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Upstart auto loan refinance review

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Upstart Auto loan refinance
Finder score
Min. Loan Amount
Max. Loan Amount
6.96% to 29.99%

Our verdict

This nontraditional lending platform now offers auto loan refinancing with prequalfication and few fees.

Upstart uses over 1,000 factors in its auto loan refinance underwriting process to determine eligibility. It offers a short application process that integrates with the DMV to pull your car's details. If you qualify, you'll see an offer minutes after the quick application and soft credit check. Your loan's terms depend on your state, credit score and vehicle — but max rates are high compared to competitors.

Best for: Quick funding, if you're ready to personally guarantee the loan.


  • Bad and fair credit OK
  • Prequalification available


  • Late fees
  • High max rates
  • Not available in MD

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question


Product details

Min. Loan Amount $9,000
Max. Loan Amount $60,000
APR 6.96% to 29.99%
Interest Rate Type Fixed
Requirements Annual income of at least $12,000, 18+ years old, vehicle is less than 12 years old and has less than 140,000 miles,No bankruptcies or public records on credit report within the past 3 years,No accounts that are currently in collections
Upstart is among the companies affected by the unexpected shutdown of Silicon Valley Bank on March 10, 2023. The FDIC issued a press release announcing that accounts for companies like Upstart are insured for up to $250,000, with plans to pay dividend payments to depositors of more than $250,000 as the government sells off SVB’s assets. We will edit this review with timely details as information becomes public.

Upstart reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.2 out of 5 stars, based on 182 customer reviews
BBB customer complaints 349 customer complaints
Trustpilot Score 4.9 out of 5 stars, based on 38,930 customer reviews
Customer reviews verified as of 08 November 2022

Upstart is accredited with the Better Business Bureau (BBB) and holds the highest possible rating of A+. Reviews on BBB aren’t great, with a low star rating. The auto loan refi product is new, so nearly all reviews reflect other products, such as personal loans and debt consolidation. Most of the reviews on BBB describe issues with repayment, high rates, disappointment with not being approved and struggles with the hardship repayment options.

On the flipside, Upstart’s Trustpilot rating is impressive with a 4.9-star rating — one of the highest we’ve seen for a lending platform. There are over 38,000 reviews, with 97% being 5-star. Less than 1% of the reviews on Trustpilot are 1-star, many of which cite poor customer service and being unhappy with the late fees. Nearly all reviews are in reference to other products or the company as a whole.

But we’re taking these negative reviews with a grain of salt. The vast majority of reviews cite fast service, quick turnaround, great customer service, helpful staff, easy application and a hassle-free experience overall.

How Upstart compares to other lenders

If you have decent credit, you may be able to qualify for lower rates with other lenders or lending marketplaces. Select Go to site to learn more about a specific lender or marketplace.

Name Product Filter Values Minimum credit score APR Loan term Requirements
Upstart Auto loan refinance
6.96% to 29.99%
2 to 7 years
Annual income of at least $12,000, 18+ years old, vehicle is less than 12 years old and has less than 140,000 miles,No bankruptcies or public records on credit report within the past 3 years,No accounts that are currently in collections
LendingClub Auto Refinancing
LendingClub Auto Refinancing
Fair or better credit
3.99% to 24.99%
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
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Upstart rates, fees and terms

Rates range from 6.96% to 29.99% APR — a pretty large range. Loan terms range from 24 months to 84 months, which is pretty standard in auto loans.

Rates, loan amounts and loan terms vary depending on your credit score. However, since we’re talking about auto loan refinancing, the size of the loan you can get is almost completely dependent on your vehicle’s current market value. Upstart amounts range from $9,000 to $60,000, and the maximum loan amount in New Jersey is $50,000.

Upstart charges origination fees, between 0% to 12% of your target loan amount. However, it doesn’t charge prepayment penalties or application fees — pretty typical in the auto lending space. However, there is a late fee: a flat $15 fee or 5% of past due amount.

Upstart qualifications

Upstart’s auto loan refi product may be best suited for borrowers with less-than-ideal credit who may struggle to qualify with traditional lenders, such as banks or credit unions.

Upstart has a few base requirements, which include:

  • Maximum vehicle age of 12 years
  • Maximum vehicle mileage of 140,000 miles
  • Annual income of at least $12,000
  • No bankruptcies or public records on your credit report within the past 3 years
  • Be the age of majority in your state
  • Credit score of at least 510 in most states

    Upstar isn’t available in Maryland or Nevada. It also doesn’t accept cosigners or co-borrowers when applying for auto loan refinancing. However, co-owners on your current auto loan are accepted.

    Personal requirements

    You’ll need to enter this information to fully apply:

    • Date of birth
    • Social Security number or ITIN
    • Address, phone number and email address
    • Employment status and annual income
    • Employer name
    • Auto insurance information
    • Highest level of education and school’s information
    • Amount of money in your savings account and investment amounts

    Vehicle requirements

    Upstart states it asks for:

    • A copy of your vehicle registration card
    • Proof of insurance
    • A co-owner consent form (if applicable)
    • Proof of open claim or second lien resolution

    How the application works

    Upstart is a nontraditional lending platform in that it’s not a direct lender or a connection service — it partners with banks to fund loans. It uses around 1,000 factors to determine your eligibility before listing an offer. In addition to your credit score, Upstart’s underwriting process considers your education level, employment history, income and many other factors.

    Upstart’s initial soft credit check application takes less than a few minutes to complete. It’s also integrated with the DMV, so it can pull your vehicle’s information based on your personal information and registration — pretty convenient.

    Once you complete the application, Upstart determines whether you’re eligible for auto loan refinancing. If you select an offer, you’ll need to complete the full application with a hard credit pull, and Upstart verifies your registration and reviews insurance coverage.

    If you accept a loan, Upstart ensures your previous loan is successfully paid off, and the process takes around one to two weeks. After the loan is disbursed, Upstart handles the title administration process — which takes another 30 to 60 days, which is typical with auto loan refinancing.

    What sets it apart

    Upstart standout feature is looking at additional factors when considering your application, such as education and work history. For those with a sparse credit history, college students or young adults just entering the borrowing game, Upstart can be a decent way to find an auto refi loan that can work within your means and situation.

    However, Upstart states the average five-year loan offered will have an APR of 13.25%. If you have good credit, it may be worth your time to look elsewhere. And rates can reach up to nearly 30% — a terrible rate when it comes to vehicle refinancing. If you have a higher rate than 13.25% and poor credit, that’s when it may be worth applying.

    For more options, compare other auto loan refinancing offers.

    And, if you’re interested in other types of loans, Upstart offers personal loans.

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    Bethany Finder

    Editor, Banking

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