Upstart auto loans: 2024 review

Upstart versus RateGenius

RateGenius carries a slightly higher minimum loan amount of $10,250 versus the $9,000 Upstart minimum. This minor difference can make Upstart the preferred lender for those financing a less-expensive vehicle. Neither lender requires perfect credit but RateGenius offers an extra perk. Borrowers can sign off with the help of a co-applicant — likely to improve rates for those lacking credit history. 

What we like and what we don’t like

What we like

• Smarter rate approach. Upstart measures more than just your credit score, factoring in your work experience and education alongside your credit history. And if you don’t have a credit history, it will still consider you.
• Fully online experience. Upstart has a seamless online application along with an app. You won’t need to visit a physical location to complete the loan process.
• Cars eligible up to 120,000 miles. Unlike many lenders, Upstart allows you to refinance vehicles with high mileage. The usual cutoff is 100,000 miles, so Upstart is a good choice for cars that have made a few road trips.

What we don't like

• Not available in every state. Upstart does not offer loans in Maryland.
• No co-borrowers. Although you can have a co-owner and still receive refinancing, Upstart doesn’t allow co-borrowers on its application.
• High minimum loan amount. You will need to finance at least $9,000 to qualify. Other lenders have lower minimums — usually $5,000 to $7,500.

How to contact Upstart 

Auto loan types offered

How Bankrate rates Upstart

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. To rate lenders specializing in auto refinance loans, Bankrate considers 16 different criteria, including the loan amount, disclosed APR and acceptance criteria. Each lender receives a Bankrate score based on four categories. 

• Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Lenders that serve customers nationwide with flexible loan amounts rank higher.
• Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
• Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include online access, support availability, funding timeline, option for automatic payment and app availability.
• Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.