RateGenius Releases October 2021 Average Auto Refinance Rate Report

September average interest rate drops again to 5.38%, the lowest of any month in 2021

Austin, UNITED STATES


AUSTIN, Texas, Oct. 14, 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 September 2021 was 5.38% –– once again the lowest out of any month so far this year after August’s previous low of 5.53%. 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: October 2021.

  • 5.38% – the overall average interest rate across all approved auto refinance loans for September – a new record monthly low for the year.
  • $102.24 – the average monthly savings for all borrowers after refinancing.
  • $24,581 – the average auto loan balance refinanced in September.

Despite borrowers of all credit tiers receiving lower interest rates on average than in August, only those with Excellent (750+) or Poor credit (<640) saw an increase in average monthly savings. Borrowers with Good (700-749) and Fair (640-699) credit saw the most notable decline in refinance savings from August to September.

OCTOBER 2021 AUTO REFINANCE REPORT FINDINGS

Average Auto Refinance Interest Rates by Month
Average interest rates by credit tier from Jan. 1 to Sept. 30, 2021, for all approved auto refinance loans in the RateGenius network.

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
All borrowers6.48% 6.21% 6.42% 6.45% 6.67% 6.63% 6.60% 5.53% 5.38% 
750+ Excellent4.14% 4.09% 4.01% 3.97% 3.95% 3.88% 3.84% 3.77% 3.71% 
700-749 Good5.00% 4.87% 4.85% 4.79% 4.86% 4.67% 4.59% 4.45% 4.38% 
640-699 Fair7.31% 6.93% 7.00% 6.81% 6.81% 6.61% 6.51% 6.10% 5.85% 
<640 Poor12.21% 11.98% 12.05% 11.56% 11.21% 11.11% 11.32% 9.33% 9.02% 

Average Monthly Auto Refinance Savings by Credit Tier
How much borrowers saved after refinancing their auto loans by credit tier from Jan. 1 to Sept. 30, 2021.

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
All borrowers$86.11$90.77$89.63$91.50$98.14$99.86$103.93$102.62$102.24
750+ Excellent$80.17$85.13$80.85$79.74$85.54$85.18$87.01$85.35$87.35
700-749 Good$85.82$87.40$89.69$91.71$94.16$102.05$104.27$105.43$101.69
640-699 Fair$90.78$98.00$94.25$97.50$104.34$104.50$107.53$108.62$105.95
<640 Poor$88.28$93.80$95.91$98.76$106.89$101.46$113.88$103.94$108.30

Monthly Average Auto Loan Balance Refinanced by Credit Tier
The average auto loan balance refinanced by credit tier from Jan. 1 to Sept. 30, 2021.

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21
All borrowers$23,222$23,220$23,271$23,391$23,639$23,950$24,265$24,110$24,581
750+ Excellent$23,652$23,553$24,651$24,119$24,541$25,220$24,720$24,705$26,232
700-749 Good$24,041$23,941$23,596$23,789$24,200$24,532$25,045$24,843$25,062
640-699 Fair$22,707$23,050$22,636$23,192$23,440$23,968$24,589$24,516$24,774
<640 Poor$21,274$21,184$21,032$23,394$21,908$21,789$22,161$21,844$22,440

October 2021: Current Auto Refinance Interest Rates
Average interest rates by credit tier and loan term for auto refinance loans this month

Credit Tier36-month term48-month term60-month term72-month term
750+ Excellentn/a2.63% 2.74% 2.99% 
700-749 Goodn/a3.08% 2.75% 2.99% 
640-699 Fairn/a6.15% 5.68% 5.67% 
<640 Poorn/a8.72% 8.83% 8.94% 

Source: RateGenius database

This month, borrowers of all credit backgrounds are getting approved for the lowest rates of the year. Borrowers with Poor credit scores are enjoying auto refi rates below 9% across all loan terms while those with Excellent credit are getting about the same as before, 2.99% and below on average.

As of this announcement, the current average overall auto refinance interest rate is down even further to 5.34%, 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
media@rategenius.com