AUSTIN, Texas, July 09, 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 for June 2021 was 6.63%. 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.
But as of this announcement, the current average overall auto refinance interest rate for July had fallen even further to 5.67%. June 2021 also had the highest approval rate on record, as 38% of all applicants were approved for auto loan refinancing during 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: July 2021.
- 6.63% - The average overall auto refinance interest rate in June 2021 for all approved auto refinance applicants
- 38% - The percentage of applicants who were approved for auto refinancing in June 2021 (an all-time record)
- $99.86 - The average auto refinance monthly savings for borrowers who successfully refinanced their auto loans
- $23,950 - The average auto loan balance refinanced
The overall average auto refinance interest rate decreased slightly in June from May’s average rate of 6.67%. Among borrowers with excellent credit, the average rate was 3.88%, which once again marked the lowest rate of the year so far for this subset.
Borrowers were also able to save the most so far this year in June, saving on average $99.86 per month. And for the first time this year, borrowers with credit scores below 700 saved $100+/month refinancing their car loans.
JULY 2021 AUTO REFINANCE REPORT FINDINGS
Average Auto Refinance Interest Rates by Month
Average interest rates by credit tier from January 1 to June 3, 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 | ||||||
| All borrowers | 6.48% | 6.21% | 6.42% | 6.45% | 6.67% | 6.63% | ||||||
| 750+ Excellent | 4.14% | 4.09% | 4.01% | 3.97% | 3.95% | 3.88% | ||||||
| 700-749 Good | 5.00% | 4.87% | 4.85% | 4.79% | 4.86% | 4.67% | ||||||
| 640-699 Fair | 7.31% | 6.93% | 7.00% | 6.81% | 6.81% | 6.61% | ||||||
| <640 Poor | 12.21% | 11.98% | 12.05% | 11.56% | 11.21% | 11.11% | ||||||
Average Monthly Auto Refinance Savings by Credit Tier
How much borrowers saved after refinancing their auto loans by credit tier from January 1 to June 30, 2021.
| Credit Tier | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | Jun-21 | ||||||
| All borrowers | $86.11 | $90.77 | $89.63 | $91.50 | $98.14 | $99.86 | ||||||
| 750+ Excellent | $80.17 | $85.13 | $80.85 | $79.74 | $85.54 | $85.18 | ||||||
| 700-749 Good | $85.82 | $87.40 | $89.69 | $91.71 | $94.16 | $102.05 | ||||||
| 640-699 Fair | $90.78 | $98.00 | $94.25 | $97.50 | $104.34 | $104.50 | ||||||
| <640 Poor | $88.28 | $93.80 | $95.91 | $98.76 | $106.89 | $101.46 | ||||||
Monthly Average Auto Loan Balance Refinanced by Credit Tier
The average auto loan balance refinanced by credit tier from January 1 to June 30, 2021.
| Credit Tier | Jan-21 | Feb-21 | Mar-21 | Apr-21 | May-21 | Jun-21 | ||||||
| All borrowers | $23,222 | $23,220 | $23,271 | $23,391 | $23,639 | $23,950 | ||||||
| 750+ Excellent | $23,652 | $23,553 | $24,651 | $24,119 | $24,541 | $25,220 | ||||||
| 700-749 Good | $24,041 | $23,941 | $23,596 | $23,789 | $24,200 | $24,532 | ||||||
| 640-699 Fair | $22,707 | $23,050 | $22,636 | $23,192 | $23,440 | $23,968 | ||||||
| <640 Poor | $21,274 | $21,184 | $21,032 | $23,394 | $21,908 | $21,789 | ||||||
July 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 | 2.48% | 2.52% | 2.70% | 2.99% |
| 700-749 Good | - | 3.14% | 3.06% | 2.99% |
| 640-699 Fair | 6.21% | 5.77% | 6.15% | 5.99% |
| <640 Poor | - | 9.37% | 8.79% | 9.28% |
Source: RateGenius database
Currently for July, the average overall auto refinance interest rate is 5.67%. 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