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Upgrade Review

Sunday, April 14th

2024 Auto Loan Company Reviews

Upgrade Review 4 Star Rating


4 Star Rating
  • Auto loans from $1,000 to $50,000
  • Origination fees of 1.85% to 9.99% deducted from loan proceeds
  • Repayment terms from 24-84 months
  • "A+" rated and accredited by the BBB
  • Two lending partners
  • "A+" rated and accredited by the BBB
  • In business since 2017

Launched in 2017, Upgrade provides an extensive range of financial services, including rewards checking, affordable personal loans, credit cards, and financial education. With its headquarters in San Francisco and additional offices in Phoenix, Atlanta, Orange County (CA), and Montreal, Upgrade has served over 2.5 million customers and loaned over $24 billion in its first few years.

Easy application

The process for applying for an auto loan through Upgrade is refreshingly straightforward. Start by specifying your desired loan amount, which can range from $1,000 to $50,000, and indicate the loan's purpose (in this case, it would be "major purchase" ). You will be required to specify whether your application is individual or joint and provide the necessary personal details for yourself and anyone included in the loan agreement. You'll also enter your annual income; be aware that if you are self-employed, there are specific qualification requirements as explained in the link provided on that page.

You'll have to verify your identity

To receive your auto rate quotes, you'll need to create an Upgrade account using your email address and a password of your choice. Then, provide your full Social Security Number to verify your identity. If Upgrade cannot locate your credit profile through TransUnion or another credit bureau, you'll receive a notification indicating that your loan request has been denied.

Pay attention to origination fees

Upgrade's auto loans offer decent fixed-rate APRs with repayment terms spanning from 24 to 84 months. These offers include a one-time origination fee of 1.85% to 9.99%, which will be deducted from your auto loan proceeds; you'll need to plan accordingly so that you have the exact amount you need for your financing.

Best Auto Loan Companies

BBB ratings vary on partner lenders

Because Upgrade funds its auto loans through just two financial partners, Cross River Bank and Blue Ridge Bank, this results in a fast one-day fund deposit into your bank account once your loan is approved. While Cross River Bank currently holds a less-than-spectacular "C-" rating from the Better Business Bureau, Blue Ridge Bank enjoys a more favorable "B+" rating. Upgrade itself maintains an "A+" rating from the BBB. Make of those differences what you will, but none of it is cause for concern, because of their overwhelming positive customer reviews.

Over 30,000 five-star reviews

Upgrade's reputation is backed by almost 40,000 reviews looking just at comments on Trustpilot, with 92% of customers awarding it a 4- or 5-star rating. Some customers have complained about slightly longer wait times for loan processing and approval. However, the majority describe the auto loan application process as quick, easy, and reliable. Some were beyond excited to actually qualify for a loan with a credit score below 600, while others say they love Upgrade for being easy, fast, and transparent.

Worth the fees

Although Upgrade is newer compared to some competitors, it has rapidly built an excellent reputation, making it a terrific choice for your auto loan needs. While we could live without the origination fees, they might very well be worth it for the customer service and higher-than-average approval rates for buyers with bad credit. Upgrade is worth a try.

Where Can You Get the Best Auto Loans?

You might be wondering, can you really find the ideal auto loan right at the dealership? Well, the truth is, that's not always the case. Sure, those financing offers they dangle in front of you might sound tempting, but the reality is that unless your credit is in tip-top shape, you might not meet their strict requirements. And if you're not careful, you could end up with sky-high interest rates that could cost you more in the long run.

The wise move, as savvy consumers know, is to hunt for competitive rates on auto loans by exploring what online lenders have to offer. And, you don't have to spend hours researching. In just a few minutes, you can discover how much you can borrow and what kind of loan terms you qualify for. Armed with this information and maybe even a preapproval letter, you'll be much better prepared walking into the dealership, ready to negotiate the best deal on your car.

The Best Auto Loan Companies Compare Auto Loan Companies Compare Auto Loan Company Reviews What are the best Auto Loan Companies Best Auto Loan Company Reviews

Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.
Compare the Best Reviews

Continued from above...

In fact, online auto loans have gained immense popularity in recent years, transforming the way individuals finance their vehicles. This surge in preference for online auto loans stems from a variety of factors that can save you money.

First, the convenience offered by online car lending platforms is transformational. Traditional methods of getting a competitive auto loan often involved visiting banks or credit unions in person, which could be time-consuming and inconvenient. Online lending platforms has revolutionized this process, letting you apply for an auto loan from the comfort of your homes. This streamlined online application process, coupled with the elimination of paperwork, significantly reduces the time and effort required to get a loan.

Second, the competitive nature of online lending platforms means multiple lenders vie for your attention. This competition often leads to more favorable loan terms, including lower interest rates, smaller fees, and flexible repayment options. Empowered by the ability to easily compare different loan offers enables you to choose the option that best suits your financial needs.

For those of you with less-than-perfect credit, don't worry. There are lenders out there who specialize in helping people like you. They'll work with you to find a loan that fits your budget, considering your entire financial situation, not just your credit score, any past late payments, or a past bankruptcy. And if your credit history is impeccable, shopping around for an online auto loan can open the door to a plethora of options.

Now, before you dive in, there are some key factors to weigh when you're comparing different online lenders. Here's what you should look for:

  • Process. Find an auto loan site that makes the borrowing journey straightforward, from gathering information to securing your funds. You should be able to navigate the steps quickly and with ease.
  • Referral platform or direct lender. Understand what you're getting into: does the site lend to you directly or match you up with financing sources you might not have been aware of? Both are solid routes to go, but there are pros and cons to each.
  • Fees and rates. Don't forget to read the fine print. Will you pay any origination fees to get your loan? Are there any requirements to get the lowest possible interest rates (like having a banking account with the lender or setting up your loan payments to go out automatically)?
  • Reputation. A fantastic auto loan isn't worth much if the lender isn't trustworthy. Check what the Better Business Bureau has to say about the company and look for reviews from other car shoppers to get a sense of their experiences.

Looking for expert guidance? Top Consumer Reviews has got you covered. We've reviewed and ranked some of the most popular sources of auto loans today. Our aim is to assist you in finding the perfect financing solution for your next vehicle purchase or refinance. Happy car shopping!

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