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Upstart Review

Thursday, May 30th

2024 Car Loan Refinance Reviews

Upstart Review 3 Star Rating

Upstart

3 Star Rating
  • Auto refinancing loans from $9,000 to $60,000
  • Loans completed in 1-2 weeks
  • Terms from 24-84 months
  • Available for vehicles less than 10 years old and less than 140,000 miles
  • Auto refi loans available in all states but MD
  • Expect origination fees
  • Upstart handles the title administration process
  • "A+" rated and accredited by the BBB
  • Over 40,000 five-star reviews from clients
  • Over 3 million customers

Upstart wants you to know that you're more than your credit score. When you apply for car loan refinancing through Upstart, they take into consideration your education and your employment, so that you benefit from what you've accomplished (and you're not penalized for not having a well-established credit history). Upstart then connects you with lending partners in their network who are willing to look beyond the numbers and trust in your ability to repay your auto loan based on who you are and the positive direction in which you're headed. Over three million people have successfully borrowed money through Upstart, for car loans and refis, personal loans, and more.

Interest rates vary based on your qualifications

Upstart offers car loan refinancing in 49 states (Maryland being the exception), with loan refinancing amounts ranging from $9,000 to $60,000. Typically, loan terms span 24-84 months. How about interest rates? We weren't able to get a specific range from Upstart, but we do know their rates are typically competitive but can vary based on the qualifications and geography of the applicant.

Lenders may charge origination fees

One area where Upstart can be more costly for auto refinancing is their origination fees. This could climb as high as 5% or your loan. Of course, both your interest rate and origination fees will depend on which Upstart lending partner you ultimately choose to fund your refi, but it's an important detail that you need to be aware of.

Best Car Loan Refinance Providers

No co-borrowers allowed

Another area where Upstart doesn't quite measure up to some of its rivals is when it comes to co-borrowers. Many platforms allow you to have another person on your loan, whether that person is currently on it or you're adding them (maybe you got married and are adding your spouse to the title, or you want to take advantage of your co-borrower's higher credit score to secure a better interest rate). Unfortunately, Upstart doesn't let you have a co-borrower at all; your only possibility is to remove a co-borrower from your current loan during the refinancing process.

Prequalify in 10 minutes or less

But, if you want to see what Upstart could offer (especially if you're one of those people who might need a lender to look beyond your credit score), the online application can be completed in 10 minutes or less. Upstart will do a soft pull on your credit to verify your identity and get you prequalified. Look through the offers that are made, and choose the car loan refinancing that's the best fit for what you're trying to do, like get a lower interest rate or lower your monthly payments. When you take the step to complete your application, that's the point at which your credit report will reflect the hard inquiry, just FYI.

Handles the title transfer for you

Upstart is known for getting loans funded fast. Auto loan refinancing takes a little bit longer than other types of loans, because Upstart has to verify your registration details and insurance coverage, and make sure that your previous loan is fully paid off by the new one. That can take 1-2 weeks. Once that part's complete, the Upstart team handles the title administration process, with nothing required on your part. That part of the process can take anywhere from 1-2 months.

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Great reputation for most types of loans

With an "A+" BBB rating and accreditation, Upstart maintains a stellar reputation in the loan industry in general. Client reviews on platforms like Trustpilot reflect overwhelmingly positive experiences, with over 40,000 five-star ratings. While some negative comments exist, they often result from borrowers who didn't understand their loan terms and conditions. Many clients are fans of Upstart for their quick funding process and user-friendly interface, with some completing the entire loan process using their mobile phones.

Limited (and not positive) feedback on car loan refinancing

However, the vast majority of those reviews are regarding Upstart's personal loans, not car loan refinancing. When we went looking for feedback specific to refinancing, we only found a handful of reviews (and some were for mortgages, not vehicles). The customer comments for auto refis were not great. Again, it was only a few reviews, but they complained about loans not getting funded, problems with titles, and so on. Naturally, those customers didn't recommend using Upstart for vehicle loan refinancing.

Just okay when it comes to refinancing auto loans

In most lending categories, Upstart earns our enthusiastic recommendation. However, that's not the case for car loan refinancing. With their origination fees you could wind up spending more if you refinance your loan through Upstart (but at least you can check that out with the preliminary application with no impact on your credit). With almost no positive feedback that we could find from clients who used Upstart specifically on auto refinancing, especially with the issues regarding titling, we're not confident that Upstart and its lending partners are going to do right by you. There are several other options on our list that we would recommend first, but keep Upstart in mind as a backup, particularly if you need a lender that will look at more than just your credit score when making a decision on your loan.

Where's the Best Place to Refinance Your Car Loan?

Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.

Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.

The Best Car Loan Refinance Providers Compare Car Loan Refinance Providers Compare Car Loan Refinance Reviews What are the best Car Loan Refinance Providers Best Car Loan Refinance Reviews

Car Loan Refinance FAQ

Unless you got a really great deal when you bought your car, you're probably paying a high interest rate on your loan. Refinancing is a great idea if interest rates have dropped since the time you made your purchase, saving you hundreds (or thousands!) of dollars over the lifetime of your loan.
Eligibility requirements vary based on the lender and your state of residence. Most financial institutions require that your car be 10 years old or newer and have less than 150,000 miles - though you may find that some lenders have more stringent requirements. Some vehicle makes, such as Hummer, Saab and Isuzu, may be excluded from refinancing offers as well.
That depends. If you can get a new loan at a lower interest rate, chances are good that you'll save money on your monthly payments. But, if you refinance into a loan with a much longer repayment term, do the math to make sure you're not paying more in the long run. Also factor in any fees that may be charged for your new loan, because they will cut into your savings.
Probably not at your local bank! While it's tempting to go with the simplicity of refinancing through the financial institution you've always used, they're not going to compete for your business: they already have it! A better method is to look at your options online, where it's easy to get car loan refinancing offers from several lenders at once. Plus, internet-based lenders often have less overhead, which translates into lower rates for your refi.
Absolutely. For many smaller banks and credit unions, online lending lets them reach customers they might not find otherwise - which equals greater savings for you. Of course, it's important to do your homework and make sure that any service you use for your car loan refinancing is reputable and will protect your personal information, especially if you are required to enter your Social Security Number for identity verification. A strong rating from the Better Business Bureau is a solid way to establish that a service is legitimate.
Sometimes. Beyond the interest you'll pay on any loan, you may find origination fees or other costs for processing your application, updating your title, and so forth. Read the fine print before you commit to a lender for your auto refinancing.
Not necessarily, but it helps. As with any type of borrowing, higher credit scores usually translate into lower interest rates. And, some lenders have a minimum credit score of 580 (give or take) to be eligible to apply for auto refinancing loans.
Instead of applying directly with a single financial institution, you can use a referral platform to get quotes from multiple lenders at once. These services use vetted partners in their network, using your application to match you with banks and credit unions willing and able to fund your auto refinance loan. From there, the experience varies: some referral providers require you to re-enter all of your initial application information directly with the lender you select, while others streamline the process and transfer your details to the lender you've chosen. Be aware that you may get multiple emails, texts and phone calls from interested lenders when you provide your information to a referral platform!
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Continued from above...

Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.

But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.

All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.

When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:

  • Interest rates and terms. The whole point of refinancing is usually to get a better rate than you currently have. But don't stop there - be sure to look at the terms of the loan as well. How long will you have to pay it off? Are there any fees involved? And don't forget to read the fine print - you'll want to make sure there are no sneaky clauses that could come back to bite you later on.
  • Referral platform or direct lender. Some sites you'll visit serve as a referral platform, helping you check out your options with different banks and credit unions all in one shot. Others will offer to lend you the money directly. Make sure you know what you're getting before you start entering your SSN and other sensitive data.
  • Reputation. Is it a trustworthy service? Has it been rated by the Better Business Bureau? Are car owners like you getting good refi rates and excellent customer service?

Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?

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