Wednesday, July 16th
2025 Auto Loan Company Reviews
Upstart
- Loans between $1,000 and $50,000 (1)
- Fixed 3 or 5 year terms (3)
- Borrowers can get funds as fast as one business day (4)
- Uses more than your credit score to determine eligibility
- Connects borrowers to more than 100 banks and credit unions
- Over 2.7 million customers and $34 billion in originations
- Available in 48 states (excluding Iowa and West Virginia)
- "A+” rated and accredited by the BBB
- Over 40,000 five-star reviews from clients
Securing an auto loan without breaking the bank or relying solely on your credit score is what Upstart is all about. Founded by former Google employees, Upstart takes a unique approach, considering your college degree, field of study, work history, and credit history years to assess your eligibility for a car loan.
Excellent choice for new borrowers
That makes Upstart an excellent option if you're a recent grad or just haven't built up much of a credit history yet. That's probably the "why” behind their numbers: over 2.7 million customers and $34 billion in loan originations.
Basic eligibility criteria
That being said, there are some criteria you'll have to meet in order to get an auto loan from one of Upstart's network of 100+ banks and credit unions. A FICO or Vantage score of at least 580 (or 620, depending on your state) is usually required, and applications with bankruptcies or delinquent accounts on their credit reports may not be eligible. You'll also need to be at least 18, have a minimum annual income of $12K, a personal bank account at a US financial institution, and "a full time job, job offer starting within 6 months, a regular part-time job, or another source of regular income”.
Funds can be deposited as soon as next-day
The application process is swift, typically taking 5-10 minutes to enter basic details like your name, address, income, employment, and educational background. Importantly, this process doesn't impact your credit score since Upstart performs a "soft" credit check to verify your information. Minutes after applying, you may receive loan offers, and once you accept the terms, your funds could be in your bank account as soon as the next business day.
Available almost everywhere
Now, let's dive into some specifics. Upstart offers loans in 48 states, excluding West Virginia and Iowa, with amounts ranging from $1,000 to $50,000. However, your state regulations may affect the minimum and maximum loan limits. Loan terms are typically three or five years, and at the time of this evaluation the APRs were very competitive.
Read the details
When you're considering the loan offers you receive, watch out for origination fees, which can range from 0% to 8%, depending on your state of residence, as well as any late payment or check-bouncing fees. Fortunately, Upstart lenders welcome early loan repayments and extra payments.
Over 40,000 five-star reviews
Upstart maintains an excellent reputation, shown by an "A+" BBB rating and accreditation with minimal complaints. While there are some negative comments, most appear to result from borrowers not thoroughly reading the loan terms and conditions. With over 45,000 reviews from Upstart borrowers just on Trustpilot, the company enjoys a nearly flawless average rating of 4.9 out of 5 stars. Many clients return to Upstart time and again for their lending needs, and funds are deposited quickly upon accepting the loan terms. What's more, many complete the entire process using their smartphones.
Best choice for auto loans
Upstart is a trusted and reputable source for quickly-funded, competitive loans, making it our #1 choice for vehicle financing. Especially if you appreciate lenders that consider your educational and employment history when determining eligibility, Upstart will be your preferred provider of auto loans too.
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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.
Auto Loan Company FAQ
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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