Upstart Overview
Upstart is probably one of the most
experienced and renowned online loan lenders on the market, it was founded back
in 2012, and it is headquartered in San Carlos, California. It is currently
available in 46 states and uses artificial intelligence to determine the risk
level of its customers when it comes to offering auto refinancing. This means
that the credit score and loan history will not be the only things taken into
account by Upstart. The company will also consider your education and income
when coming up with a refinancing offer.
Pros
·
The entire application process is done online via the
website or mobile app;
·
The smarter rate feature takes a lot of other things into
account when deciding whether or not you are eligible for auto refinancing;
·
Older vehicles (maximum ten years) are also considered.
Cons
·
It is only available in 46 states;
·
Upstart doesn’t allow co-borrowers.
Upstart at a
Glance
Editorial
Score 4.2
Online
Experience 4
Informative website, free mobile app,
but no access to rates unless you allow a soft credit check.
Loan Types 3
Only auto loan refinancing is offered.
Eligibility 5
The eligibility requirements are
flexible and even people with a credit score over 510 are accepted.
Client
Support 5
It offers a plethora of contact options
that are available even on weekends.
Repayment
Flexibility 4
The repayment terms for the refinances
offered by Upstart are from 24 to 84 months.
Who is it
suitable for?
If you want to obtain an auto refinance
but your credit score is not great, then Upstart is definitely for you as it
also considers other aspects of your situation. A minimum income is also not a
necessary eligibility requirement. Also, if you are comfortable with the entire
process being fully online, this is a great choice. If you are a Spanish
speaker, then the Upstart website is also available in Spanish plus its
officers are all bilingual and can help you out.
Features
Upstart has multiple features that its
clients can take advantage of. For example, according to the company, customers
end up saving about $230 per year thanks to its auto refinancing services.
Plus, all vehicles are eligible as long as they are not older than ten years
and have below 140,000 miles. The minimum required credit score is 510 which is
a great thing to take into account, especially if you have other positive
things about you like your income and education.
The minimum borrowing amount on Upstart
is $9,000 and the maximum is $60,000. Besides this, another feature is that you
can check your rate without your credit score being affected at all. Last but
not least, Upstart doesn’t charge an origination fee or a prepayment fee.
Application
Process
The entire online application process on
Upstart is not only extremely simple but it also only takes a few minutes to
complete. Your credit score will not be affected after the initial soft credit
check so you can see your rate without worries. A hard credit pull will only be
done after you have accepted a quote and decided to go through with it. Here is
what you need to know:
·
Fill out an online form on the website with some personal
details as well as some info about your vehicle;
·
This is where the soft credit pull will happen and within a
few minutes you will see your rate;
·
Confirm your information and choose a new loan if you want;
·
Upload all the necessary documentation;
·
The payoff of your old loan will be handled by Upstart and
this usually lasts a few days.
·
The title of your vehicle will then be transferred;
·
You can now enjoy the refinancing of your auto loan.
Loan Types
and Terms
The only product that Upstart offers are
auto refinance loans meant for personal vehicles only. The repayment terms for
these vary between 24 and 84 months. The minimum required credit score is 510
and the APR rates start at 4.18% but this also depends on your personal
details. The loan amounts that you can borrow range from $6,000 and $60,000. Lastly,
your current loan should not be newer than one month. Keep in mind that your
car should not be older than ten years and should not have above 140,000 miles.
Taking out a loan to buy a new vehicle or refinance a commercial vehicle is not
possible with Upstart.
How Safe Is
It?
According to the website, Upstart has
served more than 800,000 clients since its inception and it has never struggled
with complaints of any kind. On Better Business Bureau, the company has a B+
rating and on TrustPilot, it has 4.9 stars out of five which is excellent. As
for protection, you shouldn’t worry about your data being stolen because the
website uses SSL encryption and the mobile app has multiple authentication
methods. All things considered, Upstart can be called a safe and secure online
auto refinance loan lender.
Help &
Support
Upstart has one of the best customer
support systems out there with multiple ways of being contacted. It has six
different e-mail addresses meant for separate problems where people can write.
The main support one is support@upstart.com and the main support phone numbers are (650)
204-1000 (the
local one) or 1-855-438-8778 (the
toll-free one). The operating hours for general client support are Monday to
Sunday from 6 AM to 5 PM PT or 9 AM to 8 PM ET. Support is not available during
major holidays. Payment support is also available and you can see all the
details on the website.
Summary
All in all, Upstart is definitely worth
checking out if you want to obtain a good auto refinance loan but your credit
score is not amazing. The entire application process is super easy and fast,
the staff is friendly, professional, and bilingual, and you will certainly be
happy with how they treat you. Upstart is a great choice if you are not
bothered with not being able to visit a physical branch to obtain your
refinancing.
Physical
Address
2950 S. Delaware Street, San Mateo, CA
94403 or P.O. Box 1503, San Carlos, CA 94070