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Carputty 2023 auto loan review. Published 2023-01-26 at 15:27:17.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to purchase a car.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in transparent reporting that allows readers to successfully get deals and make most informed decisions regarding their finances. He is a specialist in small business and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing objective and original 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 Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed nor accepted by any advertising company. The information, including rates and fees that are included in the review is accurate up to the date when the review first appeared. Review the data on the right and the lender’s site for the most up-to-date details.
A glance 4.0 Rating: 4 stars out five
Score at the Bankrate
Available Rating: 4.3 stars out of 5
Cost of Affordability: 2.8 stars out of five
The Customer Service Rating is 3.8 five stars of five
Transparency Rating: Five stars from five.
Compare rates for auto loan rates
About Carputty Loan amount From $25,000 to $250,000.
Min. credit score not specified
APR from 7.14%-9.64%
Funds available as early as the same day
Carputty pros and cons Borrowers may finance for higher than usual amounts and benefit from fast funding. Still, the product isn’t offered in every state.
PROS Car buying support
Maximum loan amount loan amount
Preapproval
CONS High minimum APR
Inconsistency in repayment terms
Carputty can be described as an online direct lender that offering unique line of credit loan process known as Flexline. Through a single application, users can manage all of their vehicles over the entire lifetime of ownership using the line of credit. Carputty allows its customers to manage their car loans like they would similar financial investments, and allows for flexibility in when to purchase or sell.
Do you qualify? Carputty does not disclose any specific requirements for credit score or income However, in order to apply applicants must be 18 years of age, employed and a legal citizen of the United States. Residency. You must reside in the states listed below: AK, AR, AZ, CO, CT, DC, FL, GA, IA, IL, KY, MA, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA or WI. Vehicle. The vehicle that is to be used for financing must be a model year less than 8 years prior to the time of the application, and have fewer than 85,000 miles. Loan-to-value. For those purchasing used vehicles, the LTV must not surpass 110 percent (for used vehicles in the current year, the value is defined to be 90 percent MSRP). For new vehicles it is required that the LTV cannot exceed 100 percent of MSRP. What we like and what we do not like Flexline program allows for vehicle financing to be an easy process, Carputty might not be the best lender for all drivers. We like the Car-buying support. Carputty offers borrowers assistance in the process of buying a car through the V3 tool, which assists buyers determine the best moment to purchase. Maximum loan amount. Borrowers can finance for up to $150,000 per vehicle, or $250,000 total — on the higher end in comparison to traditional rivals. Preapproval. With the option to apply for , you will get an idea of your monthly installment prior to signing for your loan. What we do not like about high minimum APR. An APR starting at 7.14 percent may be a bit too high. For those with great credit, they may get lower rates elsewhere. Confusing repayment terms. Your balance has a 36-month repayment terms, but you can extend it by a specific amount or repay it early — none of which are spelled out on Carputty’s website. Contact information for Carputty Carputty provides customer support on a daily basis through its chat feature on its website from 8 a.m. until 6 p.m. ET or by email via email at help@carputty.com. In addition to the chat feature, Carputty has a fairly extensive FAQ section that provides details of the process for applying and financing. The types of auto loan forms are available. Carputty offers auto loans for drivers looking to finance a brand new or used car, consolidate an existing loan or go through the process of a lease buyout. Credit lines can vary from $25,000 to $250,000. Individual advances could range from $10,000 and one hundred thousand dollars (provided you have that much credit available to you). The terms for repayment are complex. If you’re approved to use the line of credit that you can use for 24 months, you’ll have to start using it or it will expire -and it’s active indefinitely if in use. Putting a balance on the LOC through the financing of a car starts a 36-month term. At month 20, you have the option to keep your current repayment program and refinance for an additional one year (extending the repayment period to a total of) or repay the loan in advance. The V3 valuation tool pioneered by Carputty helps to predict when the best time to sell or trade in your car is due, based on market data. The valuation can be performed prior to loan application directly through the Carputty site. It tracks and monitors the vehicle’s value, so that at any time during ownership you can choose to sell your car based on market trends. New and used auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
The high maximum loan amount of $250,000 allows Carputty an excellent option for people who want to finance an expensive new car or multiple vehicles at once. Refinance
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
Refinancing your existing vehicle loan will result in lower monthly payments or better rates. Take advantage of a check to see if refinancing a loan could truly reduce your expenses. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
If you’re considering purchasing your leased vehicle, Carputty offers assistance and assistance throughout the entire process. Lease buyouts can allow you avoid costly wear and tear fees and let you hold onto your current vehicle. How to apply for a loan with Carputty You can apply for an auto loan directly through the Carputty site with approval likely within a matter of minutes. With just one application, you’ll have access to a flexible line of credit that can be used at any point. In the initial application you’ll be subject to a soft credit check followed by a harder credit pull after the line of credit is finalized. The Atlanta-based lender will also conduct a credit pull that is soft every 45 days to keep track of your credit. According to the website the rates you are offered will be based on your score on credit, not on vehicle information such as year, make or model this is a distinctive feature compared to traditional lenders. If you’re not able to get credit due to poor credit, it is advised to apply other underwriting guidelines, not like Carputty. The funds will be available within the same day you apply. After approval, you’ll gain the access to an online dashboard where you can monitor your the current loans or even add vehicles.
Required application information Contact information for Social Security number. Proof of employment
In contrast to other lenders, Carputty does not require car details until the preapproval process is completed. After that, you will input vehicle details such as, model, year, make and license plate number onto Carputty’s dashboard. Carputty dashboard.
Carputty FAQs
Are Carputty reliable lender? Absolutely, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.
Do I qualify for an auto loan with Carputty when I have bad credit? Carputty makes credit score the main factor in determining risk so those with poor credit aren’t likely to get the best rates. Instead, consider looking at options for .
What can I do to make a payment on my automobile loan by using Carputty? You can pay or schedule payments online by logging in to your account and linking your payment method.
How Bankrate rates Carputty
Overall Score
4.0
Accessibility
4.3
Although the lender boasts an impressive loan quantity, the lender currently has only 32 state clients.
Affordability
2.8
The risk of fees or a high-minimum APR reduces an otherwise solid category.
Customer Experience
3.8
Carputty provides support only from Monday through Friday during a range of hours.
Transparency
5.0
The ability to prequalify applicants and provide fees and rates disclosure gives Carputty an excellent score.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether charges and rates are available and APR range all influence lender scores. These scores are split in four different categories. The availability of loans as well as repayment options, dealer requirements, and availability in the state all make up this section. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’ll need to shop, customer service availability and whether or not there’s an app and autopay payment options are all accounted by this category. Transparency: This category accounts for the accessibility of rates and fees as well as the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information such as rates and charges provided in the review is correct at the time of the review. Look over the information at the top of this page and the lender’s site for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of clear reporting that helps readers confidently land deals and make the most appropriate choices regarding their finances. He specializes in small and auto loans.
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