Upgrade Auto Loans: Up to 84-Month Terms & Fixed Fees

An Overview of Upgrade

Upgrade, founded in 2016, is a San Francisco-based fintech company that has established itself as a notable player in the online and mobile banking space. Known for offering a broad array of financial products—including personal loans, credit cards, and deposit accounts—Upgrade also provides auto financing and auto loan refinancing services. 

When it comes to auto loans, they provide financing options for individuals as well as dealers, and their refinancing services are designed to help customers reduce their monthly payments and save on interest costs. They have extensive partnerships with financial institutions across the United States like Cross River Bank and Blue Ridge Bank.

They also strongly emphasize security and compliance. The company is licensed and regulated by the California Department of Financial Protection and Innovation, ensuring that they adhere to strict financial regulations. A key component of their security strategy is the Coordinated Vulnerability Disclosure Program, which encourages security researchers to report any potential vulnerabilities in their systems. 

In terms of reputation, the company is accredited by the Better Business Bureau (BBB) with an A+ rating, reflecting their commitment to high-quality customer service. As of 2024, they have served over 5 million customers and facilitated more than $31 billion in loans, marking a significant impact on the financial well-being of millions of Americans. Notably, the company was the recipient of NerdWallet’s 2024 Best-Of Award for Best Personal Loan for Bad Credit.

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Upgrade’s Features & Services 

The company provides a variety of services designed to simplify auto financing and refinancing, with a variety of non-auto loan-related services. Below are the key services and features they offer:

• Online application process: You can easily apply for a service, whether it be refinancing or a new loan, through the company’s user-friendly online platform or mobile app. Their loan applications typically get approved within 24 hours, with funding occurring between 1 to 14 days post-approval. This ensures you can benefit and start saving quickly
• Auto loan refinancing: They help customers refinance their existing auto loans by offering more favorable terms, such as lower interest rates or extended loan periods. The goal is to help reduce monthly payments or overall loan costs
• Auto finance for customers: The company offers individuals the option to apply for an auto loan through their suite of financial partners. They promote a fast application process, flexible terms, and quick funding 
• Auto finance for dealers: They also offer dealerships a suite of similar financing solutions, including fast decisions on applications, flexible terms, and quick funding. This service enables dealerships to provide attractive financing options for their customers with minimal delays
• Lending partner network: They work with a wide range of lending partners, including banks, credit unions, and asset managers, to secure the best possible rates for their customers. This diverse network allows the company to provide competitive terms tailored to individual financial needs
• Wide credit score eligibility: They accept a broad range of credit profiles, starting from a 580 FICO credit score to 850, helping customers with fair to excellent credit scores pre-qualify for refinancing rates. They also offer soft credit checks to pre-qualify, so you can explore potential loan options without impacting your credit score
• Direct payoff to current lender: Once your auto loan refinancing gets approved, the company will directly pay off the existing auto loan to your current finance company. While this process can take up to two weeks, you are advised to monitor your current loan and continue any necessary payments to avoid penalties during this transition

Non-auto loan services

They also offer services that do not fall within the scope of auto loans, including:

• Personal loans: Their main service is to offer personal loans for various financial needs, such as debt consolidation, home improvement, or medical expenses. These loans feature fixed rates and predictable monthly payments, helping potential customers manage their financial obligations with ease
• Premier savings account: Their Premier Savings account offers a high annual percentage yield (APY), making it easier for you to make your savings faster than with traditional banks. This account includes free same-day transfers to outside banks for the first transfer
• Rewards checking: You can earn 1% to 2% cash back on purchases when using their Rewards Checking debit card. Rewards categories include gas stations, restaurants, monthly subscriptions, and utility bills, offering a convenient way for customers to save money on everyday purchases

Upgrade’s Fees & Costs

When financing through them, it's essential to understand potential fees. While not all fees are listed on their website, customers can pre-qualify for loans without upfront costs. This means you can check rates and explore refinancing options without financial obligation, offering a risk-free way to evaluate your options before committing to a loan. This convenient feature allows borrowers to make informed decisions without any early fees involved.

In terms of interest rates, they offer fixed APRs ranging from 5.54% to 19.94% for auto financing and refinancing loans, according to our findings. The specific rate depends on several factors, including the borrower's credit profile, loan amount, and the age of the vehicle being refinanced. Importantly, they cater to a wide range of consumers, with FICO scores as low as 580, which makes their services accessible to more borrowers compared to some other lenders.

Keep in mind that they typically refinance auto loans for vehicles that are less than ten years old and have mileages of under 130,000 miles. Their auto refinance loan amounts range from $5,000 to $65,000, offering flexibility based on the borrower's needs and the vehicle’s value. This range allows borrowers to refinance both smaller and larger loans, depending on their financial situation and vehicle specifics. Additionally, loan terms can extend up to 84 months (7 years), giving borrowers flexibility to select repayment schedules that align with their financial goals. 

Late payment fees may apply if a borrower’s payment is made more than 15 days after the due date, with a penalty of up to $10. This fee is standard across many refinancing providers and encourages timely payments to avoid additional costs. However, unlike some lenders, they do not charge any penalties for paying off loans early. Borrowers can make extra payments or even pay off the loan in full without facing any additional fees, allowing them to reduce interest payments and shorten the loan term if they choose.

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The Advantages of Upgrade

• Soft credit pull: With the company’s auto loan services, you can check your rates using a soft credit pull, meaning your credit score remains unaffected. This allows borrowers to explore refinancing options risk-free, without worrying about a drop in creditworthiness
• Fixed fees: Their fixed fee policy offers transparency, giving borrowers a clear understanding of loan costs upfront. This ensures customers can make informed decisions without concerns about hidden or unexpected charges during the loan process
• Fast refinancing process: They provide a quick refinancing process, with some loans being processed within a single business day. This is a significant advantage for customers who need immediate relief from high interest rates or are looking to streamline their finances as soon as possible
• No origination fees: The company does not charge origination fees for processing loan applications, which can be a considerable cost-saving for borrowers
• Long loan terms: Borrowers who opt for refinancing through them can benefit from loan terms of up to 84 months. The extended repayment period allows for lower monthly payments, providing flexibility for individuals with varying financial situations
• No prepayment penalty: They allow borrowers to pay off their loans early without facing any prepayment penalties. This is a great advantage for those who wish to reduce their interest costs by paying off their loan faster
• Autopay discount: Borrowers can reduce their APR, typically by around 0.5%, by enrolling in automatic payments. This not only lowers borrowing costs but also ensures timely payments, making loan management easier and more efficient

The Possible Downsides of Upgrade

• Limited availability across states: Their services are only offered in 44 states, excluding locations like Nevada, Iowa, South Carolina, and West Virginia. This limits access to auto refinancing options for borrowers in those areas
• No co-sign option: Another significant drawback is the absence of a co-sign option for loans. This limitation can affect customers who may not qualify for a loan on their own or those looking to improve their chances of approval
• High maximum APR: While they do offer competitive rates, they also have a high maximum APR, which could lead to increased borrowing costs for some customers. This aspect may deter individuals who are particularly sensitive to interest rates or those who have better options available elsewhere
• Restrictions on vehicle eligibility: They place restrictions on vehicle eligibility. For starters, the company imposes strict restrictions on the age of vehicles, with vehicles having to be ten years old or newer.  To qualify for refinancing, the vehicle must be a personal-use automobile with under 130,000 miles (or 150,000 miles for trucks). Furthermore, they do not currently provide refinancing for RVs, motorcycles, commercial vehicles, or salvaged vehicles. These restrictions can significantly limit the options available for borrowers with different types of vehicles
• Late payment penalty: They charge a late fee of $10 if payments are not made within 15 days of the due date. While this fee is relatively modest compared to other lenders, it can still create a burden for borrowers who may face unexpected financial hardships
• Current loan requirements: To be eligible for refinancing through them, the existing auto loan must have an outstanding balance greater than $5,000 and require at least three monthly payments to have been made. This stipulation may prevent potential customers from refinancing smaller loans or those who are early in their payment schedules

Upgrade’s Customer Experience & Reviews  

They have garnered a generally positive reputation in the financial services market, reflected in their impressive ratings across various review platforms. The company boasts a 4.4 out of 5 stars rating on the BBB and a 4.3 out of 5 stars score on Trustpilot. Additionally, they have achieved a 4.7 out of 5 stars rating on Credit Karma.

Positive feedback

Many customers praised them for their seamless loan application process and quick funding. Reviewers frequently highlighted the efficiency of the service, noting that they received their funds within a few days, enhancing the overall customer experience. The company's commitment to providing personalized service, combined with manageable rates and flexible repayment options, further boosted customer satisfaction. Many users appreciated the expert advice offered by the company’s personnel, contributing to a sense of trust and confidence in their financial decisions. Overall, the responsiveness of the customer service team is often cited as a key factor in ensuring a positive experience for clients.

Critical feedback

Despite the favorable reviews, they have faced some criticism from their clients. Common complaints included issues with delayed responses from customer service, leading to frustration among customers who sought immediate assistance. Some users have reported unexpected fees and dissatisfaction with the outcomes of their loan applications, feeling that the transparency of terms could be improved. Some other reviewers expressed frustration over perceived sales tactics and unreturned calls, which negatively impacted their overall perception of the company.

Customer Support at Upgrade

They provide a variety of customer support options to assist clients throughout their financial journey. You can reach out via email at [email protected] or by calling (844) 319-3909. Their customer support team is available during the following hours:

• Monday - Friday: 5 AM - 7 PM PT
• Saturday - Sunday: 6 AM - 5 PM PT

For payment inquiries, you can call 855-598-1271. This number is also available for principal-only payment requests and assistance regarding financial difficulties during the same operating hours. You also have the option to make payments through the phone by calling that same number, or by sending them a personal check, cashier’s check, or money order to their mailing address:

275 Battery Street, 23rd Floor
San Francisco, CA 94111, USA

The Bottom Line 

Upgrade is a San Francisco-based fintech company that was founded in 2016. Specializing in various financial products, including personal loans, credit cards, deposit accounts, and notably, auto financing and refinancing services, they provide an accessible platform for customers to enhance their financial situations. Their unique features, such as a user-friendly online application process, direct payoff to existing lenders, and a wide range of credit score eligibility, cater to diverse customer needs and promote operational efficiency. These benefits make them a strong contender for anyone looking to refinance an auto loan or secure financing.

The advantages of using their services are clear: the ability to check rates with a soft credit pull, no origination fees, a fast refinancing process, and the flexibility of long loan terms enhance customer satisfaction and foster a streamlined experience. Furthermore, the platform’s extensive lender network ensures competitive rates, which can lead to substantial savings for customers looking to lower their monthly payments.

However, there are drawbacks to consider. Limited availability across certain states, the absence of a co-sign option, and stringent vehicle eligibility criteria may deter some potential borrowers. Additionally, the high maximum APR can lead to increased borrowing costs for those with less favorable credit profiles. On top of that, customer complaints have also highlighted issues regarding late payment penalties and the requirements for existing loans, which may pose challenges for certain individuals.

To gain a deeper understanding of your loan and refinancing options, we encourage you to explore our auto loan reviews page. This exploration can provide valuable insights into other similar providers and competitors. For further research, feel free to check out our comparison tool to see how the top auto loan companies compare to one another. You can also dive into our blog articles in the auto loan category.

Refinance Your Auto Loan & Start Saving!