Editors’ take: Upgrade’s auto refinance offering is a quick way to receive conditional loan offers without a hard credit pull. Refinance loans from Upgrade are available for personal-use auto vehicles in all 50 states and Washington, D.C., and APRs start in the low single digits. Refinance loans start at $5,000 and could be an option for those looking for lower monthly payments.
Upgrade auto loans at a glance
| Starting APR | Competitive |
| Loan amounts | $5,000+ |
| Loan terms | Not disclosed |
| Minimum credit scores required | Not disclosed |
| Loan fees | Not disclosed |
| Prepayment penalty | No |
| Availability | Most states |
| Ability to apply for prequalification or preapproval? | Yes, preapproval |
| How to apply | Online |
| Other requirements |
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Note: You may see different terms if you apply on Credit Karma.
Pros
- Direct payoff of current auto loan
- Fast, easy way to receive loan offers
- Fixed interest rates and no prepayment penalty
Cons
- No new purchase auto loans available — only refinance loans
- Only available for personal cars and trucks
- Loan terms not disclosed before application
What you need to know about Upgrade auto loans
Direct payoff of current auto loan
Once you’ve applied for a loan and have been approved for a loan offer, Upgrade will directly pay off your current auto loan and get the vehicle title from your previous lender. This process can take as long as two weeks to complete. In the meantime, make sure you continue to pay your existing auto loan as scheduled.
Fast, easy way to receive loan offers
You can request an auto refinance loan offer from Upgrade by filling out a simple online form providing some personal info along with your car’s make, model, year and mileage. To determine your eligibility and interest rate, Upgrade will run a soft credit check, which should not impact your credit scores.
If you get an offer and proceed from there, Upgrade will perform a hard credit inquiry, which will affect your credit scores.
Only available for personal cars and trucks
You can only get a refinance loan from Upgrade for a personal-use automobile. Currently, refinancing through Upgrade is not allowed on RVs, motorcycles, commercial vehicles or salvaged vehicles.
How will my APR be determined?
The APR for an Upgrade auto refinance loan will depend on your credit score and loan payment history. To get the best rates, you’ll need to use the company’s autopay feature, where payments are automatically taken out of your account.
What other loans does Upgrade offer?
Upgrade might be best known for its personal loans, which come in amounts up to $50,000. The lender also offers a secured auto loan.
Not sure if Upgrade is right for you? Consider these alternatives.
- Caribou auto loan: If you have excellent credit, you may qualify for Caribou’s low interest rates for an auto refinance loan. The application is entirely online, and prequalification takes only a few minutes.
- PenFed auto loan: If you’re not sure if you want to refinance your current vehicle or buy a new one, PenFed Credit Union offers auto loans for purchasing a new or used vehicle or refinancing an existing one. Using its car-buying service powered by TruCar could save you money.