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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

RateGenius Releases September 2021 Average Auto Refinance Rate Report

September 9, 2021 GMT

AUSTIN, Texas, Sept. 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 August 2021 was 5.53%, the lowest out of any month so far this year. 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:September2021.

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  • 5.53% – the overall average interest rate across all approved auto refinance loans for August – a new record monthly low for the year.
  • $102.62 – the August average monthly auto refinance savings, which dipped slightly from July’s all-time high of $103.92.
  • $24,110 – the average auto loan balance refinanced in August.

Despite borrowers of all credit tiers receiving lower interest rates on average than the previous month, only those with credit scores between 640-749 (covering Good and Fair credit tiers) saw an increase in average monthly savings. Subprime borrowers (<640 credit score) saw the biggest decline in refinance savings from July to August, from $113.88 to $103.94, even as interest rates decreased by 1.99% during the same period.

SEPTEMBER 2021 AUTO REFINANCE REPORT FINDINGS

Average Auto Refinance Interest Rates by Month
Average interest rates by credit tier from Jan.1 toAug.31, 2021,for all approved auto refinance loans in theRateGeniusnetwork.

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Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21
All borrowers6.48%6.21%6.42%6.45%6.67%6.63%6.60%5.53%
750+ Excellent4.14%4.09%4.01%3.97%3.95%3.88%3.84%3.77%
700-749 Good5.00%4.87%4.85%4.79%4.86%4.67%4.59%4.45%
640-699 Fair7.31%6.93%7.00%6.81%6.81%6.61%6.51%6.10%
&lt;640 Poor12.21%11.98%12.05%11.56%11.21%11.11%11.32%9.33%

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

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21
All borrowers$86.11$90.77$89.63$91.50$98.14$99.86$103.93$102.62
750+ Excellent$80.17$85.13$80.85$79.74$85.54$85.18$87.01$85.35
700-749 Good$85.82$87.40$89.69$91.71$94.16$102.05$104.27$105.43
640-699 Fair$90.78$98.00$94.25$97.50$104.34$104.50$107.53$108.62
&lt;640 Poor$88.28$93.80$95.91$98.76$106.89$101.46$113.88$103.94

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

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21
All borrowers$23,222$23,220$23,271$23,391$23,639$23,950$24,265$24,110
750+ Excellent$23,652$23,553$24,651$24,119$24,541$25,220$24,720$24,705
700-749 Good$24,041$23,941$23,596$23,789$24,200$24,532$25,045$24,843
640-699 Fair$22,707$23,050$22,636$23,192$23,440$23,968$24,589$24,516
&lt;640 Poor$21,274$21,184$21,032$23,394$21,908$21,789$22,161$21,844

September 2021: Current Auto Refinance Interest Rates
Average interest rates by credit tier and loan for auto refinance loansthis month

Credit Tier36-month term48-month term60-month term72-month term
750+ Excellent-2.48%2.74%2.99%
700-749 Good-2.39%2.99%3.09%
640-699 Fair6.10%6.12%5.94%5.90%
&lt;640 Poor-8.77%8.25%9.17%

Source:RateGeniusdatabase

Auto refinance rates over the last 30 days have remained competitive across all credit tiers and loan terms, especially for borrowers with credit scores below 700 interested in 60- and 72-month loan terms.

As of this announcement, the current average overall auto refinance interest rate is 5.51%, which is down 0.12% since last month’s report and the lowest it’s been all year. 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 400,000 loans worth more than $9 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
cmihelic@wearecsg.com