Start My Answer

Upgrade Auto Loans Reviews

Sarah Edwards | August 09, 2023

Sarah Edwards
Legal Expert
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

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.

Are you facing a debt collection lawsuit? Watch this video to learn how to respond.

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.

If you need help with debt relief, consider using SoloSettle.

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.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

All 50 states.

Guides on how to beat every debt collector

Being sued by a different debt collector? Were making guides on how to beat each one.

We have answers

Join our community of over 40,000 people.

You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now are are just look for support, we're here for you.

Get Started

Win against credit card companies

Is your credit card company suing you? Learn how you can beat each one.

Going to Court for Credit Card Debt — Key Tips

How to Negotiate Credit Card Debts

How to Settle a Credit Card Debt Lawsuit — Ultimate Guide

Get answers to these FAQs

Need more info on statutes of limitations? Read our 50-state guide.

Why do debt collectors block their phone numbers?

How long do debt collectors take to respond to debt validation letters?

What are the biggest debt collector companies in the US?

Is Zombie Debt Still a Problem in 2019?

SoloSuit FAQ

If a car is repossessed, do I still owe the debt?

Is Portfolio Recovery Associates Legit?

Is There a Judgment Against Me Without my Knowledge?

Should I File Bankruptcy Before or After a Judgment?

What is a default judgment?— What do I do?

Summoned to Court for Medical Bills — What Do I Do?

What Happens If Someone Sues You and You Have No Money?

What Happens If You Never Answer Debt Collectors?

What Happens When a Debt Is Sold to a Collection Agency

What is a Stipulated Judgment?

What is the Deadline for a Defendants Answer to Avoid a Default Judgment?

Can a Judgement Creditor Take my Car?

Can I Settle a Debt After Being Served?

Can I Stop Wage Garnishment?

Can You Appeal a Default Judgement?

Do I Need a Debt Collection Defense Attorney?

Do I Need a Payday Loans Lawyer?

Do student loans go away after 7 years? — Student Loan Debt Guide

Am I Responsible for My Spouses Medical Debt?

Should I Marry Someone With Debt?

Can a Debt Collector Leave a Voicemail?

How Does Debt Assignment Work?

What Happens If a Defendant Does Not Pay a Judgment?

How Does Debt Assignment Work?

Can You Serve Someone with a Collections Lawsuit at Their Work?

What Is a Warrant in Debt?

How Many Times Can a Judgment be Renewed in Oklahoma?

Can an Eviction Be Reversed?

Does Debt Consolidation Have Risks?

What Happens If You Avoid Getting Served Court Papers?

Does Student Debt Die With You?

Can Debt Collectors Call You at Work in Texas?

How Much Do You Have to Be in Debt to File for Chapter 7?

What Is the Statute of Limitations on Debt in Washington?

How Long Does a Judgment Last?

Can Private Disability Payments Be Garnished?

Can Debt Collectors Call From Local Numbers?

Does the Fair Credit Reporting Act Work in Florida?

The Truth: Should You Never Pay a Debt Collection Agency?

Should You Communicate with a Debt Collector in Writing or by Telephone?

Do I Need a Debt Negotiator?

What Happens After a Motion for Default Is Filed?

Can a Process Server Leave a Summons Taped to My Door?

Learn More With These Additional Resources:

Need help managing your finances? Check out these resources.

How to Make a Debt Validation Letter - The Ultimate Guide

How to Make a Motion to Compel Arbitration Without an Attorney

How to Stop Wage Garnishment — Everything You Need to Know

How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)

Defending Yourself in Court Against a Debt Collector

Tips on you can to file an FDCPA lawsuit against a debt collection agency

Advice on how to answer a summons for debt collection.

Effective strategies for how to get back on track after a debt lawsuit

New Hampshire Statute of Limitations on Debt

Sample Cease and Desist Letter Against Debt Collectors

The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah

West Virginia Statute of Limitations on Debt

What debt collectors cannot do — FDCPA explained

Defending Yourself in Court Against Debt Collector

How to Liquidate Debt

Arkansas Statute of Limitations on Debt

Youre Drowning in Debt — Heres How to Swim

Help! Im Being Sued by My Debt Collector

How to Make a Motion to Vacate Judgment

How to Answer Summons for Debt Collection in Vermont

North Dakota Statute of Limitations on Debt

ClearPoint Debt Management Review

Indiana Statute of Limitations on Debt

Oregon Eviction Laws - What They Say

CuraDebt Debt Settlement Review

How to Write a Re-Aging Debt Letter

How to Appear in Court by Phone

How to Use the Doctrine of Unclean Hands

Debt Consolidation in Eugene, Oregon

Summoned to Court for Medical Bills? What to Do Next

How to Make a Debt Settlement Agreement

Received a 3-Day Eviction Notice? Heres What to Do

How to Answer a Lawsuit for Debt Collection

Tips for Leaving the Country With Unpaid Credit Card Debt

Kansas Statute of Limitations on Debt Collection

How to File in Small Claims Court in Iowa

How to File a Civil Answer in Kings County Supreme Court

Roseland Associates Debt Consolidation Review

How to Stop a Garnishment

Debt Eraser Review

Do Debt Collectors Ever Give Up?

Can They Garnish Your Wages for Credit Card Debt?

How Often Do Credit Card Companies Sue for Non-Payment?

How Long Does a Judgement Last?

​​How Long Before a Creditor Can Garnish Wages?

How to Beat a Bill Collector in Court

Not sued yet?

Use our Debt Validation Letter.

Out Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.

Let's Do It

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.

"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather

Get Started