Upstart Auto Loans Service
Updated: Jun 1
What is Upstart Auto Loans!
Upstart is an online lender that offers personal loans and auto refinance loans. Auto refinances loans are available to borrowers with a credit score as low as 510, and you can borrow up to $60,000. You can check your rate and pre-qualify for an offer without impacting your credit score, and the entire application process takes place online. If you need help, you can get in touch with Upstart’s support team 7 days a week.
How does Upstart Auto Loans Work!
Upstart was one of the first companies to use artificial intelligence to improve access to affordable credit. If you have a FICO score, you’ll need at least a 300 to be approved. But if you don’t have an established credit history, you could still be approved for a loan from Upstart, depending on your situation. You’ll also need a source of regular income, a bank account, and a valid email account.
Upstart has a few other requirements as well. Your total monthly non-mortgage debts must not exceed 50% of your income (45% in Connecticut, Maryland, New York, and Vermont). You also can’t have had any bankruptcies in the last year, or any accounts that are currently delinquent.1
Upstart offers loans ranging in amounts from $1,000 to $50,000, with three- and five-year terms.5 APR ranges vary by state, but the average APR across all lenders on the Upstart platform issuing a three-year loan is 18.04%.
Why you should try Upstart Auto Loans!
Upstart’s auto refinances loans have saved borrowers an average of $230 per year on their car payments. Any insured personal vehicle qualifies for a refinance loan as long as it’s less than 10 years old and has done fewer than 120,000 miles. Even better, you only need to have a minimum credit score of 510 to qualify for a loan. Upstart allows you to check your interest rate online and pre-qualify without impacting your credit score.
Borrow up to $60,000.
No prepayment penalty.
Check your rate without impacting your credit score.
Available in 46 states.
Credit history needed: If there isn’t enough data to generate a FICO score for you, Upstart will still consider your application if you meet other requirements. If you do have a credit score, the minimum score for acceptance is 300.
No prepayment penalties: Paying off your loan early won’t get you a refund on any fees or interest you’ve paid. But you won’t be charged any prepayment penalties, and you’ll save money on interest over the life of your loan.
Rate check available without hard credit inquiry: You can get an estimate of your rate with only a soft credit pull. Upstart won’t do a hard credit pull until you apply for a loan, which means your credit won’t get dinged for checking your rate.
Funds available in one to two business days: If you accept your loan offer before 5 p.m. ET on weekdays, you’ll likely have the money the next day. If you don’t get to it until the evening or weekend, it’ll just take two days.
Flexible payment options: You can split your payment into two instalments, make extra payments at any time, or change your due date if needed.
How to get started!
You can apply for a personal loan through Upstart in just a few simple steps by clicking HERE.