Upstart Auto Refinance Loan Review 2025

Upstart loan terms and requirements

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About Upstart: a closer look

Among lenders that offer auto loan refinancing, Upstart is unique in its approach to loan underwriting and approval. While other lenders rely most heavily on an applicant’s credit scores, Upstart says it considers other factors like employment and education for a more comprehensive view of a borrower’s creditworthiness.

Upstart is an auto loan aggregator, which means it works with a network of lenders to match applicants to the best possible loan offer they can qualify for. Upstart pre-qualifies with a soft credit inquiry which does not affect applicant credit scores. When a borrower accepts and moves forward with a loan offer, it results in a hard credit inquiry which does lower credit scores a bit, but only temporarily.

Unlike most other auto refinancing marketplaces, Upstart maintains auto loan servicing for the duration of the loan, instead of passing it to the lender. That means borrowers have the continuity of working with Upstart from the initial application until paying off the loan.

To review and rate auto lenders, NerdWallet writers gather information about customer experience, transparency, loan affordability, loan requirements and flexibility. Upstart stands out for a simple end-to-end application process, which it says takes minutes to complete from starting the application to seeing rates. Through integrations with the Department of Motor Vehicles registration records in all states where Upstart offers loans, it can automatically pull vehicle details, such as VIN or license plate number.

Do you qualify for an Upstart auto refinance loan?

Here are Upstart's borrower requirements to qualify for an auto refinancing loan. Because Upstart works with many different lenders, some requirements shown are the lowest and highest among all lending partners. Meeting these requirements doesn’t guarantee approval. Also, some lenders (as well as Upstart) may be more flexible with requirements when taking into account an applicant's total financial picture.

Other Upstart details

• Pre-qualification and preapproval. The company says all eligible applicants receive the best pre-qualified offer from its network of lenders. Pre-qualification is based on a soft credit check, so it will not affect credit scores.

• Upfront fees. Does not charge any application or processing fees.

• Interest rate discounts. None of Upstart's lending partners offer an APR discount with automatic payment.

• Refinancing time restrictions. Upstart has a waiting period before a person can refinance after completing the previous loan. The waiting period can be up to six months. Also, the previous loan must have at least 12 months remaining on its term.

• Deferred payments. Upstart offers deferred payments for up to 30 days at the beginning of a loan.

• Contacting Upstart. During the application process, borrowers can reach Upstart by phone and email. Support is available 24/7.

Back to About Upstart

Upstart may be a good fit for those who:

• Have a thin or limited credit history. Upstart uses factors beyond credit history, like level of education and occupation, to make a decision.

• Want to compare rates and terms. Upstart requests offers from its lending partners and determines the best lender match. Within minutes of submitting their information, applicants see multiple offers from a single lender that includes various terms and estimates for rate and payment.

• Prefer a simple online application process. Upstart's process is 100% digital, from application to document upload and e-signing. It has the ability to prefill some application information, such as pulling vehicle details from the DMV or personal information for returning Upstart customers.

Before you apply to Upstart

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto loan calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto loan refinance calculator shows how much you can potentially save.

Gather your documents and information. Upstart requires the following to submit an initial application: Address, phone, email, birthdate, income and basic vehicle information.

How to apply for an Upstart auto loan

1. Pre-qualify on Upstart's website. From the home page, select Borrow, Refinance Your Car and Check Your Rate. You'll be asked to provide personal, vehicle and current loan information. If possible, Upstart will automatically pull some information, prefill the application and simply ask you to confirm it. When you apply to pre-qualify, you'll also be asked to create an Upstart account with an email and password.

2. Make a decision about your loan offer. If you pre-qualify, Upstart will present an offer from a single lender that it determines is the best fit. This offer shows the loan term and estimates for interest rate, monthly payment and total interest you will pay. If you decide to accept the offer, you may be asked to provide additional information and documentation for final approval. Also, expect a hard credit inquiry on your credit report, which will cause a temporary dip in your credit scores. Through your account dashboard, you will work with Upstart employees to complete the loan process. Upstart pays off the previous loan and updates your car title.

Back to About Upstart

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating aggregators and our process, read our full methodology.