reviews

Upstart auto loans: 2025 review

Written by
Rebecca Betterton
Edited by
Pippin Wilbers
Updated on January 1, 2024

At a glance

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with Bankrate
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4.0
Bankrate Score
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Availability
4.3
Affordability
3.6
Customer Experience
4.0
Transparency
4.5

About Bankrate Score

Full methodology

Bankrate’s take

Upstart, founded in 2012, was an early arrival in the online auto lender scene. Its software-powered system may offer refinance loans to borrowers with credit scores as low as 510 , and its loose vehicle requirements make it a good fit for refinancing older vehicles.

Lender Details

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Loan amount

$3,000-$60,000

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APR from

6.89%-29.99%

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Min Credit Score

510

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Funds available in

14 days following promissory note

Best for borrowers lacking credit history 

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 benefits those with weak credit. 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.

Types of auto loans offered

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.

Auto loan refinancing

  • Amounts: $3,000-$60,000
  • Terms: 24-84 months
  • APR: 6.89%-29.99%

Upstart’s AI system will match you with a new rate and term, which may help reduce your monthly payment. Upstart doesn’t list its available refinance rates upfront on its website, though Bankrate confirms current rates directly with them regularly. However, you can prequalify and see possible rates without a hard credit inquiry. 

Where Upstart auto loans stand out

  • 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 140,000 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.

Where Upstart auto loans fall short

  • 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.

How to contact Upstart 

Upstart offers support seven days a week by phone or email. It also has an extensive, searchable online help center available for applicants. Upstart representatives can be contacted Monday through Sunday from 6 a.m. to 5 p.m. ET.

How this lender compares

Upstart versus Caribou

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.

Read more: Upstart vs. Caribou

Upstart versus RateGenius

RateGenius carries a significantly higher minimum loan amount of $10,250 versus the $3,000 Upstart minimum. This 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. 

Do you qualify for an Upstart auto loan?

Upstart has a few requirements to keep in mind if you wish to refinance.

Your vehicle must:

  • Be less than 10 years old
  • Have under 140,000 miles
  • Be an insured, personal use car

Your current loan must have:

  • An outstanding balance of $3,000 to $60,000
  • Been initiated at least one month ago
  • Have at least 24 months remaining

How to apply for an auto loan with Upstart

Upstart boasts a simple online application process that can provide a few quotes based on the borrower’s goals. Although the process starts with a soft credit pull for prequalification, a hard credit inquiry will happen if you accept a quote and continue with the application.
    1. Check your rate. First, you will have to share some personal information about yourself and the vehicle on Upstart’s website. You will then be offered a rate within minutes if you prequalify.
    2. Confirm your details. You can then choose a new loan and verify information about yourself, the vehicle and your current car loan.
    3. Get a new loan. Finally, Upstart will handle the payoff of your previous loan along with updating your vehicle title.

Features and perks

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. 

Fees and penalties

Upstart does not enforce any fees for borrowers unless the vehicle is repossessed.

Upstart FAQs

How Bankrate rates Upstart

Overall score 4.0
Repayment options 4.3 Upstart offers a high maximum loan amount but has mileage and vehicle age restrictions and is not available in every state.
Affordability 3.6 Upstart has a very reasonable minimum APR and does not charge fees unless the vehicle is repossessed. However, its 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.

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.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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