RateGenius Releases November 2021 Average Auto Refinance Rate Report

October average interest rate drops again to 5.37%, the lowest of any full month in 2021


AUSTIN, Texas, Nov. 19, 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 October 2021 was 5.37%, which was once again the lowest out of any cumulative 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 over 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: November 2021.

  • 5.37% – the overall average interest rate across all approved auto refinance loans for October – a new record monthly low for the year.
  • $103.79 – the average monthly savings in October for all borrowers after refinancing, second to July’s record high of $103.93.
  • $24,760 – the average auto loan balance refinanced in October.

All credit ranges — except Poor — saw an increase in the average monthly savings. Average monthly savings for borrowers with Excellent credit were the highest this year at $93.02. The average auto loan balance refinanced has been steadily increasing throughout 2021. October’s overall average, $24,760, is the highest this year.


Average Auto Refinance Interest Rates by Month
Average interest rates by credit tier from Jan. 1 to Oct. 31, 2021, for all approved auto refinance loans in the RateGenius network.

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21
All borrowers6.48% 6.21% 6.42% 6.45% 6.67% 6.63% 6.60% 5.53% 5.38% 5.37% 
750+ Excellent4.14% 4.09% 4.01% 3.97% 3.95% 3.88% 3.84% 3.77% 3.71% 3.73% 
700-749 Good5.00% 4.87% 4.85% 4.79% 4.86% 4.67% 4.59% 4.45% 4.38% 4.30% 
640-699 Fair7.31% 6.93% 7.00% 6.81% 6.81% 6.61% 6.51% 6.10% 5.85% 5.74% 
<640 Poor12.21% 11.98% 12.05% 11.56% 11.21% 11.11% 11.32% 9.33% 9.02% 9.03% 

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

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21
All borrowers$86.11$90.77$89.63$91.50$98.14$99.86$103.93$102.62$102.24$103.79
750+ Excellent$80.17$85.13$80.85$79.74$85.54$85.18$87.01$85.35$87.35$93.02
700-749 Good$85.82$87.40$89.69$91.71$94.16$102.05$104.27$105.43$101.69$103.92
640-699 Fair$90.78$98.00$94.25$97.50$104.34$104.50$107.53$108.62$105.95$109.87
<640 Poor$88.28$93.80$95.91$98.76$106.89$101.46$113.88$103.94$108.30$102.18

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

Credit TierJan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21
All borrowers$23,222$23,220$23,271$23,391$23,639$23,950$24,265$24,110$24,581$24,760
750+ Excellent$23,652$23,553$24,651$24,119$24,541$25,220$24,720$24,705$26,232$26,196
700-749 Good$24,041$23,941$23,596$23,789$24,200$24,532$25,045$24,843$25,062$25,255
640-699 Fair$22,707$23,050$22,636$23,192$23,440$23,968$24,589$24,516$24,774$25,201
<640 Poor$21,274$21,184$21,032$23,394$21,908$21,789$22,161$21,844$22,440$22,877

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

Credit Tier48-month term60-month term72-month term 
750+ Excellent2.93%2.59%2.70% 
700-749 Good3.99%2.73%3.00% 
640-699 Fair5.38%5.51%5.65% 
<640 Poor10.02%9.80%8.75% 

Source: RateGenius database

Across all credit tiers, auto refinance interest rates are still near record lows. Borrowers with Excellent (750+) and Good (700-749) credit scores can secure rates 3.00% and below for most loan terms. The exception is a 48-month loan for borrowers with Good credit which has a current average interest rate of 3.99%.

As of this announcement, the current average overall auto refinance interest rate is 5.36%. 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