Consumers Save Record Amount in 2021 When Refinancing Auto Loans

Data tracking over time

RateGenius reviewed historical data for anonymous and completed auto loan refinance applications between January 1, 2015 and June 30, 2021.

RateGenius reviewed historical data for anonymous and completed auto loan refinance applications between January 1, 2015 and June 30, 2021.

AUSTIN, Texas, Sept. 30, 2021 (GLOBE NEWSWIRE) — RateGenius, one of America’s largest auto refinance loan providers with a network of more than 150 auto lenders on its platform, today announced that consumers had saved more monthly and annually this year than any other year based on data going back five years.

RateGenius analyzed over half a million completed, anonymized auto loan refinance applications made between January 1, 2015 and June 30, 2021.

Historic auto refinance terms

The Federal Reserve has kept interest rates near historic lows since the start of the COVID-19 pandemic, which has resulted in some of the widest rate spreads and most favorable auto refinancing terms on record. . Average refinancing interest rates remained low throughout 2021 and declined further in the first half compared to 2020 rates.

The average interest rate spread, the difference between the original loan compared to the refinanced loan, also reached an all-time high in 2021 with interest rates falling by 6.3%, a measure that has not stopped increasing every six months since the second half of 2018 when it was 4.2%.

As interest rates remain low, monthly savings continue to grow by refinancing a loan. Average monthly savings at the end of June 2021 topped $92, a new all-time high since records began in 2015. Meanwhile, total annual auto refinance savings for the first and second quarters of 2021 remained above $1,200.

“We are in the midst of a truly historic time for the auto refinance industry, the time has never been better for consumers to consider refinancing their auto loan,” said Christian Lavender, chief product officer at RateGenius. “There are several reasons why consumers may end up with an unfavorable auto loan. Whether it’s not researching before buying a car, settling with the dealer’s default lender, seeing their credit score improve, or just being at the wrong time in this When it comes to interest rates, we offer consumers the opportunity to save significant amounts of money by giving them access to a network of more than 150 lenders nationwide to find a better loan.

For up-to-date auto refinance rates for more loan terms, please visit: https://www.rategenius.com/auto-refinance-rates

RateGenius analyzed data on customer requests for auto loan refinance made between January 1, 2015 and June 30, 2021. This dataset included over half a million completed and anonymized auto loan refinance applications. We looked at annual savings, interest rate changes, average credit scores, amount of debt, breaking down the numbers by state, city, and vehicle make, model, and class. If you would like to explore a story angle or specific data points that have not been included in this press release, please contact Corbin Mihelic at [email protected]

To view pre-qualified refinance offers anonymously without having to enter any personal information, check out RateGenius’ new loan finder at rategenius.com/loan-finder.

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 400,000 loans worth over $9 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.

About the Savings Group
The Savings Group, parent company of RateGenius and AUTOPAY, is the most diverse consumer marketplace for auto finance, refinance and protection plans. Through a network of more than 180 lenders in all 50 states, The Savings Group offers consumers even more choices for originating and refinancing auto loans, while delivering loan volume growth to its network of lenders and to its partners via a proprietary web platform. The combined company will facilitate more than $2 billion in auto finance transactions in 2021, with more than 550 employees between its Austin and Denver office centers.

Media Contact
Corbin Mihelic – CSG
316-209-9794
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/acde5e48-e0fc-47a3-94da-e4b227660bbe