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Upgrade is suitable for anyone who’s looking to refinance a vehicle to receive a lower loan rate. To qualify, you need to have a vehicle that is less than 10 years old and has less than 130,000 miles on it—150,000 for trucks.
The company does not offer new auto loans, and it does not provide loans for RVs, motorcycles, or commercial or salvaged vehicles. Additionally, you need to have more than $5,000 left on your loan and your vehicle needs to be at least 3 months old to qualify for refinancing. There is no minimum credit score requirement. However, your credit score will help determine your loan rate.
Upgrade allows you to apply for an auto-refinance loan directly through its website. The company will only perform a soft credit inquiry when you apply, so your credit score won’t be affected. You won’t be charged any prepayment penalties, and you can receive reliable support when applying to make the process as quick as possible.
Upgrade also allows you to set up autopay so you never miss a payment. Setting up autopay can also help you qualify for lower rates. Upgrade also offers:
You can apply for an Upgrade auto-refinance loan in a few minutes through the company’s website. First, you’ll need to enter some basic information about yourself and your vehicle. This includes the vehicle’s year, make, and model. You will also need to provide your name, address, date of birth, and income.
Then, you’ll be asked to create an account through the website so you can continue to provide the necessary application information. Once this is done, you’ll be asked to provide the name of your lender, the remaining balance on your loan, the loan open date, and your monthly payment amount. After filling out this information, you’ll be prompted to allow Upgrade to run a free soft credit inquiry.
Then, you’ll receive a personalized rate in as little as 2 minutes. These rates are determined based on your credit score and loan payment history. Once you choose an offer you like best, an Upgrade support representative will contact you to help you with the title transfer process, and they’ll take care of paying off your previous lender.
Upgrade offers auto-refinancing loans but not new auto loans. APRs range from 6.04% - 18.94%. Here are the requirements to qualify for an Upgrade loan:
You will have 36-84 months to pay off your auto-refinance loan. The repayment term you’re offered will depend on your remaining loan amount. If you wish, you can set up autopay, which in some cases can qualify you for a lower rate.
Upgrade creates its loans through two trusted financial institutions, Blue Ridge Bank and Cross River Bank. Blue Ridge Bank has been in business since 1958, and Cross River Bank has been in business since 2008.
To log into your Upgrade account, you will need to provide a username and password. However, two-factor authentication when logging in is not available. The company also has a form on its website that allows you to submit a report regarding security-related issues.
Additionally, Upgrade has an A+ rating on the Better Business Bureau and a score of 4.6/5.0 on Trustpilot.
You can contact Upgrade's customer support via email or phone. Phone support is available at 844-319-3909 Monday-Friday from 5am to 7pm PT and Saturday-Sunday from 6am to 5pm PT.
Email support is available at support@upgrade.com. Upgrade also offers an online help center where you can find answers to questions about the company and its products.
Upgrade | Auto Approve | RateGenius | |
APR | 6.04% - 18.94% | From 2.94% | From 2.99% |
Minimum credit score | None | Varies by state and matched lender | 550 |
Loan amounts | $5,000 - $65,000 | Varies by state and matched lender | $10,000 - $100,000 |
Loan term | 36, 48, 60, 66, 72 and 84 months | 12-84 months | Up to 84 months |
Best for | Those looking for an easy online application | Those who want help finding the best deal | Those looking for access to a wide range of lenders |
Upgrade offers auto-refinancing loans with no prepayment penalties to those who own cars with less than 130,000 miles or trucks with less than 150,000 miles. To qualify for an Upgrade loan, your vehicle needs to be less than 10 years old, and you need to have owned it for at least three months and have at least $5,000 left to pay off.
Prospective borrowers can easily apply for a loan through the company’s website in just a couple of minutes. When you apply, Upgrade will only perform a soft credit inquiry, so you don’t have to worry about your credit score being affected.
Upgrade loans are not available in Iowa, Nevada, Pennsylvania, South Carolina, Vermont, West Virginia, and Washington D.C.
After the credit check, you’ll get an email with next steps and an Upgrade representative will contact you to help you through the rest of the loan process. Customer service is readily available via phone and email, or you can check out the company’s FAQ page.
Upgrade is a solid option for those looking to work with a trusted auto-refinancing lender, as the company has a high Trustpilot score and an A+ rating with the Better Business Bureau.
275 Battery Street, 23rd Floor
San Francisco, CA 94111, USA
This review was compiled using information from the company’s website.
Auto refinance loans through Upgrade feature Annual Percentage Rates (APRs) of 6.04% - 18.94%. Lowest rates require Autopay. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Eligible vehicles must be 10 years old or newer and have less than 130,000 miles (or less than 150,000 for trucks).
