AUSTIN, Texas, April 15, 2022 (GLOBE NEWSWIRE) -- RateGenius, an auto refinance platform, released its monthly Auto Refinance Rate Report revealing the current average interest rate has risen to 5.70% — a +0.15% increase from the previous month but still well below the average at this time last year, 6.23%.
The Auto Refinance Rate Report provides current and historical interest rate data from auto refinance applications completed within The Savings Group’s combined network of more than 180 lenders.
You can read this month’s full report here: Auto Refinance Rate Report: April 2022.
Current Auto Refinance Rates and Savings
These averages include all loan terms (36 to 72 months) and credit profiles for loans approved in the RateGenius and AUTOPAY networks over the last 30 days.
- 5.70% - Average auto refinance interest rate
- 7.24% - Average interest rate reduction
- $83.82 - Average monthly car loan payment savings
As of this announcement, here are the current average auto refinance interest rates broken down by credit tier and loan term.
| April 2022 | ||||
| 36-month term | 48-month term | 60-month term | 72-month term | |
| 750+ Excellent | 3.09% | 3.24% | 3.27% | 3.62% |
| 700-749 Good | 4.14% | 4.72% | 4.57% | 4.49% |
| 640-699 Fair | 4.87% | 6.50% | 6.52% | 6.38% |
| <640 Poor | 7.32% | 9.51% | 9.27% | 9.39% |
For up-to-date auto refinance rates, please visit: rategenius.com/auto-refinance-rates.
The report also found the current average interest rate reduction (the interest rate difference before and after refinancing) of approved loans has ticked upward, +0.14% since RateGenius released its State of Auto Refinance 2022 Report.
Auto Refinance Rates and Savings Over Time
The average overall auto refinance interest rate in March was 5.97% across all borrowers approved for refinancing. The average interest rate reduction was 6.48% and payment savings were $99.28 per month.
After rising from January to February, average monthly savings fell across the board in March ($2.55 less per month), but average savings for all borrowers ($99.28) was nearly $10 more per month than it was in March 2021.
| Average Auto Refinance Interest Rates by Credit Tier | ||||
| Credit Tier | Dec-21 | Jan-22 | Feb-22 | Mar-22 |
| All borrowers | 5.95% | 5.91% | 5.86% | 5.97% |
| 750+ Excellent | 3.64% | 3.52% | 3.53% | 3.35% |
| 700-749 Good | 4.49% | 4.46% | 4.39% | 4.53% |
| 640-699 Fair | 6.52% | 6.38% | 6.34% | 6.46% |
| <640 Poor | 9.16% | 9.28% | 9.19% | 9.54% |
| Average Interest Rate Savings/Reduction by Credit Tier | ||||
| Credit Tier | Dec-21 | Jan-22 | Feb-22 | Mar-22 |
| All borrowers | 6.86% | 6.56% | 6.46% | 6.48% |
| 750+ Excellent | 4.55% | 4.03% | 3.81% | 3.92% |
| 700-749 Good | 6.94% | 6.42% | 6.22% | 6.50% |
| 640-699 Fair | 7.81% | 7.79% | 7.66% | 7.61% |
| <640 Poor | 8.12% | 8.00% | 8.16% | 7.89% |
| Average Auto Refinance Payment Savings by Credit Tier | ||||
| Credit Tier | Dec-21 | Jan-22 | Feb-22 | Mar-22 |
| All borrowers | $101.23 | $97.93 | $101.83 | $99.28 |
| 750+ Excellent | $94.66 | $89.49 | $97.69 | $95.78 |
| 700-749 Good | $109.34 | $103.36 | $110.60 | $107.80 |
| 640-699 Fair | $105.91 | $105.35 | $104.96 | $101.20 |
| <640 Poor | $95.00 | $93.50 | $94.05 | $92.34 |
Methodology: Current average interest rates and payment savings are based on approved auto refinance applications across all loan terms (36 to 72 months) and all credit profiles over the last 30 days. Average interest rates are based on auto refinance loans approved between December 1, 2021 to April 11, 2022.
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' online application is quick, simple and available from the comfort of your home at apply.rategenius.com.
Contact:
Cristy Lynch
clynch@rategenius.com
