Upstart Auto Refinance
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About Upstart Auto Refinance
Upstart is an online lending platform that offers auto refinance loans to help car owners save money. The approval process takes one to two weeks, with Upstart paying off your existing loan and updating car title information. You can check your rate without any hit to your credit score. Upstart auto refinance loans are available in all states except Iowa, Maryland, Nevada and West Virginia.
Pros & Cons
- Flexible loan amounts
- No origination fee
- Terms from 24 to 84 months
- Not available in Iowa, Maryland, Nevada and West Virginia
Upstart has a simple online process for refinancing an auto loan. You can check your custom rate in minutes without any effect on your credit. There are no application, origination or prepayment fees. Loans start at $9,000.
What is Upstart auto refinance?
Upstart is a digital lending platform focused on improving borrowers’ access to credit by looking beyond applicants’ credit scores. It partners with lenders to offer personal loans and auto refinance loans. You can check your custom auto refinance rate in minutes with no effect on your credit and apply for a loan starting at $9,000. If you’re approved, Upstart pays off your current auto loan, updates the title and initiates your repayment period, which lasts from 24 to 84 months.
Upstart was started by former Google employees in 2012 and has assisted over 2.1 million people, according to the company. It's based in San Mateo, California, and offers auto refinance loans in all states except Iowa, Maryland, Nevada and West Virginia.
How does Upstart auto refinance work?
Begin the process with Upstart by checking your rate. Upstart does a soft credit inquiry, which won’t affect your credit score. If you accept your rate and move forward with an application, Upstart does a hard credit inquiry.
Upstart does have some requirements for vehicle refinancing:
- Your vehicle must be less than 10 years old.
- Your vehicle must have fewer than 140,000 miles.
- Your current loan balance must be between $9,000 and $60,000.
- Your current loan needs to be at least one month old.
You'll also need a copy of your vehicle registration, proof of car insurance, a co-owner consent form (if applicable) and proof of an open claim or second lien resolution.
It takes one to two weeks for Upstart to verify details and approve your loan. Upstart then pays off your current loan and handles changes to the title.
Your first loan payment to Upstart is due around 30 days from the loan origination date. You can set up autopay or make a one-time payment using the online dashboard. You can also send payments via check, and Upstart allows you to split your monthly payment into two or more installments.
Upstart auto refinance rates
Upstart states the maximum annual percentage rate on its auto refinance loans is 17.99%. All loans have a fixed interest rate. The range of rates varies by state, according to the company, with individual rates based on credit history, income, work experience, education and other factors. The average Upstart five-year auto refinance loan of $20,000 has an APR of 10.56%.
Upstart doesn’t charge any application, origination or prepayment fees; it only charges a fee in the event of vehicle repossession.
Upstart auto refinance FAQ
Where is Upstart auto refinance available?
Upstart auto loan refinancing is available in 46 states. It is not available in Iowa, Maryland, Nevada or West Virginia.
Is my car eligible to refinance with Upstart?
The vehicle has to be less than 10 years old and have fewer than 140,000 miles on it, and the existing loan balance must be between $9,000 and $60,000. Additionally, the current loan must be at least one month old.
How long does it take to refinance a car with Upstart?
It takes about one to two weeks for Upstart to verify details, including vehicle registration and insurance coverage, and make sure your current loan is paid off.
What documents do I need to refinance a car with Upstart?
Be prepared to upload proof of insurance, a copy of the vehicle registration, a co-owner consent form (if applicable) and proof of open claim or second lien resolution.
Does Upstart auto refinance hurt my credit?
Checking your rate does not affect your credit score. If you decide to continue with your application and accept a loan, there will be a hard credit inquiry that affects your score.
Is Upstart auto refinance legit?
Refinancing an auto loan through Upstart could help you save money by lowering your APR or reducing your monthly car payment. It doesn’t hurt your credit score to check your rate and see your offer. Still, we recommend comparing Upstart with at least several other lending companies, including online lenders and local banks and credit unions, to find the auto refinance loan that’s most financially beneficial for you.
Upstart Auto Refinance Reviews
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I'm happy with your company, but you could learn to bend a little bit. First of all I came to your company under the impression that I wouldn't have to make my first payment for 2 months once approved, not once you sent the payment to my previous lender then my payment would be due the next month. I asked why they weren't honoring their letter that was sent to me. I didn't get a good answer. Then I asked for my due date to be moved 11 days later and still not a good answer.
While the payoff portion of my refinance seemed to go smoothly at first, the company who was holding my car note did not receive the payoff check from Upstart. Thankfully, I was keeping an eye on it and reached out for help before my account was debited twice. There were several communications back and forth between Upstart, the other company, and me, and we finally got it resolved. Even though the process wasn't easy-breezy, Upstart was very communicative and responsive to me, which I appreciate.
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Awesome process from start to finish. Reduce my note and interest payment. Real stress free customer service. I’m looking forward to using them in the future. Love the line of loans options available. I’ve only made two payment so far and the automatic draft makes it easy to pay. I don’t have to worry about forgetting to make the payment. I have multiple auto loans.
From the time I was approved it was a really easy process. They were great. The only thing I would change is the fact that you have to add a bank account. There are only two options for adding the bank account linking through a 3rd party or submitting a voided check. Plaid, the 3rd party could not find my bank and I do not use checks. I would change that aspect to allow for customers to enter in their routing and account numbers.
I used Upstart for a debt consolidation loan and then an auto refinance loan. The process was pretty seamless. For the auto refinancing, I gave them the details of my car, and the lienholder, and then they worked with them. It was pretty simple. For the debt consolidation, I gave them a copy of my monthly income. It was fairly easy. They communicated through emails and it was straightforward.
Upstart is one of the best experiences I’ve ever had when dealing with financing of a vehicle. This company goes above and beyond for their customers! They are extremely patient and are willing to help you understand the process. They saved me during a hardship I was having and I am beyond grateful for Upstart. Thank you!
I did a car refinance and the process was really easy and good. I called them about questions, and they always had answers.
Upstart was offering the best rate. The lending process was all done online. I had to complete an application and submit the necessary documents. They said they’d mail the check. The application process didn’t take long at all. The whole experience was quick, seamless, and modern.
I was able to get a loan easily with Upstart. They look at other factors such as income, other than just credit score. The process was completed in a couple of days and the techs were very cooperative. People should give them a try if they can't get a loan any place else.
This process was super simple and Upstart made the process seamless. At Any time I could login and see what was going on with my application. That was the best part. When I needed to speak to a person they were easy to reach and made certain I was happy with the resolution.
Upstart Auto Refinance Company Information
- Company Name:
- Upstart auto refinance
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