Upstart Auto Refinance Review

Upstart auto refinance is an auto loan refinance offering by Upstart, based in San Carlos, CA. Founded in 2012, Upstart offers auto refinance loans in 46 states (and Washington, DC).

• APRs starting at 4.18%. 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. Upstart only refinances cars and trucks.
• Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 510 are considered for Upstart Auto Refinance.
• Vehicle requirements. Vehicles must have less than 140,000 miles and a maximum age of 10 years.
• Refinancing for large loan amounts. You can refinance auto loans of up to $60,000 with Upstart Auto Refinance.
• Hard credit pull required. You can't check your rates or see if you prequalify for Upstart Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. Upstart Auto Refinance does not charge an origination fee for processing your loan application.
• Long loan terms. Upstart Auto Refinance offers loan terms of up to 72 months. Most auto refinancing loans have a maximum term of 60 months.

Pros	Cons
Low APRs available to qualified borrowers. Available in 46 states. $0 prepayment fee. $0 origination fee. Considers applicants with fair credit. Considers older vehicles (max. 10 years)	APRs as high as 29.99%. Do not offer pre-approval with soft credit pull. Charges a late fee.

How much can you borrow via Upstart auto refinance?

Auto refinance loan amounts start at $9,000 and go up to $60,000.

What are the auto loan refinancing rates offered through Upstart auto refinance?

Upstart auto refinance offers a fixed APR car loan refinancing product that ranges from 4.18% APR up to 29.99% APR.

What is the maximum loan term you can get with Upstart auto refinance?

Upstart auto refinance offers auto refinancing with terms ranging from 24 to 72 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 Upstart auto refinance charge an origination fee on auto refinance loans?

No, Upstart auto refinance 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 Upstart auto refinance charge a late fee?

Yes, auto refinance loans via Upstart auto refinance are subject to late payment penalty fees of up to $15, which is triggered if you're 10 days late.

Does Upstart auto refinance charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for Upstart Auto Refinance?

Applicants with a credit score of at least 510 and up to 850 may be eligible for Upstart Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Upstart Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Upstart 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 Upstart Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Upstart Auto Refinance. Permanent resident / green card holders are also eligible to apply.

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

• Proof of insurance
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit

What is the maximum mileage to refinance with Upstart?

Upstart is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 140000 miles on the odometer.

What is the maximum car age to refinance with Upstart?

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 Upstart auto refinance?

Auto refinance loan applications are typically approved (or denied) within 1 hour and funded within 10 to 10 days of approval.

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

Yes, Upstart 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.