At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Upstart
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Loan amount
$9,000 to $60,000
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Min. credit score
510
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APR from
Varies by state
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Funds available in
14 days following promissory note
Loan amount
$9,000 to $60,000
Min. credit score
510
APR from
Varies by state
Funds available in
14 days following promissory note
If you are looking to refinance but have poor credit due to a lack of history or other complications, Upstart is a great option. While Upstart will still work with those boasting strong credit, its structure specifically benefits those on the poor credit spectrum. The rates and terms it offers factor in a person's income and education. The fully online approach is also ideal for those who feel comfortable making financial choices online and prefer online communication.
Before you refinance with Upstart, consider the whole of what it has to offer.
Smarter rate approach
Fully online experience
Cars eligible up to 120,000 miles
Not available in every state
No co-borrowers
High minimum loan amount
Upstart is an online lender that was established in 2012. It uses AI technology to determine risk rather than more traditional underwriting criteria. Drivers looking to refinance their loans will be measured on factors such as income and education instead of just their credit score. This unique approach allows drivers with poor credit to still have a chance at good rates.
Through its website or app, drivers are able to see potential rates in minutes.
Upstart has a few requirements to keep in mind if you wish to refinance.
Your vehicle must:
Your current loan must have:
Much like Upstart, Caribou gives borrowers the ability to refinance entirely online. A refinancing loan with Caribou is great for a hesitant borrower as they can get answers through online customer support. Additionally, the lender offers prequalification, which can add a layer of confidence for borrowers who are unsure of their creditworthiness. See our full Upstart vs. Caribou comparison for more help deciding.
Upstart specializes in auto loan refinancing — which means you won’t be able to buy a new or used car with one of its loans.
Upstart’s AI system will match you with a new rate and term to help reduce your current monthly payment.
A major bonus that comes with Upstart refinancing is its loan-matching software. It expedites the financing process by removing the need for time-consuming human involvement and aims to match you will the right lender for your needs.
Upstart does not enforce any fees for borrowers unless the vehicle is repossessed.
Overall score | 4.0 | |
---|---|---|
Availability | 4.3 | Upstart offers a high maximum loan amount but has mileage and vehicle age restrictions and is not available in every state. |
Affordability | 3.4 | Upstart has a very reasonable maximum APR and does not charge fees unless the vehicle is repossessed. However, it's maximum APR is quite high. |
Customer experience | 4.0 | Upstart offers a range of customer service options, including person-to-person assistance seven days a week. It also has an app and an autopay option. |
Transparency | 4.5 | Upstart both allows prequalification and hosts most of its rates and fees — or lack thereof — on its website. |
To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories.