Upgrade offers auto loan refinancing for personal vehicles that are no more than 10 years old and have fewer than 130,000 miles on them (150,000 for trucks). Loans are made by Upgrade’s bank partners, Cross River Bank and Blue Ridge Bank.
The main limitation with Upgrade auto loans is that the company does not offer loans for new purchases.
Upgrade can help you refinance your existing auto loan for a lower rate through loans from its bank partners. You can start the process by providing your car’s year, make and model online. You’ll then be asked to provide basic personal information. Applicants will be able to see offers with only a soft credit inquiry.
You’ll need to upload certain documents before receiving the loan funds. These include your vehicle registration card and proof of insurance.
After approval, the company pays off your existing loan and collects the title for your vehicle. This process may take up to two weeks, and you should make any payments on your existing loan that come up before the refinance is complete.
Upgrade auto refinance loans are available with fixed annual percentage rates between 3.69% and 9.84%. You’ll need to make automatic payments to qualify for the lowest rates. The rate and terms available to you will depend on your credit score and the loan term, among other factors.
There is no prepayment penalty associated with any Upgrade loans, though there may be a cost associated with late payments. Your vehicle must meet certain criteria to qualify. For instance, it can’t be more than 10 years old and must have fewer than 130,000 miles on it, although trucks can have up to 150,000 miles.
If you’re hoping to qualify for Upgrade’s lowest rates, you’ll need to use autopay.
To qualify for an auto loan refinance, your vehicle must be a personal-use vehicle that is no more than 10 years old and has no more than 130,000 miles on it (or 150,000 miles if a truck).
Upgrade does not refinance loans for RVs or motorcycles, or commercial or salvaged vehicles.
In addition, your current loan must have an outstanding balance of more than $5,000 and be at least 3 months old to qualify for refinancing. The company does not mention a minimum credit score on its website, but your rate will depend on factors including your credit and the loan term.
Upgrade has an A+ rating from the Better Business Bureau. The company is similarly well-rated on Trustpilot, with 4.7 out of 5 stars from more than 33,000 customer reviews.
You can contact Upgrade’s customer support via phone or email. Phone support is available at 844-319-3909 Monday through Friday from 5 a.m. to 7 p.m. Pacific Time and on the weekends from 6 a.m. to 5 p.m. PT. Email support is available at [email protected] There is also an online help center where you can find answers to some questions about Upgrade and its products.
- People who want to refinance an existing auto loan.
- People who like to use autopay.
- People who are comfortable applying for a loan online.