Upstart Auto Refinance Review – Pas Trusted News

If you’re looking to refinance your auto loan to save money or change your loan terms, Upstart is one option to consider. The company is a loan marketplace offering personal loans, debt consolidation, wedding loans, car loan refinancing and more. It works with a network of auto refinance loan lenders to provide consumers with options they can compare with a completely online process.

Using AI, Upstart connects potential borrowers with a network of banks and credit unions. The company claims its AI system creates a more accurate and efficient lending process. Additionally, Upstart has a risk assessment model that considers numerous factors other than your credit score, making refinance loans more accessible to those with a limited credit history.

Whether you’re just researching the basics of how to refinance a car loan or are already on the hunt for the best auto refinance lenders, there’s a lot to consider before you make any decisions. In this Upstart auto refinance review, we’ll explain the company’s refinance offerings, pricing, customer satisfaction ratings, accessibility and more.

Upstart auto refinance pros and cons


  • Loan terms from 24 to 84 months
  • Risk assessment model powered by AI uses a large variety of data points
  • No application fee or prepayment penalty


  • Doesn’t allow co-borrowers
  • Minimum loan amount of $9,000
  • Not available in all states

Pros explained

Loan terms from 24 to 84 months

Upstart offers a range of loan terms from 24 to 84 months. Longer terms tend to come with a lower monthly payment but result in more interest over the course of the loan, while shorter terms result in larger monthly payments but less total interest over time. Upstart’s flexible loan terms make it easy for borrowers to choose a loan repayment plan that meets their needs, budget and long-term financial goals.

Risk assessment model powered by AI uses a large variety of data points

Upstart’s unique risk assessment model utilizes over 1,000 data points, including education and employment history, to assess a potential borrower’s creditworthiness accurately. This allows those with limited or mixed credit history to access loan options that might otherwise be out of reach.

No application fee or prepayment penalty

Upstart doesn’t charge any application fees or prepayment penalties — this helps cut down on the cost of refinancing so borrowers don’t have to worry about additional fees.

Cons explained

Doesn’t allow co-borrowers

Upstart only allows a single borrower to apply for an auto refinance loan, meaning joint applications won’t be accepted. If you already have a loan that includes a co-borrower, you can still apply to refinance the loan in your name only.

Minimum loan amount of $9,000

While many other lenders offer refinance loans for amounts as low as $5,000, Upstart requires borrowers to take out a loan of at least $9,000.

Not available in all states

Upstart isn’t available in all states and territories. Iowa, Louisiana, Maryland, Nevada, Puerto Rico and West Virginia residents must look elsewhere to refinance their auto loans.

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Upstart auto refinance offerings

An auto refinance loan replaces your existing loan with a new one at more favorable terms. This can help reduce your monthly payments, lower your annual percentage rate (APR) or extend the duration of your loan. Upstart claims that its refinance customers save an average of $5,851 over the lifetime of their loan.

Auto loan refinancing

To be eligible for an Upstart auto refinance loan, you must meet the following following qualifications:

  • The vehicle must be less than 10 years old.
  • It must have a maximum vehicle mileage of less than 140,000 miles.
  • The current auto loan balance must be between $9,000 and $60,000.
  • The current auto loan must be at least one month old.
  • You must have a credit score of at least 510. (However, Upstart may accept borrowers without enough credit history to have a score.)

To begin the refinancing process, you can complete the company’s pre-qualification to determine your eligibility by filling out a form on its website. You will provide your name, address, date of birth, education, primary source of income, and total savings. This process takes minutes and doesn’t impact your credit score since it only uses a soft credit inquiry.

If you qualify, Upstart will provide several estimated loan offers from different lenders with various APRs and terms. After you choose one, the company will run a hard credit inquiry and request additional paperwork, including but not limited to the following:

  • Documents that verify your identity, income and education
  • A copy of your vehicle’s registration
  • Proof of second lien resolution or open claim

You will upload these documents via Upstart’s mobile app or website. The company claims the application and document verification phase typically takes one to two weeks. After this, Upstart will handle the rest of the loan and lien transfer process with no more work required on your part.

Upstart auto refinance pricing

Upstart doesn’t display sample rates on its website, so you’ll need to go through the pre-qualification process to get an estimated rate. As mentioned, Upstart considers many factors when determining loan eligibility and rates. There are no application fees, origination fees or prepayment penalties.

Upstart auto refinance financial stability

Upstart was founded in 2012. It has more than 2.7 million customers with over $34 billion of loans originated. Upstart works with about 100 bank partners to offer loans.

In its 2023 second quarter financial highlights, Upstart noted that total revenue was $136 million, down 40% from the prior year, likely due in part to the nature of the economy.

Upstart auto refinance accessibility


Upstart auto refinancing is available in all states except Iowa, Louisiana, Maryland, Nevada and West Virginia. Due to its nature as an online lending marketplace, Upstart has no physical locations. Borrowers who prefer in-person interactions may consider a different lender.

Contact information

You can reach Upstart’s customer service team by phone at 1-855-438-8778 or via email at The company’s general customer service hours are 6 a.m. to 5 p.m. PT, seven days a week. Its payment department is available Monday through Friday from 6 a.m. to 6 p.m. PT and 7 a.m. to 4 p.m. PT on the weekends.

Customer support is unavailable on Thanksgiving Day, Christmas Day, Christmas Eve and New Year’s Day.

User experience

Upstart is a natively online business that provides a convenient user experience, from online applications to digital payments. If the company approves your application for an auto refinance loan, Upstart will work with your local Department of Motor Vehicles (or similarly named government institution) to finalize the transfer and lien release. It will pay off your existing loan on your behalf and work with your auto insurer to obtain proof of lien holder status on your policy.

Upstart’s website provides detailed product pages for each of its loan offerings, as well as a comprehensive support section that answers many common questions about auto refinance loans and Upstart’s services.

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Upstart auto refinance customer satisfaction

Upstart is accredited by the Better Business Bureau (BBB) and holds an A+ rating from the organization. Online customer reviews of Upstart are mostly positive across various review websites, with many people citing a smooth experience. Users report that the online application process was straightforward and quick. Many customers also mention they could save money and get lower interest rates.

Some negative reviews complain that a lot of personal documents are needed, and some lenders have additional processes that you must follow after completing the Upstart process.

Upstart auto refinance FAQ

Does Upstart verify income?

Yes, Upstart requires a verification of your income. If you are a part-time or full-time employee, you must provide a paystub no older than 30 days. If you haven’t received your first pay stub, Upstart will accept a copy of your official job offer letter that states your start date and compensation. Upstart also accepts self-employment income, rental real estate income, retirement income, trust or pensions and disability benefits.

Is Upstart auto refinance legit?

Upstart is a legitimate company that provides auto refinancing services. It was founded in 2012 and has provided loans to over 2.7 million customers. Upstart is accredited by the Better Business Bureau (BBB) and holds an A+ rating from the organization.

Is Upstart a good refinance company?

Whether Upstart is a good refinance company for your needs depends on your circumstances and goals. Generally speaking, Upstart’s nature as an online lending marketplace allows it to offer competitive auto refinance loans for a wide range of credit profiles and income levels. You can pre-qualify for a loan through Upstart’s website without affecting your credit score.

What credit score does Upstart require?

Although Upstart considers more than just a credit score when evaluating applications, it requires a minimum score of 510 for its auto refinance loans. Upstart also looks at other factors, such as job history and education, when making lending decisions. It also may work with applicants who don’t have enough credit history to have a credit score.

How we evaluated Upstart auto refinance

To evaluate Upstart’s auto refinance loans, we looked at several factors ranging from loan terms and pricing to customer satisfaction and minimum eligibility criteria. The following are the most important factors we considered:

  • Loan terms: We evaluated the range of loan terms offered by Upstart to see how competitive they are in comparison to other auto refinance companies.
  • Pricing: We looked at rates and other fees associated with Upstart’s loans to ensure customers get a reasonable price.
  • Customer satisfaction: We reviewed customer feedback from various sources to see what Upstart customers say about their experiences.
  • Minimum eligibility criteria: We looked at the minimum credit score and other requirements for loan approval.
  • User experience: We evaluated Upstart’s website and loan application process to ensure they are easy for customers to use.
  • Accessibility: We looked at what states and territories Upstart offers its auto refinance loans in.
  • Customer support options: We considered the customer service options available to Upstart customers and applicants.

Summary of Money’s Upstart auto refinance review

As one of the largest online lending marketplaces in the U.S., Upstart stands out from other auto refinance lenders thanks to its AI risk assessment tools. While the company’s high minimum loan amount and lack of support for co-borrowers may leave some borrowers looking for other options, Upstart’s range of loan terms and lack of lender fees make it an option to consider.

Due to its “smarter rate” model, which factors in several non-traditional metrics when assessing loan applications, Upstart may be an option to consider for those with limited credit histories. Be sure to shop around to ensure you get the best rate available for your circumstances.

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