Consumers Save Record Amount in 2021 When Refinancing Car Loans
Track data over time
RateGenius reviewed historical data for anonymous auto loan refinancing applications completed between January 1, 2015 and June 30, 2021.
AUSTIN, Texas, September 30, 2021 (GLOBE NEWSWIRE) – RateGenius, one of America’s largest auto refinance loan providers with a network of more than 150 auto loan lenders on its platform, today announced that consumers saved more per month and each year this year than any other year based on data going back five years.
RateGenius has analyzed over half a million completed and anonymised auto loan refinancing applications between January 1, 2015 and June 30, 2021.
Historical automobile refinancing conditions
The Federal Reserve has kept interest rates at historically low levels since the start of the COVID-19 pandemic, which spilled over into some of the largest credit spreads and most favorable auto refinancing terms ever recorded. Average refinancing interest rates remained low throughout 2021 and declined further in the first half of the year compared to 2020 rates.
The average interest rate spread, the difference between the original loan and the refinanced loan, also hit a record high in 2021 with an interest rate cut of 6.3%, a measure that has continued. to increase every six months since the second half of 2018 when it was 4.2%.
With interest rates remaining low, monthly savings continue to increase thanks to loan refinancing. Average monthly savings at the end of June 2021 exceeded $ 92, a new all-time high since the records began in 2015. Meanwhile, the total annual auto refinancing savings for Q1 and Q2 of 2021 have remained above $ 1,200.
âWe are in the midst of a truly historic period for the auto refinancing industry, there has never been a better time for consumers to consider refinancing their auto loans,â said Christian Lavender, Product Manager at RateGenius. âThere are many reasons why consumers can end up with an unfavorable auto loan. Whether it’s not doing your research before buying a car, settling with the dealership’s default lender, improving your credit score, or just bad timing when it comes to mortgage rates. Interest, we offer consumers the opportunity to save considerable amounts of money by providing them access to a network of over 150 lenders across the country 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 auto loan refinancing applications made by customers between January 1, 2015 and June 30, 2021. This dataset included over half a million completed and anonymized auto loan refinancing applications. We looked at annual savings, changes in interest rates, average credit scores, amount of debt, breaking down the numbers by state, city and make, model and class of vehicle. If you would like to explore a story angle or specific data points that were not included in this press release, please contact Corbin Mihelic at firstname.lastname@example.org.
To view prequalified refinancing offers anonymously without having to enter any personal information, check out RateGenius’ new loan finder at rategenius.com/loan-finder.
RateGenius is a tech company that has created a proprietary web-based platform that has helped hundreds of thousands of consumers nationwide refinance auto loans on better terms. Using its network of over 150 lenders, RateGenius has successfully facilitated over 400,000 loans worth over $ 9 billion. The LOS (Loan Creation System), educational content and customer experience-driven business approach of the company were 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 market for auto finance, refinancing and protection plans. Through a network of more than 180 lenders in all 50 states, The Savings Group provides consumers with even more choices for their origination and refinanced auto loans, while ensuring loan volume growth to its network of lenders and clients. partners through an exclusive web platform. The combined company will facilitate more than $ 2 billion in auto finance transactions in 2021, with more than 550 employees between its office centers in Austin and Denver.
Corbin Mihelic – CSG
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