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Caribou
Caribou: 2023 Auto loan review published 2023-01-01 at 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 to navigate the ins and outs of securely taking out loans 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 committed to helping readers feel confident to take control of their finances with concise, well-studied information that breaks down complicated subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way 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. This applies to our mortgage home equity, mortgage and other products that lend money to homeowners. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not cover the entire universe of businesses or financial deals that may be accessible to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information such as rates and charges provided 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 up-to-date details.
A glimpse 3.7 rating: 3.7 stars out of five
Score of the Bankrate
Rating of Availability: 3.8 stars out of 5
The Affordability Score: 3.4 stars out of 5
The Customer Service Rating is 3.8 five stars of five
Transparency Rating: Five stars from five.
Find out about rates for auto loan rates
About Caribou The amount of the loan is not specified.
Min. credit score Varies by lender
APR from 4.99 percent to 36.00%
Funds are available in Varies depending on lender
Caribou features Take note of these advantages and drawbacks to refinancing your auto loan using Caribou before approving an application.
PROS Ease of refinance and insurance bundling
Capability to assess rates
Prequalification offered
CONS Limited availability
The possibility of processing fees
Caribou, formerly was known as MotoRefi offers competitive automobile refinance loans through its lender network. These lenders range from credit unions to community banks. Drivers will benefit from its speedy online application process, as well as the expertise of its team made up of loan experts.
Kevin Bennet, CEO of Caribou The company’s mission is described as helping drivers from all experiences save cash and gain control of their financial situation. Caribou takes care of the bulk of the work when it comes to refinancing, and it provides auto insurance to aid in this effort.
Do you qualify? Caribou does not provide the specific criteria related to credit or income however you can count on a soft credit pull which will not impact your credit score if you prequalify. If you do decide to apply for the loan and follow through with an application, the process will include a hard credit pull. Although the requirements aren’t disclosed according to Bennett, «… many people have seen their credit scores improve after buying a car and want access to lower rates. Other people have had excellent credit for years however, they left the car lot and paid more than they should have.» Regarding vehicle requirements It must be equipped with positive equity and have a minimum of than 120,000 miles. However, some lenders on Caribou’s network will accept vehicles with up to 200,000 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 love and what don’t think we like. Consider these advantages and disadvantages of an auto loan with Caribou prior to approving an application. What we like Ease of refinancing and bundling insurance. Caribou offers customers the option for auto insurance as well as other add-ons when refinancing. The ability for comparing rates. Caribou has a partnership with a number of different lenders, allowing users to compare rates directly through Caribou’s site. Prequalification is available. In the wake of a soft credit screening which doesn’t impact your credit score, you may apply for prequalification to have more information about the amount you could save. What we don’t like Limited availability. Caribou is not available for drivers from Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. The potential processing fee. The lender that you’re matching with may transfer the processing fee of $399 Caribou charges it. How do you contact Caribou Caribou offers excellent customer service. Its user-friendly website has chat functionality, as well as account management and the ability to ask questions over the phone, by email or appointment. Caribou offers drivers the ease and convenience of an online experience and the convenience of personal communication. Drivers who have specific questions about their loan can seek help from team members Monday through Friday , 9 a.m. to 8 p.m. ET as well as on Saturday and Sunday between 9 a.m. until 4 p.m. ET. Auto loan types available through its lender partnership, customers can upgrade their loan as well as search for other add-on products, including extra protection and cosmetic care along with key replacement and cosmetic care. The terms and loan amounts differ by lender.
How to apply for a loan using Caribou To apply for a loan through Caribou, head to its website and input basic information about yourself as well as the information 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 -with there is no Social Security number required — to receive your quotes. The process could take just an hour, and you’re under no obligation to take any offer you qualify for. Choose your loan offer. You then can select which offer works best for you. In this step, we will also provide you with additional products like insurance keys, cosmetic care, key replacement and total loss protection. extended protection. Finish your refinance. Finally, you will be prompted to share more personal information , and then take a final signature on the online refinance documents.
Required application information Number of Social Security account Contact details Citizenship status Vehicle information -including VIN License plate number and the make, model and trim Current loan and lender information Proof of income — such as latest pay stubs or W-2
Caribou FAQs
Are Caribou an direct lender? No, Caribou is a technology firm that works with an extensive network of trusted lenders to provide you with the most competitive rate for auto refinancing.
Does Caribou allow co-borrowers when refinancing your car? Yes, you can apply for a co-borrower’s loan if they reside in a state that permits co-borrowing with auto loans.
What rates do Bankrate offer? Caribou
Overall score
3.7
The availability
3.8
Caribou does not have any restrictions on vehicles that are listed, and it is accessible in most states. But it doesn’t provide the loan amount that is available.
Affordability
3.4
Since it’s an array of lenders, Caribou does not disclose a 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 days a week.
Transparency
5
Caribou provides prequalification, so you can check your rates without harming your credit score.
Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 various factors. These factors range in consideration from the loan amount, APR that is disclosed and the acceptance standards. Each lender has a score that is based on four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: The primary focus of this section deals with expected APRs as well as acceptance conditions, discounts for autopay as well as the total amount of charges. Customer experience: This section includes access to support online, online accessibility and funding timeframe, as well as the option for automatic payments and app availability. Transparency: Here prequalification and disclosure of rates and charges are taken into account.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information such as rates and charges that are included in the review is correct at the time that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website to find 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 in navigating the ways and pitfalls of using loans to buy 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 dedicated to helping readers gain the confidence to manage their finances through providing concise, well-researched and well-informed information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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