Upstart Auto Refinance Review
Upstart auto loans at a glance

Starting annual percentage rate (APR) | Loan terms | Loan amounts | ||
---|---|---|---|---|
Refinance auto loans | 17.99% | 24 to 84 months | $3,000 to $60,000 |
Upstart is an online platform that offers auto refinance loans starting at $3,000. Upstart doesn’t charge borrowers any upfront fees and partners with a network of auto refinance lenders. And since Upstart considers a wide variety of factors when evaluating loan applications, you may still qualify for auto loan refinancing even if you don’t have much experience with credit.
- Limited to refinancing: This lender only provides auto refinance loans, so if you’re looking to finance a new car, you’ll have to look elsewhere.
- No upfront fees: Upstart doesn’t charge its auto loan refinancing customers any fees unless your vehicle is repossessed, you make a late payment, your payment is returned or, in some cases, if you request paper copies.
- No option for co-borrowers: This lender doesn’t provide the option to apply for an auto loan with a co-borrower. If you don’t have great credit, this can make it difficult to qualify for low rates.
- Loans available in most states: Upstart offers auto refinance loans in every state except Iowa, Maryland, Nevada and West Virginia.
- Best for borrowers with a thin credit history: While some lenders may require that you have a long credit history, Upstart considers factors other than your score and background, like your education and employment. This can make it easier for those looking to refinance with bad or little credit to qualify for a loan.
Upstart auto refinancing requirements
Upstart only refinances vehicles that meet the following criteria:
- Car must be 13 years old or less
- Vehicle has a maximum of 140,000 miles
- Current loan has a balance of $3,000 to $60,000
To qualify for an Upstart loan, you must also meet the below guidelines:
- Age: Be 18 or older
- Residency: Not live in Iowa, Maryland, Nevada and West Virginia .
- Administrative: Have a U.S. address, email address and Social Security number
- Income: Have a valid source of income, including a job, job offer or another regular income source
- Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
- Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)
Upstart pros and cons
While an Upstart auto loan may be a good fit for some consumers, its downsides may be a deterrent for others.
Pros
- Doesn’t charge any upfront fees
- Loans available in most states
- Long 84-month repayment term can help lower your monthly payment
- Borrowers with little or bad credit may qualify for a loan
- Offers prequalification
Cons
- Can’t add a co-borrower to your loan application
- Only offers refinancing
- No APR discount available for autopay
With Upstart, you won’t have to worry about paying prepayment penalties or an origination fee. This lender also lets you prequalify for a car loan without impacting your credit, which is not a feature all lenders offer. You also may have an easier time qualifying for an Upstart auto loan than you would with other lenders as it accepts credit scores as low as 300.
However, one of Upstart’s drawbacks is that it doesn’t offer purchase loans for new or used cars — you can only refinance a current loan with this lender. You also can’t add a co-borrower to your loan application, so you’ll need to be able to qualify on your own.
Upstart company overview
Upstart is an online marketplace that connects consumers with lenders that may fit their financial needs. The application process is entirely online, which can make it much more convenient for borrowers who don’t want to visit a bank branch.
Unfortunately, Upstart lacks some features that other auto loan lenders offer. Aside from only providing refinance loans, Upstart doesn’t offer perks like annual percentage rate (APR) discounts. Further, unlike other lenders, Upstart also doesn’t offer special financing for cars like electric vehicles and Tesla financing.
Upstart auto loan types offered
As mentioned, you can only refinance a car with Upstart. If you need an auto loan to buy a car, you’ll have to go with a different lender or platform.
Compare auto refinance rates from top lenders in minutes
How to get an auto refinance loan with Upstart
Because Upstart is an online platform, the application process to get an auto refinance loan is straightforward. Here’s how to refinance your car loan with Upstart:
- Check your credit score: When you check your credit score, you can get an idea of the interest rates and loan terms you may qualify for. The lower your score, the higher your rates may be and you may have trouble qualifying for a larger loan amount.
- Set a budget: Before applying for a loan, it’s important to know how much you can afford to borrow. By using an auto loan calculator, you can estimate your APRs and monthly payments so you can stay within your budget.
- Check if you prequalify: Upstart offers car loan prequalification. This means that Upstart will run a soft credit inquiry to check your credit history without impacting your score.
-
Provide required documents: If you decide to move forward with an Upstart loan after being prequalified, you’ll need to provide proof of your identity, income and education. You’ll also need to collect the following required documents to verify your information:
- Copy of your vehicle registration
- Proof of insurance
- Co-owner consent form (if necessary)
- Documentation of second claim or second lien resolution
- Close on your loan: It can take one to five business days for Upstart to process your documents. Once processed, it will pay off your current auto loan in five to 15 business days. The title transfer can take two to eight weeks, depending on your state. And your first Upstart auto refinance payment will be due thirty days after your application was approved.
Is Upstart auto refinancing right for you?
If you don’t have much credit to your name or your credit score could use some work, an Upstart refinance auto loan may be a good fit for you. However, it may be worthwhile to improve your credit score before applying for a loan as you may qualify for lower rates.
How Upstart auto refinance loans compare
Even if you believe that an Upstart car loan aligns with your borrowing needs, it’s always smart to shop around and compare lenders. Here’s how Upstart stacks up against a couple of competitors.
Please note that all rates apply to auto refinance loans.
Upstart | Bank of America | RateGenius | |
---|---|---|---|
Starting APR | 17.99% | 6.09% | 4.67% |
Terms | 24 to 84 months | 48 to 72 months | 24 to 96 months |
Amount | $3,000 to $60,000 | Starting at $7,500 ($8,000 in Minnesota) | $10,000 to $150,000 |
Minimum credit score | 300 | Not specified | 580 |
Upstart has a much higher starting APR than both Bank of America and RateGenius. However, it accepts credit scores as low as 300. You also only need at least $3,000 left on your auto loan to refinance with Upstart. If you have a low credit score and not much left on your current loan, Upstart is probably the best choice of the three.
Frequently asked questions
You only need a 300+ credit score to qualify for an auto refinance loan through Upstart. Eligible college students and grads might not need credit at all.
Unlike many lenders, Upstart doesn’t charge any upfront fees on auto refinance loans. They do charge late and returned payment fees, and you’ll need to pay a fee if you’d like paper copies of your loan documents.
The APR on an Upstart auto refinance loan starts at 17.99% and can be as high as 29.99%. If you have a bad credit score, you’ll likely receive an interest rate toward the top end of Upstart’s range.
Get auto loan offers from up to 5 lenders in minutes