Car refinance loans not available in IA, MD, NV, or WV. Car refinance loans in IL and MO are originated by Cross River Bank or Midwest BankCentre. All other car refinance loans are originated by Cross River Bank, an FDIC New Jersey state chartered commercial bank.
Checking your rate won’t affect your credit score.2
Upstart looks beyond your credit score. We use education and experience to get you the loan you deserve.3
Check your rate in minutes. Upstart will handle paying off your previous lender so you can have a smooth ride to savings!
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Let us answer your questions
What is a car refinance loan?
A car refinance loan is a new car loan that usually replaces your current loan from a different lender. Refinancing your car loan can help you save money by lowering your APR or by reducing your monthly payments.
What documents will I need to provide?
You may be asked to provide documents that verify your identity, education, and income. We may also ask for a copy of your registration card or proof of insurance.
If your car has a co-owner, the co-owner will need to sign and return a consent form within five days of application approval. And if we learn of any open claims or second liens on your vehicle, we may request proof of resolution.
Any documents we need to process your application, along with their descriptions, will appear on your Upstart dashboard after you submit your application.
How long will the process take?
You can check your rate in as little as 5 minutes by filling out our online form. Click here to get started! Based on the information provided, you’ll get an instant preliminary decision. After this, we may ask for some documents to verify your information and rate.
If approved, we will begin the payoff process and title administration. Payoff is dependent on several factors and we anticipate it taking 14 days after signing the promissory note. The title administration process timeline is dependent on several factors and can vary greatly by each state. We anticipate this process to take between 30 and 60 days after the loan origination to be complete, but some circumstances may occur to delay the lien perfection process further.
Will it affect my credit score?
Checking your rate on Upstart will not affect your credit score.2 When you check your rate, we make a "soft credit inquiry." Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. So go ahead, check it out and see what you can be saving.
If you do proceed with your application after receiving a rate, your credit score may be impacted. If you are offered a loan and proceed with the application, a "hard credit inquiry" will be completed to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.
What’s the difference between a co-borrower and a co-owner? Does Upstart allow either?
A co-borrower is someone who is jointly responsible for repaying your loan, while a co-owner jointly owns your vehicle. Upstart does not currently allow co-borrowers on refinanced car loans, but if you have a co-borrower on your current car loan, you may apply to refinance the loan in your name only to remove the co-borrower from the loan.
Upstart does allow co-ownership as long as the co-owner signs a consent form agreeing to the application and shares his or her driver’s license or state identification number and state within five days of application submission. If you have a co-owner, you must provide your co-owner’s name and email address when you apply. The co-owner is not responsible for repayment, and his or her information beyond that provided in the consent form will not be considered in the credit decision.
What is a “Smarter Rate”?
You are more than your credit score, and your loan rate should reflect that too! Offers from Upstart-powered lenders consider important details like your education and work experience. We think that’s pretty smart!