Upgrade Auto Refinance

Upgrade Auto Refinance Review

Upgrade is an auto loan refinance offering by Upgrade Inc, based in San Francisco, CA. Founded in 2016, Upgrade Inc offers auto refinance loans in 44 states (and Washington, DC).

Key Takeaways

• APRs starting at 4.49%. There are average starting rates for an auto refinancing loan. If you have good credit you may qualify for a loan with better rates.
• Vehicle types. Upgrade Inc only refinances cars and trucks.
• Fair credit accepted. The credit score needed for Upgrade Auto Refinance is relatively low. Borrowers with a credit score as low as 620 may qualify for Upgrade Auto Refinance.
• Vehicle requirements. Vehicles must have less than 150,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $65,000 with Upgrade Auto Refinance.
• Fast process. In some cases you can refinance your auto loan within 1 business day.
• No origination fee. Upgrade Auto Refinance does not charge an origination fee for processing your loan application.
• Long loan terms. Upgrade Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.

Upgrade Pros & Cons

Upgrade FAQ

How much can you borrow via Upgrade?

Auto refinance loan amounts start at $5,000 and go up to $65,000.

What are the auto loan refinancing rates offered through Upgrade?

Upgrade offers a fixed APR car loan refinancing product that ranges from 4.49% APR up to 16.19% APR.

What is the maximum loan term you can get with Upgrade?

Upgrade offers auto refinancing with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Upgrade charge an origination fee on auto refinance loans?

No, Upgrade does not charge a loan origination fee for refinancing a car loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does Upgrade charge a late fee?

Yes, auto refinance loans via Upgrade are subject to late payment penalty fees of up to $10.00, which is triggered if you're 15 days late.

Does Upgrade charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for Upgrade Auto Refinance?

Upgrade Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Upgrade Auto Refinance only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Upgrade Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Upgrade Auto Refinance.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid personal checking account
• Recent pay stubs
• Proof of insurance
• Driver's license
• Government issued photo ID
• Proof of citizenship or residence permit
• Proof of residence

What is the maximum mileage to refinance with Upgrade Inc?

Upgrade Inc is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 150000 miles on the odometer.

What is the maximum car age to refinance with Upgrade Inc?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for a car loan refinance with Upgrade?

Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 1 to 14 days of approval.

Does Upgrade Auto Refinance report your account activity to credit bureaus?

Yes, Upgrade Auto Refinance reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Is Upgrade Inc a legit company?

Upgrade Auto Refinance was founded in 2016. It is an established company that has been in business for 7 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.