Upgrade Auto Loans Reviews

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Sarah Edwards, BS

Sarah Harris is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: While Upgrade Auto Loans doesn’t provide financing to purchase a new vehicle, it offers refinancing opportunities with no hard credit inquiry and no prepayment penalty. But if your debt is unmanageable, it may be time to get help from SoloSuit so that you can settle your debts and move on with your life.

Are your monthly car payments taking a big bite out of your budget? If so, you might consider refinancing. Auto refinancing replaces your existing auto loan with a brand-new one — usually with a lower interest rate or better repayment terms. Upgrade Auto Loans offers refinancing opportunities, but is this a trustworthy company?

Learn more about Upgrade Auto Loans so you can decide whether this refinancing option is right for you.

A snapshot of Upgrade Auto Loans

Upgrade Auto Loans is a fintech company based out of San Francisco. It currently offers personal loans, personal lines of credit, and auto refinancing loans through its banking partners, primarily Cross River Bank and Blue Ridge Bank. Knowing this is important since interest rates for new cars have climbed to 7% — the highest rate since 2008.

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Does Upgrade Auto Loans provide loans to purchase a new vehicle?

What kind of loans can you receive through Upgrade Auto Loans? In addition to personal loans and other financial products, Upgrade offers auto loan refinancing. However, it does not provide initial financing to purchase a new or used vehicle.

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The strengths of Upgrade Auto Loans

What are the pros and cons of Upgrade Auto Loans? The company offers several advantages when it comes to vehicle refinancing.

No hard credit inquiry

With Upgrade Auto Loans, you can apply for vehicle refinancing without a hard credit inquiry, which means that your application won’t impact your credit score in any way.

High loan amounts

Upgrade Auto Loans offers loans of up to $50,000, though the amount may vary depending on your financial situation and your credit score.

No prepayment penalty

Some lenders attach a prepayment penalty to loans, which means you can’t pay off your loan early without incurring a fee. But Upgrade Auto Loans has no such penalty, which means that you can pay off your loan early and save on interest.

The drawbacks of Upgrade Auto Loans

Despite these advantages, there are some drawbacks to Upgrade Auto Loans.

No auto loans for vehicle purchases

Currently, Upgrade Auto Loans only offers refinancing options, which means you cannot use this lender to purchase a new or used vehicle.

Refinancing only applies to vehicles that meet specific criteria

To refinance your car or truck, you’ll have to meet specific criteria. The company only allows you to refinance cars or trucks that are 10 years old or newer and have less than 130,000 miles (150,000 for trucks).

How to refinance your vehicle through Upgrade Auto Loans

Should you decide to refinance your car or truck through Upgrade Auto Loans, the process is relatively simple:

Provide your car’s year, make, and model online.
Enter your basic personal information.
Consent to a soft credit inquiry.
Upload your vehicle registration and proof of insurance.

If you are approved, Upgrade Auto Loans will pay off your current loan, then issue you a new auto loan. Just make sure of two things. First, check the terms and fees of the new loan to ensure you’re receiving a better deal than your current loan.

Second, be aware that the refinancing process can take up to two weeks. You’ll need to continue paying your existing loan; otherwise, a missed payment could create a blemish on your credit report.

Let’s look at an example of how this process works.

Example: Claire has been stressed about her monthly budget. But she also knows that her credit score has improved significantly since she first bought her car. So, she turns to Upgrade Auto Loans. After completing the online application, she is approved for a new loan with a lower interest rate. She makes sure to complete her final payment with her original lender, but her new plan will let her get out of debt much faster. In fact, she might even try to pay off her loan early (with no penalties) to avoid excess interest charges.

Find debt relief

Refinancing your vehicle is just one way to manage your budget. You can also pursue debt relief by settling with your debt collectors. SoloSuit makes it easy to push back against debt collectors so you can move on with your life.

Start using SoloSuit’s SoloSettle today to resolve your debt once and for all.

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