While Cox Automotive recently reported that auto credit availability still remains at a record reading, RateGenius indicated another part of auto financing remains pretty healthy, too.

The platform recently released its monthly Auto Refinance Rate Report, revealing the current average interest rate on a reconfigured contract has risen 15 basis points to 5.70%. However, that rate still landed well below the average at this time last year, when it sat at 6.23%.

The Auto Refinance Rate Report provides current and historical interest rate data from auto refinance applications completed within The Savings Group’s combined network of more than 180 finance companies.

Analysts determined that the average monthly payment savings on refinanced contracts came in at $83.82.

As of this report generation on April 15, here are the current average auto refinance interest rates broken down by credit tier and contract 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%

<640 Poor

7.32%

9.51%

9.27%

9.39%

Source: RateGenius

The entire report can be view via this website.