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Caribou
Caribou 2023 Auto loan review, published 2023-01-01, 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to purchase an automobile.
Edited 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 with precise, well-researched and well-researched content that breaks down otherwise 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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing authoritative and original content. This allows you to conduct your own research and compare data at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited 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 who pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be open to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is accurate up to the date that the review was written. Check the data in the upper right hand corner of the page and the lender’s website to find the most recent details.
At a glance 3.7 Rating: 3.7 stars out of five
Bankrate Score
Available Rating: 3.8 stars out of 5
The Affordability Score: 3.4 stars out of 5
Customer Experience Rating: 3.8 five stars of 5
Transparency Rating Five stars from five.
Check rates for auto loan rates
About Caribou Loan amount Not specified
Min. credit score varies based on lender
APR ranging from 4.99% to 36.00 percent
Funds available in Varies by lender
Caribou features Consider these benefits and disadvantages of refinancing your car loan with Caribou prior to approving an application.
PROS Ease of refinance and insurance bundling
The ability to evaluate rates
Prequalification available
CONS Limited availability
Potential processing fee
Caribou, formerly called MotoRefi offers an affordable automobile refinance loans through its lender network. The lenders include credit unions to community banks. Drivers can benefit from its quick online process combined with the experience of its team of loan experts.
Kevin Bennet, CEO of Caribou Kevin Bennet, CEO of Caribou, describes its mission as helping motorists from all experiences save cash and take control of their financial situation. Caribou takes care of the heavy lifting in refinancing and also provides auto insurance to help with this goal.
Do you qualify? Caribou doesn’t provide any specific requirements when it comes to credit or income however you can count on a soft credit report which will not impact your credit score if you are prequalified. However, if you decide to take to take out a loan and submit an application the process will include a hard credit pull. Although the requirements aren’t disclosed as per Bennett, «… many individuals have seen their credit scores improve following the purchase of their vehicle and are now able to access higher rates. Others have had credit scores that were good but walked off the car lot with a higher amount of debt than they really should have.» Regarding vehicle requirements It must be equipped with positive equity and have a minimum of than 120,000 miles. Some lenders within Caribou’s network allow vehicles with as many as 200k miles. Cars, trucks, SUVs and other passenger vehicles can be refinanced, but they must not be used for commercial purposes. What we like and what we don’t think we like. Consider these advantages and drawbacks of an automobile loan with Caribou prior to approving an application. What we like : Ease of refinancing and bundling insurance. Caribou provides drivers with options for auto insurance as well as other options for refinancing. Ability of comparing rates. Caribou works with a network of lenders that allow customers to evaluate rates directly through Caribou’s website. Prequalification is available. After a credit check that doesn’t impact the credit rating, you can apply for prequalification in order to get more information about the amount you can get for your money. We aren’t a fan of limited availability. Caribou is not available for drivers from Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Potential processing fee. The lender you’re matched with might transfer the $399 processing fee Caribou charges it. How do you contact Caribou Caribou offers excellent customer service. Its easy-to-use website offers chat features, accounts management, and the option to ask questions via phone, email, or via appointment. Caribou provides drivers with the ease and convenience of a fully online experience and the convenience of person-to-person communication. Drivers who have questions specific to their loan can reach out for help from team members Monday through Friday from 9 a.m. to 8 p.m. ET as well as on Saturday and Sunday between 9 a.m. to 4 p.m. ET. Auto loan types available through its lender partnerships, drivers are able to improve their existing loan while shopping for other products that can be added, including extended protection, cosmetic services as well as key repair services. The terms and loan amount vary depending on the lender.
How to request a loan using Caribou If you want to apply for a loan through Caribou visit its website and input basic information about yourself and the details of your car and the present loan.
Steps to apply . Check your rate. Fill in some of your personal information about yourself and your vehicle -and not a Social Security number required -to get your quotations. The process could take just an hour, and you’re not required to accept any offer that you are prequalified for. Choose the loan offer. Then, you can choose which offer works best for you. In this step, we will also provide you with other products such as insurance, cosmetic care, key replacement complete loss protection, or extended protection. Finish your refinance. In the end, you’ll be asked to disclose additional personal information , and then take a final signature on the online refinance documents.
The information required to apply for a loan is: The name of the applicant, Social Security numbers Contact details Citizenship status Vehicle information -including VIN or license plate number and the make, model and trim Current loan and lender details Evidence of income like the most recent pay stubs, or W-2
Caribou FAQs
Are Caribou a direct lender? No, Caribou is a technology company that partners with a wide network of trusted lenders to provide you with the most competitive rate on auto refinancing.
Do Caribou allow co-borrowers when refinancing your car? Yes, you can apply with a co-borrower if they live in a state that permits co-borrowing for auto loans.
How Bankrate rates Caribou
Overall score
3.7
Accessibility
3.8
Caribou doesn’t have vehicle restrictions listed, and is available in most states. It doesn’t offer the loan amount offered.
Affordability
3.4
Because it is a network of lenders, Caribou does not disclose a complete list of interest rates , nor do they disclose minimum requirements.
Customer experience
3.8
Caribou provides access to the internet and customer support 24 hours a day 7 every day of the week.
Transparency
5
Caribou provides prequalification, so you can review your rates without harming your credit score.
Methodology To rate lenders that focus on auto refinance loans, Bankrate considers 16 different elements. The factors are based on in relation to loan amount, disclosed APR as well as acceptance requirements. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and their availability in every state. Accessibility: This section deals with expected APRs as well as acceptance conditions, discounts for autopay, and the amount of charges. Customer experience: This section includes online access, support availability and funding timeframe, as well as the option for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and charges are accounted for.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate at the time that the review was written. Check the data on the right as well as the lender’s website to find the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down complex subjects into digestible pieces.
Auto loans editor
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