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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 specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare data at no cost — so that you can make informed financial decisions. Bankrate has agreements 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 website are provided by companies who pay us. This compensation may impact how and when products are featured on the site, such as for instance, the sequence in which they be displayed within the categories listed in the event that they are not permitted by law for our mortgage, home equity and other products that lend money to homeowners. But this compensation does not influence the content we publish or the reviews you see on this site. We do not include the universe of companies or financial deals that may be open to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is correct as of the date of the review. Check the data in the upper right hand corner of the page and the lender’s site for the most up-to-date details.
A look 3.7 Rating: 3.7 stars out of five
Bankrate Score
Rating of Availability: 3.8 stars out of 5
Cost of Affordability: 3.4 stars out of five
The Customer Service Rating is 3.8 5 stars from five
Transparency Rating: 5 stars out of 5
Find out about auto loan rates
About Caribou Loan amount Not specified
Min. credit score varies by lender
APR from 4.99 percent to 36.00 percent
Funds available in Varies by lender
Caribou features. Consider these benefits and disadvantages of refinancing your car loan through Caribou before signing off on an application.
PROS Refinance Ease of refinance as well as insurance bundling
Capability to assess rates
Prequalification is available
CONS Limited availability
Potential processing cost
Caribou, formerly called MotoRefi offers low-cost automobile refinance loans through its lenders’ network. These lenders range from credit unions to community banks. Drivers will benefit from its speedy online process and the experience of its team made up 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. Caribou handles the bulk of the work in refinancing, and provides auto insurance to help with this goal.
Do you qualify? Caribou does not provide specific requirements when it comes to credit or income, but you can expect a soft credit pull which will not impact your credit score when you are prequalified. However, if you decide to take a loan and follow through with an application, the process will include a hard credit pull. Although the requirements aren’t disclosed in accordance with Bennett, «… many individuals have seen their credit scores improve after buying a car and want access to better rates, others have had credit scores that were good but walked off the car lot and paid more than they should have.» Concerning the requirements for a vehicle, it should have positive equity and no more than 120,000 miles. Some lenders in Caribou’s network accept vehicles that have more than 200 miles. Vehicles like SUVs, cars, trucks as well as other passenger vehicles are eligible for refinancing however they should not be used for commercial use. What we like and what we do not like Think about these advantages and disadvantages of an auto loan with Caribou before signing off on an application. What we like Ease of refinancing and bundling insurance. Caribou gives customers options for auto insurance as well as other add-ons when refinancing. The ability of comparing rates. Caribou works with a network of lenders that allow users to compare rates directly through Caribou’s site. Prequalification is available. Following a soft credit check that won’t affect the credit rating, you can apply for prequalification 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 that you’re matching with may forward the $399 processing fee Caribou charges it. Contact details for Caribou Caribou offers excellent customer service. The website is user-friendly and has chat features, account management as well as the ability to ask questions over the phone, by email or by appointment. Caribou gives drivers the convenience and convenience of a fully online experience, with the ease of person-to-person communication. Drivers who have specific questions about their loan can reach out for assistance from our team members Monday through Friday from 9 a.m. to 8 p.m. ET and on Saturdays and Sundays from 9 a.m. until 4 p.m. ET. Auto loan types offered Through its lender partnership, customers can improve their current loan while shopping for additional products like extended protection, cosmetic care as well as key repair services. Terms and loan amounts differ by lender.
How do you make an application for a loan through Caribou To apply for a loan through Caribou go to their website and fill in basic details about yourself and the details of your car and the the current loan.
Steps to apply . Check your rates. Fill in some of your personal information about yourself and your vehicle — not a Social Security number required — to receive your quotes. The process could take just a minute, and you’re not required to accept any offer that you qualify for. Choose the loan offer. Then, you can choose which offer works best for you. The next step will also provide you with additional options such as insurance keys, key replacement, cosmetic care complete loss protection, or extended protection. Complete your refinance. Then, you’ll be asked to provide additional personal information , and then confirm the online refinance documentation.
Information required for application: Name Social Security number and contact information Information about citizenship status -including VIN, license plate number, and the make, model and trim loan and lender details Income proof — like the latest pay stubs or W-2
Caribou FAQs
Are Caribou a direct lender? No, Caribou is a technology company that partners with an extensive network of reputable lenders to offer you the most competitive rate in auto refinancing.
Do Caribou allow co-borrowers to refinance your car? Yes, you are able to apply for a co-borrower’s loan if they reside in a state which allows co-borrowing with auto loans.
What rates do Bankrate offer? Caribou
Overall score
3.7
Availability
3.8
Caribou does not have any restrictions on vehicles listed, and is available in all states. But it doesn’t provide the loan amount that is available.
Affordability
3.4
Since it goes through an array of lenders, Caribou does not disclose the complete list of interest rates , nor do they disclose minimum requirements.
Customer experience
3.8
Caribou offers access online and customer service 24 hours a day 7 all week.
Transparency
5
Caribou offers prequalification , which means you can look up rates without affecting your credit score.
Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, the APR disclosed and acceptance criteria. 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. Affordability: The primary focus of this section covers the expected APR, acceptance conditions, discounts for autopay, and the amount of fees. Experience with customers: This category includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payment and app accessibility. Transparency: Here , prequalification and disclosure of rates and fees are accounted for.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information, including rates and fees provided in the review are accurate as of the date of the review. Check the data in the upper right hand corner of the page and the lender’s site for the most recent 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 details of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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