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Caribou
Caribou 2023 auto loan review published 2023-01-01 at 00:00:00.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing precise, well-researched and well-researched content that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products that lend money to homeowners. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be open to you.
Reviewer’s disclosure of editorial rights The reviews are written by staff. The opinions expressed are solely the views of the reviewer. They have not been evaluated or accepted by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date when the review first appeared. Review the information at the top of this page and the lender’s website to find the most up-to-date information.
A look 3.7 Rating: 3.7 stars out of 5
Score at the Bankrate
Available Rating: 3.8 stars out of 5
Cost of Affordability: 3.4 stars out of 5
The Customer Service Rating is 3.8 5 stars from 5
Transparency Rating: 5-stars out of 5.
Check auto loan rates
About Caribou Loan amount Not specified
Min. credit score Varies by lender
APR ranging from 4.99 percent to 36.00 percent
Funds are available in Varies depending on lender
Caribou features Take note of these advantages and drawbacks to refinancing your auto loan using Caribou before signing off on an application.
PROS Ease of refinancing and insurance bundling
Ability to compare rates
Prequalification offered
CONS Limited availability
Potential processing fee
Caribou was formerly was known as MotoRefi, provides competitive automobile refinance loans through its lender network. These lenders range from credit unions to community banks. Drivers are able to benefit from its fast online process and the expertise from its staff made up of loan experts.
Kevin Bennet, CEO of Caribou, describes the mission as helping motorists from a variety of background save on costs and gain control of their finances. It handles the bulk of the work when it comes to refinancing, and it provides auto insurance options to support this mission.
Do you qualify? Caribou does not disclose specific requirements related to credit or income, but you can expect a soft credit report that won’t affect your credit score if you apply for prequalification. But if you do choose the loan and submit an application the process will include a hard credit pull. Although the requirements aren’t disclosed according to Bennett, «… many individuals have seen their credit scores improve after buying a car and would like to get access to better rates, others have had excellent credit for years but walked off the car lot paying more than they ought to have.» Regarding vehicle requirements the vehicle must have positive equity and have a minimum of than 120,000 miles. Some lenders in Caribou’s network accept vehicles with up to 200 miles. Cars, trucks, SUVs and other passenger vehicles are eligible for refinancing however, they cannot be used for commercial purposes. What we like and what we don’t think we like. Consider these advantages and drawbacks of an auto loan that is backed by Caribou before approving an application. We like the ease of refi and insurance bundling. Caribou offers customers the option for auto insurance and other add-ons when refinancing. The ability of comparing rates. Caribou has a partnership with a number of lenders that allow you to compare rates directly through Caribou’s site. Prequalification is available. Following a soft credit check which doesn’t impact the credit rating, you may apply for prequalification to have more information about the amount you can get for your money. We aren’t a fan of limited availability. Caribou is not available to drivers from Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Possible processing fees. The lender you’re matched with could forward the processing fee of $399 Caribou charges it. How to contact Caribou Caribou offers excellent customer service. Its easy-to-use website offers chat features, account management and the ability to inquire by phone, email or appointment. Caribou provides drivers with the ease and convenience of an online experience with the comfort of personal communication. Drivers who have questions specific to their loan can reach out for assistance from the team Monday through Friday from 9 a.m. until 8 p.m. ET as well as on Saturday and Sunday between 9 a.m. until 4 p.m. ET. Auto loan types offered Through its lender partnerships, drivers can improve their current loan as well as search for additional products including additional protections, cosmetic services along with key replacement and cosmetic care. Terms and loan amount vary depending on the lender.
How to request a loan using Caribou If you want to apply for a loan with Caribou visit its website and input basic information about yourself and the details of your vehicle and present loan.
Steps to apply . Check your rates. Fill in some of your personal information about you and your car- there is no Social Security number required — to receive your quotes. This step can take just an hour, and you’re not required to accept any offers that you prequalify for. Choose your loan offer. You can then choose the one that is most suitable for you. This step will also present you with additional products such as insurance keys, key replacement, cosmetic care and total loss protection. extended protection. Complete your refinance. Then, you’ll be asked to disclose additional personal information , and then confirm the online refinance documents.
The information required to apply for a loan is: Number of Social Security account Contact information Status of citizenship Vehicle informationlike VIN or license plate number and the make, model and trim Current loan and lender details Evidence of income including the most recent pay stubs, or W-2
Caribou FAQs
Is Caribou is a direct lender? No, Caribou is a technology firm that works with a wide network of trusted lenders to provide you with the best price for auto refinancing.
Do Caribou allow co-borrowers when refinancing your vehicle? Yes, you can apply for a co-borrower’s loan if they are in a state which allows co-borrowing on auto loans.
What rates do Bankrate offer? Caribou
Overall score
3.7
Availability
3.8
Caribou doesn’t have vehicle restrictions or restrictions, and is offered in all states. However, it does not provide the loan amounts available.
Affordability
3.4
Since it goes through an array of lenders, Caribou does not disclose an exhaustive list of interest rates or the minimum standards.
Customer experience
3.8
Caribou has access to the internet and customer support 24 hours a day 7 all week.
Transparency
5
Caribou provides prequalification, so you can look up rates without affecting your credit score.
Methodology For evaluating lenders that are specialized in refinancing auto loans, Bankrate considers 16 different elements. The factors are based on in relation to loan amount, APR that is disclosed and the acceptance standards. Each lender scores that is based on four different categories. Availability: This accounts for loan amounts, restrictions on vehicles and the availability of each state. Affordability: Primarily, this section covers expected APR as well as acceptance requirements, discounts on autopay, and the amount of charges. Experience with customers: This category includes access to support online, online accessibility, funding timeline, option for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are recorded.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review is correct as of the date when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender’s site for the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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