Shift auto loans: 2023 review

Shift pros and cons

Do you qualify?

Shift does not disclose eligibility criteria for auto loans as it varies by lender. So, you won’t find a minimum credit score or income requirement online. Instead, you’ll need to get pre-qualified online to view your rates from Shift’s lending partners. The process is simple, takes just 60 seconds and won’t impact your credit score. 

Shift does state that it serves customers “of all credit profiles,” including those with poor or minimal credit history.

What we like and what we don’t like

What we like

• Convenient: You can shop, finance and arrange for vehicle delivery all from the ease of home.  
• Prequalification available: The option to prequalify means you can view expected rates without a hard credit pull.  
• Return period: Shift has a week or 200-mile or seven-day return period — whichever is sooner — to ensure you made the right vehicle choice.  

What we don’t like

• Non-negotiable prices: Unlike traditional buying, the price displayed is non-negotiable.  
• Service and delivery fees: The cost is undisclosed, but prepare for a high cost if you live far from a Shift location.
• Selling not available in every state: Residents of some states aren't eligible to sell with Shift.

How to contact Shift

Auto loan types offered

Specific rates will vary by chosen lender. Loan terms range between 36 to 72 months based on the auto loan calculator available on Shift’s site. Vehicles can be financed for up to $80,000. Most competitive rates will be offered to drivers with strong credit backgrounds. 

How to apply for a loan with Shift

The Shift car buying process can be done completely online — from order to delivery.  

1. Apply for prequalification. To get estimated loan terms you will enter information on your residence, income, credit score and potential terms. The process should take under two minutes and does not cause a hard credit pull. 

2. Lock in financing and shop. Following loan prequalification, you will be matched with a lender and be able to begin your shopping process. (Be mindful that moving forward with the application process generates a hard credit inquiry that could impact your credit score). Explore available vehicles by inputting your ZIP code and any specifications on the vehicle. When shopping pay close attention to available features and consider checking Kelley Blue Book or Edmunds for specific reviews. 

3. Finalize the loan and arrange for delivery. Review and sign the loan documents. Depending on where you live, you can either arrange for delivery directly to your front door or to pick up at a Shift Hub — which are primarily located on the West Coast. 

Shift will handle the paperwork for your vehicle purchase. If you wish to trade in your previous car, you will need to enter some information on your car to determine its value before being matched with an advisor.

Shift FAQs

How Bankrate rates Shift

Methodology

Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

• Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
• Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
• Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
• Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.