Upgrade Auto Loans Review

When you think of auto loans, you probably think about buying a new or used vehicle with the money, but many people choose to refinance their loans to get better interest rates and terms. Upgrade is a lender that focuses on refinancing, offering convenient service, good customer reviews, and service across all 50 states.

The company scores a spot in our overview of the best auto loan providers, and you can learn more about the company in our Upgrade review for personal loans and debt consolidation.

About Upgrade

Upgrade has been around since 2017 and is based in San Francisco. The company offers a range of financial products, including banking services, personal loans, credit counseling, and more. Upgrade has earned an A+ rating from the Better Business Bureau and has accumulated an impressive number of positive customer reviews, making it one of the more appealing options in the space.

Company Insights

Upgrade Inc. is accredited with the BBB and carries an A+ grade. While there are some of the typical customer complaints on file at the Bureau and on various review sites, notably, no complaints for the company exist on the Consumer Financial Protection website as of September 2025.

Features and Benefits

• 1-2 intro grafs with bullets below
• Discounts available, including for autopay
• Loan application and services are all online
• Upgrade limits the mileages and ages of vehicles being refinanced
• Upgrade has achieved an A+ rating from the BBB
• No hard credit hit to view rates
• Funds disbursed within one day of loan closing

Upgrade Reviews: Editorial Rating

Trusted Company Reviews Rating Score for Upgrade: 8.4

Upgrade has great customer reviews, but it’s difficult to give it a leading score because of its limited product offerings. The company is also a bit more restrictive on the ages of vehicles than we’d like to see, especially since it only offers one loan type. The good news is that its loan application processing is fast, and funds are disbursed quickly after the final approval is issued.

Upgrade only offers refinancing, but that’s not necessarily a reason to pass it by. It has some of the best customer reviews in the business, and its online loan application process is quick and painless.

Check your Upgrade rates

Why We Like It

Upgrade makes refinancing easy, and its online loan application is more straightforward than others. We also like the company’s extensive customer reviews, which are generally very positive about its service, communication, and terms. It also offers no prepayment penalties and gives borrowers the ability to check rates without a hard credit check.

What We Don’t Like

Upgrade only offers refinancing, so you’ll have to look elsewhere for any other auto lending needs. Additionally, the company doesn’t disclose loan terms until the application is complete, leaving potential borrowers in the dark until they’ve had a hard credit check. The limitations on vehicle age and mileage also limit borrowers’ ability to refinance less expensive vehicles.

Upgrade Rates and Terms

Upgrade’s loan rates range from the mid-five percent range to more than 20 percent in some cases. Some loans may require an origination fee, and the lender offers terms of between 24 and 84 months, though specifics will vary between borrowers.

Additional Perks

Upgrade doesn’t offer many perks outside of its standard loan programs. It offers joint applications, fast loan funding, high customer satisfaction ratings, and no prepayment penalties. Other lenders offer more diverse loan products, and many have additional benefits, such as extensive discount programs.

Upgrade Customer Reviews

While Upgrade has earned plenty of positive reviews for its customer service and prowess at solving problems, it also has more than its fair share of negative reviews that complain about its credit score requirements, and many said the final payoff process was annoyingly slow. Others say the bank is slow to report payoffs and payments to credit bureaus.

On the positive side of the coin, customers praise the lender for its friendly, knowledgeable customer service and fast funding times. More say that Upgrade’s application is fast and painless, but it’s worth noting that many of the company’s online reviews refer to its other lending products and services, making it important to sort through the reviews to find relevant information.

Who Is Upgrade Best For?

Upgrade is best for people who need to refinance a relatively new vehicle. That said, the applicant must owe at least $5,000 on the vehicle, and there are restrictions around the mileage and age, so it pays to sort through the details before applying at Upgrade.

Upgrade Vs Ally

Upgrade and Ally both offer refinancing, but Ally’s loan offerings go far beyond Upgrade’s. It offers loans for new and used vehicles, and Ally acts as the in-house lender for some automakers. That’s not to say that Upgrade is bad or shouldn’t be considered, however, as its customer service reviews are generally higher than Ally’s.

Upgrade Alternatives

Upgrade shines for refinancing with fast approvals and strong reviews, but it doesn’t offer loans for purchases. If you’re shopping for a used car or want more flexible financing, these alternatives may fit better. Also, check out our overviews of the best cheap auto insurance companies and the best personal loans to help save more or discover more financing solutions.

• PenFed Credit Union: Low rates, flexible loan terms, and excellent nationwide member service.
• Lightstream: Unsecured loans with quick funding and no vehicle restrictions.
• Bank of America: Solid refinancing options, nationwide branches, and a 30-day rate lock.
• Capital One: Prequalification with no credit impact and Auto Navigator for transparent shopping.

Frequently Asked Questions

Conclusion

Upgrade auto loans focus exclusively on refinancing, making them ideal for borrowers with newer vehicles who want a fast, online process and strong customer service. While Upgrade doesn’t offer loans for car purchases, its platform makes refinancing easy, with no prepayment penalties and soft credit checks during prequalification. It still earns a spot in our overview of the best used vehcile financing.

The lender boasts an A+ BBB rating and fast funding turnaround, though borrowers should be aware of restrictions on vehicle age, mileage, and loan minimums. It’s a great pick for drivers looking to lower their current rate, especially if their vehicle still holds significant value.

About Author

Chris Teague