RateGenius Releases April 2022 Auto Refinance Rate Report

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AUSTIN, Texas, April 15, 2022 (GLOBE NEWSWIRE) — RateGenius, an auto refinance platform, has released its monthly auto refinance rate report revealing that the current average interest rate has risen to 5.70% – a increase of +0.15% over the previous month, but still well below the average at this time last year, 6.23%.

The Automatic Refinance Rates Report provides current and historical interest rate data for completed automatic refinance applications within The Savings Group’s combined network of over 180 lenders.

You can read this month’s full report here: Automatic Refinance Rate Report: April 2022.

Current auto refinance rates and savings

These averages include all loan terms (36-72 months) and credit profiles for loans approved in RateGenius and AUTOMATIC PAYMENT networks in the last 30 days.

  • 5.70% – Average auto refinance interest rate
  • 7.24% – Reduction of the average interest rate
  • $83.82 – Average monthly savings on car loan payment

At the time of this announcement, here are the current average auto refinance interest rates broken down by credit level 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%
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 revealed that the current reduction in the average interest rate (the difference in interest rates before and after refinancing) of approved loans has increased, +0.14% since RateGenius published its 2022 State of Auto Refinance Report.

Automatic refinance rate and savings over time

The overall average auto refinance interest rate in March was 5.97% for all borrowers approved for refinance. The average interest rate reduction was 6.48% and the payment savings were $99.28 per month.

After increasing 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 in March 2021.

Average auto refinance interest rates by credit level
Credit level December 21 Jan-22 February 22 March 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%
9.16% 9.28% 9.19% 9.54%
Average Interest Rate Savings/Reductions by Credit Tier
Credit level December 21 Jan-22 February 22 March 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%
8.12% 8.00% 8.16% 7.89%
Average savings on automatic refinance payments by credit level
Credit level December 21 Jan-22 February 22 March 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
$95.00 $93.50 $94.05 $92.34

Methodology: Current average interest rates and payment savings are based on approved auto refinance applications for all loan terms (36-72 months) and all credit profiles over the past 30 days. Average interest rates are based on auto refinance loans approved between December 1, 2021 and April 11, 2022.

About RateGenius

RateGenius is a technology company that created a proprietary web-based platform that has helped hundreds of thousands of consumers nationwide refinance auto loans on more favorable terms. Using its network of over 150 lenders, RateGenius has successfully facilitated over 375,000 loans worth over $8 billion. The company’s LOS (lending system), educational content and customer experience-focused business approach have been instrumental in its success. The RateGenius online application is fast, simple and available from the comfort of your home at apply.rategenius.com.

Contact:
Cristy Lynch
clynch@rategenius.com


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