Overview
Auto refinancing allows you to replace your existing car loan with a new loan at a potentially lower interest rate or reduced monthly payment. Once your application is approved and finalized, Upstart will handle the process of paying off your prior loan, transferring your vehicle title, and ensuring your new lender’s lien is properly recorded.
Step-by-Step Auto Refinancing Process
During the application process:
1. Verify Insurance Requirements
As part of the refinancing process, Upstart may contact your auto insurance provider to validate insurance coverage on the vehicle.
✔ Your policy must meet minimum insurance requirements, including comprehensive and collision coverage deductibles.
✔ If adjustments are needed, you may need to update your insurance policy before the refinance is finalized.
2. Additional Documentation Requests
In some cases, we may need additional information to complete the refinance process. You may be contacted via phone or email if further documentation is required.
If your application is approved:
3. Pay Off Your Existing Auto Loan
Once your refinance application is approved, Upstart works with your previous lender to pay off your existing auto loan balance. This step releases the prior lender’s claim (lien) on your vehicle’s title.
💡 Tip: Your prior lender may take some time to process the lien release, which can slightly delay the title transfer.
4. Transfer and Update Your Vehicle Title
After your previous loan is paid off, Upstart will handle the process of updating your vehicle title with your state’s Department of Motor Vehicles (DMV). This includes:
✔ Submitting required documents to transfer the title.
✔ Ensuring your new lender’s lien is properly recorded on the title.
✔ Communicating with the DMV to finalize the transfer.
💡 Some states require borrower action. If your state requires you to sign or submit documents, you may be contacted for additional steps.
How Long Does the Process Take?
The timeline for auto refinancing varies based on Upstart’s internal processing time and the speed at which the prior lienholder receives and processes the loan payoff check. While some refinances are completed quickly, others may take several weeks depending on your location and prior lender’s processing time.
💡 Tip: You can check your loan status at any time by logging into your My Account dashboard.
What Happens Next?
Once the refinance process is complete, you’ll begin making payments on your new loan. Be sure to review your loan terms, set up AutoPay, and check that your insurance details are updated.
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