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Carputty: the 2023 Auto loan review. Published 2023-01-26, 15:27:17.
Written 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 using loans to buy the car they want.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values transparent reporting that allows readers to successfully get deals and make most informed decisions regarding their financial situation. He is a specialist in auto and small business 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 financial calculators and interactive tools, publishing original and objective content. This allows users to conduct research and compare information for free — so that you can make sound 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 Earn money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this website, for example such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that could be available to you.
Reviewer’s disclosures Reviewers are supervised by staff. The opinions expressed are solely the views of the reviewer. They are not reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review are accurate at the time that the review was written. Look over the information on the right, and the lender’s website to find the most current information.
At a glance 4.0 Rating: 4 stars out five
Score at the Bankrate
Available Rating: 4.3 stars out of 5
Affordability Rating: 2.8 stars out of five
The Customer Service Rating is 3.8 stars out of 5
Transparency Rating Five stars from five.
Find out about rates for auto loan rates
About Carputty Loan amount Lines from $25,000-$250,000
Min. credit score not specified
APR ranging from 7.14%-9.64 percent
Funds are available as soon as the next day.
Pros and Cons of Carputty Borrowers may borrow for greater than typical amounts, and also benefit from quick funding. However, the product is not available in every state.
PROS Car buying assistance
Maximum amount of loan loan amount
Preapproval
HIGH MINIMUM APR CONS
Confusion about repayment terms
Carputty is an online direct lender that offering unique line of credit financing process known as Flexline. With only one application, customers can control all of their vehicles over the entire lifetime of ownership directly through the line of credit. Carputty is a firm that encourages its customers to manage their car loans in the same way as they manage any other asset in the financial market, which allows for flexibility when it comes to buy or sell.
Do you qualify? Carputty doesn’t provide specific criteria for income or credit score however, to be eligible the applicant must be at or above 18 years of age employed and a citizen of the United States. Residency. You must be a resident 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 date of application and must have less than 85,000 miles. Loan-to-value. When purchasing used vehicles, the LTV should not surpass 110 percent (for current-year used vehicles, the value is defined to be 90 percent MSRP). For new vehicles it is required that the LTV cannot surpass 100 percent MSRP. Our favorite things and what we don’t like While the Flexline program allows for vehicle financing to be an easy process, Carputty might not be the ideal lender for all drivers. What we like Car buying assistance. Carputty offers borrowers assistance in the car-buying process through the V3 tool that helps buyers decide when is the most suitable time to buy. Maximum loan amount. The loan amount is as much as $150,000 per vehicle, or $250,000 total -which is higher compared to traditional competitors. Preapproval. With the option to apply for , you’ll get an idea of your monthly payment before signing off for your loan. What we don’t like High minimum APR. An APR starting at 7.14 percent is a bit too high. Those with excellent credit may get cheaper rates at other banks. The terms of repayment are confusing. Your balance is subject to 36-month repayment terms, but you can extend it by a specific amount or pay it off early but none of these options are spelled out on Carputty’s website. How can you contact Carputty Carputty provides customer support every day of the week via its chat function between 8 a.m. until 6 p.m. (EST) or via email at help@carputty.com. In addition to the chat feature, Carputty has a fairly extensive FAQ section that provides details of the application and financing process. Auto loan types provided Carputty provides auto loans for people who wish to finance a brand new or used car, or consolidate an existing loan or go through a lease buyout. Lines of credit vary from $25,000 to $250,000. Individual advances could range from $10,000 and one hundred thousand dollars (provided you have that amount of credit available to you). Repayment terms are a bit difficult to understand. After you’ve been approved for the line of credit and you’re given 24 months to begin using it or it will be closed- but it remains in effect for a long time if it is in use. The process of putting a balance on the LOC through the financing of a car will begin a term of 36 months. After the 20th month, you have the option to maintain the current repayment plan, refinance for a further one year (extending the term of your repayment) or pay off the loan in advance. The V3 valuation tool developed by Carputty assists in determining when the time to sell your car is due dependent on market data. Valuation can be run before loan application directly on the Carputty site. This tracks and monitors vehicle value to ensure that at any point in ownership you can decide to sell your vehicle 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 limit loan sum of $250,000 allows Carputty an ideal 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 the current car loan could result in less monthly payments or better rates. Take advantage of a to determine if refinancing your loan will really help you save money. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
If you’re considering buying your vehicle that you lease, Carputty offers assistance and support throughout the entire process. Lease buyouts can allow you to avoid steep wear and tear fees and permit you to hold onto your current vehicle. How to apply for a loan with Carputty You can apply for an auto loan directly on the Carputty site with approval likely within a matter of minutes. Through only one application you’ll be granted access to a flexible line of credit that can be utilized at any time. When you first apply you’ll have to go through a soft credit check and then a hard credit pull when the line of credit is completed. The Atlanta-based lender will also conduct an annual soft credit pull of 45 days to monitor your credit. According to the website the interest rate you pay will be based on your score on credit, not vehicle information like the year, make or model, which is a stand-out feature compared to traditional lenders. If you’re not able to get credit due to bad credit, it’s recommended to use different underwriting criteria, unlike Carputty. The funds will be available on the day you submit your application. Once accepted you will gain the access to an online dashboard where you will be able to manage your the current loans or even add vehicles.
Information required for application Contact information and Social Security number Proof of employment
Contrary to many other lenders, Carputty doesn’t require any vehicle details until the preapproval process is completed. At that point, you will input vehicle details such as, model, make, year and license plate number into the Carputty dashboard.
Carputty FAQs
Is Carputty a reliable lender? Sure, Carputty has been certified by the Better Business Bureau since early 2022. The company plans to broaden its coverage throughout the state.
Can I get an auto loan using Carputty even if I have bad credit? Carputty utilizes credit scores as the primary determinant of risk so those with poor credit aren’t likely to get the most competitive rates. Instead, check out options for .
How do I pay off my auto loan using Carputty? You can pay or schedule an online payment by logging into your account and linking your payment method.
What rates does Bankrate charge Carputty
Overall Score
4.0
Availability
4.3
While the lender boasts a high loan amount, it only serves 32 states.
Affordability
2.8
The risk of fees or a high-minimum APR diminishes an otherwise solid category.
Customer Experience
3.8
Carputty only offers support Monday to Friday on a range of hours.
Transparency
5.0
The ability to prequalify applicants and provide rates and fees disclosure give Carputty an A+.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether the rates or fees offered and APR range all influence lender scores. These scores are split in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements and availability to state contribute to this section. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you’ll need to shop, customer service availability as well as whether an app is available and availability of autopay are all taken care for in this section. Transparency: This category is responsible for the accessibility of rates and fees along with whether prequalification is available.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and 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 up to the date of the review. Review the information in the upper right hand corner of the page as well as the lender’s website for the most current 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 the car they want.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in transparent reporting that allows readers to successfully find deals and make the best choices for their finances. He is a specialist in auto and small business loans.
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