.45%, and surpassed January’s high of 6.48%. Among borrowers with excellent credit, the average rate was 3.95%, the lowest rate so far this year. Despite the average interest rate hitting a 2021 high in May, borrowers were able to save the most so far this year, saving on average $98.14 per month. Further, borrowers with credit scores below 700 stood the most to gain, saving over $100 per month on average after refinancing their car loans.
2021 AUTO REFINANCE REPORT FINDINGS
Average Auto Refinance Interest Rates by Month
Average interest rates by credit tier from January 1 to May 31, 2021 for all approved auto refinance loans in the RateGenius network.
| Credit Tier | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 |
| All borrowers | 6.48% | 6.21% | 6.42% | 6.45% | 6.67% |
| 750+ Excellent | 4.14% | 4.09% | 4.01% | 3.97% | 3.95% |
| 700-749 Good | 5.00% | 4.87% | 4.85% | 4.79% | 4.86% |
| 640-699 Fair | 7.31% | 6.93% | 7.00% | 6.81% | 6.81% |
| <640 Poor | 12.21% | 11.98% | 12.05% | 11.56% | 11.21% |
Source: RateGenius database
Average Monthly Auto Refinance Savings by Credit Tier
How much borrowers saved after refinancing their auto loans by credit tier from January 1 to May 31, 2021.
| Credit Tier | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | |||||
| All borrowers | $86.11 | $90.77 | $89.63 | $91.50 | $98.14 | |||||
| 750+ Excellent | $80.17 | $85.13 | $80.85 | $79.74 | $85.54 | |||||
| 700-749 Good | $85.82 | $87.40 | $89.69 | $91.71 | $94.16 | |||||
| 640-699 Fair | $90.78 | $98.00 | $94.25 | $97.50 | $104.34 | |||||
| <640 Poor | $88.28 | $93.80 | $95.91 | $98.76 | $106.89 | |||||
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 May 31, 2021.
| Credit Tier | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | |||||
| All borrowers | $23,222 | $23,220 | $23,271 | $23,391 | $23,639 | |||||
| 750+ Excellent | $23,652 | $23,553 | $24,651 | $24,119 | $24,541 | |||||
| 700-749 Good | $24,041 | $23,941 | $23,596 | $23,789 | $24,200 | |||||
| 640-699 Fair | $22,707 | $23,050 | $22,636 | $23,192 | $23,440 | |||||
| <640 Poor | $21,274 | $21,184 | $21,032 | $23,394 | $21,908 | |||||
Source: RateGenius database
June 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 | 2.39% | 2.98% | 2.70% | 2.99% |
| 700-749 Good | - | 2.99% | 2.70% | 2.99% |
| 640-699 Fair | 6.43% | 6.55% | 6.76% | 6.53% |
| <640 Poor | - | 11.48% | 10.47% | 10.86% |
Source: RateGenius database
As of this announcement, the current average overall auto refinance interest rate for June is 6.51%. 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/e4c9d16f-c866-4619-af17-24b638cde610