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Caribou
Caribou 2023 auto loan review, published 2023-01-01, 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase 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 passionate about helping readers feel confident to control their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.
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 tools and financial calculators that provide objective and unique content, by enabling you to conduct your own research and compare data for free – so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and where products are displayed on this site, including for instance, the order in which they be displayed within the categories listed, except where prohibited by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely the views of the reviewer. They are not reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is accurate at the time of the review. Check the data in the upper right hand corner of the page and the lender’s website to find the most up-to-date details.
At a glimpse 3.7 Rating: 3.7 stars out of 5
Score of the Bankrate
Availability Rating: 3.8 stars out of 5
Affordability Rating: 3.4 stars out of five
Customers Experience Score: 3.8 stars out of 5
Transparency Rating: Five stars from five.
Compare auto loan rates
About Caribou Amount of loan not stated
Min. credit score varies by lender
APR ranging from 4.99 percent to 36.00 percent
The amount of funds available is based on the lender
Caribou features Consider these benefits and drawbacks to refinancing your car loan with Caribou before signing off on an application.
PROS Ease of refinancing and insurance bundling
The ability to evaluate rates
Prequalification offered
CONS Limited availability
Potential processing fee
Caribou previously known as MotoRefi provides competitive car refinance loans through its lenders’ network. These lenders range from community banks to credit unions. Drivers are able to benefit from its fast online process combined with the expertise from its staff of loan experts.
Kevin Bennet, CEO of Caribou Kevin Bennet, CEO of Caribou, describes its mission as helping motorists from all backgrounds save money and take control of their financial situation. It handles the heavy lifting when it comes to refinancing and also offers auto insurance options to aid in this effort.
Do you qualify? Caribou doesn’t provide any specific requirements when it comes to income or credit however, you can anticipate a soft credit report that will not affect your credit score when you prequalify. However, if you decide to take a loan and submit an application, the process will be accompanied by a hard credit report. The requirements for the loan aren’t made public as per Bennett, «… many people have had their credit score improve following the purchase of their vehicle and are now able to access higher rates. Others have always had good credit but left the lot and paid more than they really should have.» Concerning the requirements for a vehicle It must be equipped with positive equity and no more than 120,000 miles. However, some lenders within Caribou’s network allow vehicles with up to 200k miles. Vehicles like SUVs, cars, trucks and all other vehicles for passengers are eligible for refinancing however they should not be used for commercial use. What we love and what don’t think we like. Consider these advantages and drawbacks of an automobile loan that is backed by Caribou before signing off on an application. What we like Ease of refi and insurance bundling. Caribou gives customers options for auto insurance and other options for refinancing. Ability to compare rates. Caribou works with a network of various lenders, allowing customers to evaluate rates directly on Caribou’s website. Prequalification offered. Following a soft credit check that doesn’t impact your credit score, you may apply for prequalification in order to get a better idea of what you can save. What we don’t like Limited availability. Caribou isn’t available to drivers living in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Potential processing fee. The lender that you’re matching with may forward the processing fee of $399 Caribou charges it. How to contact Caribou Caribou offers excellent customer service. The website is user-friendly and has chat features, account management as well as the ability to inquire by phone, email, or via appointment. Caribou gives drivers the convenience and convenience of an online experience, with the ease of personal communication. Drivers with specific questions regarding their loan are able to seek help from team members Monday through Friday , 9 a.m. to 8 p.m. ET and Saturday and Sunday from 9 a.m. to 4 p.m. ET. Auto loan types available through its lender partnership, customers are able to improve their existing loan while also shopping for other add-on products, such as extra protection and cosmetic treatment as well as key repair services. Terms and loan amount vary depending on the lender.
How do you request a loan through Caribou If you want to apply for a loan with Caribou, head to its website and input basic information about yourself as well as the information of your car and the current loan.
Steps to apply . Check your rates. Input some personal information on yourself and your vehicle -and no Social Security number required -to get your quotations. This step can take just an hour, and you’re not required to take any offer you qualify for. Choose your loan offer. You can then choose the one that is most suitable for you. In this step, we will also provide you with additional products such as insurance, cosmetic care, key replacement and total loss protection. extended protection. Complete your refinance. In the end, you’ll be asked to disclose additional personal details and confirm the online refinance documents.
Required application information The name of the applicant, Social Security numbers and contact information Status of citizenship Vehicle information- such as VIN License plate number and the make, model and trim loan and lender information Income proof — like the most recent pay stub or W-2
Caribou FAQs
Is Caribou an direct lender? Not really, Caribou is a technology company that partners with a wide network of reliable lenders to offer you the best price in auto refinancing.
Do Caribou allow co-borrowers when refinancing your vehicle? Yes, you are able to apply with a co-borrower if they reside in a state that allows co-borrowing with auto loans.
What rates do Bankrate offer? Caribou
Overall score
3.7
Accessibility
3.8
Caribou doesn’t have restrictions on vehicle use or restrictions, and is offered in most states. It doesn’t offer the loan amounts that are available.
Affordability
3.4
Since it goes through an array of lenders, Caribou does not disclose the complete list of rates of interest or the minimum requirements.
Customer experience
3.8
Caribou has access online and customer service all hours of the day, seven every day of the week.
Transparency
5
Caribou offers prequalification , which means you can check your rates without damaging your credit score.
Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different factors. The criteria range to the loan amount, APR that is disclosed and acceptance criteria. Each lender scores based on four categories. Availability: This accounts for loan amounts, vehicle restrictions and their availability in every state. Affordability: Primarily, this section covers the expected APR, acceptance requirements, discounts on autopay as well as the total amount of charges. Experience with customers: This category includes online access, support availability and funding timeframe, as well as the option for automatic payment and app availability. Transparency: In this category, prequalification as well as disclosure of rates and charges are accounted for.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges that are included in the review is correct at the time of the review. Review the data in the upper right hand corner of the 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 specializes in assisting readers in navigating the ways and pitfalls of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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