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Caribou
Caribou 2023 Auto loan review Published 2023-01-01 00:00:00
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely 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 dedicated to helping their readers to take control of their finances through providing concise, well-studied information that breaks down otherwise complex 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 choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information for free — so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including for instance, the order 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 and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that could be open to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Look over the information on the right, and the lender’s website for the most up-to-date details.
At a glance 3.7 Score: 3.7 stars out of five
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating: 3.4 stars out of 5
Customers Experience Score: 3.8 5 stars from five
Transparency Rating: 5-stars out of 5.
Check 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 percent
The amount of funds available is based on the lender
Caribou features Take note of these advantages and drawbacks to refinancing your automobile loan through Caribou before signing off on an application.
PROS Ease of refinance and insurance bundling
The ability to evaluate rates
Prequalification is available
CONS Limited availability
Potential processing fee
Caribou was formerly known as MotoRefi, offers competitive car refinance loans through its network of lenders. The lenders include credit unions to community banks. Drivers will benefit from its speedy online process and the experience from its staff made up of loan experts.
Kevin Bennet, CEO of Caribou Kevin Bennet, CEO of Caribou, describes its mission as helping drivers from all background save on costs and gain control of their financial situation. Caribou handles the bulk of the work when it comes to refinancing, and offers auto insurance options to support this mission.
Do you qualify? Caribou does not provide the specific criteria related to credit or income, but you can expect a soft credit pull that won’t affect your credit score if you prequalify. But if you do choose to take out a loan and submit an application the process will include a hard credit pull. While requirements are not disclosed as per Bennett, «… many individuals have noticed their credit scores rise after purchasing their car and would like to get access to better rates, others have had credit scores that were good however, they left the car lot and paid more than they should have.» In terms of vehicle requirements, it should have positive equity and not more than 120,000 miles. However, some lenders in Caribou’s network accept vehicles with as many as 200,000 miles. Automobiles, trucks, SUVs and other passenger vehicles are eligible for refinancing however, they cannot be used for commercial purposes. What we like and what don’t think we like. Consider these advantages and disadvantages of an auto loan with Caribou prior to approving an application. We like the ease of refinancing and bundling insurance. Caribou offers customers the option for auto insurance as well as other additional options when refinancing. The ability of comparing rates. Caribou works with a network of different lenders, allowing you to compare rates directly through Caribou’s website. Prequalification is available. In the wake of a soft credit screening that doesn’t impact the credit rating, you can apply for prequalification to get an idea of how much you can save. We aren’t a fan of limited availability. Caribou is not available for drivers in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Possible processing fees. The lender you’re matched with might forward the $399 processing fee Caribou is charged. Contact details for Caribou Caribou offers excellent customer service. Its user-friendly website has chat features, account management as well as the ability to ask questions by phone, email or appointment. Caribou provides drivers with the ease and convenience of a fully online experience and the convenience of personal contact. Drivers who have specific questions about their loan can reach out for assistance from the team every day 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 kinds offered through its lender partnerships, motorists are able to improve their existing loan while also shopping for other products that can be added, including additional protections, cosmetic services as well as key repair services. Terms and loan amount vary depending on the lender.
How do you make an application for a loan using Caribou To apply for a loan through Caribou visit 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 rate. Enter your personal details about you and your carwith there is no Social Security number required -for your quote. The process could take as little as an hour, and you’re not required to take any offer you are prequalified for. Select your loan offer. You then can select the best option for you. The next step will also provide you with additional options like insurance, cosmetic care, key replacement complete loss protection, or extended protection. Finalize your refinance. Finally, you will be prompted to share more personal information , and then sign off on the refinance forms online.
Required application information The name of the applicant, Social Security numbers Contact details Citizenship status Vehicle information -including VIN or license plate number and the model, make and trim Current loan and lender details Income proof — like the most recent pay stub or W-2
Caribou FAQs
Is Caribou an direct lender? It’s not, Caribou is a technology firm that works with an extensive network of reputable lenders to offer you the best price for auto refinancing.
Do Caribou allow co-borrowers to refinance your car? Yes, you can apply with a co-borrower if they reside in a state which allows co-borrowing on auto loans.
How Bankrate rates Caribou
Overall score
3.7
The availability
3.8
Caribou doesn’t have vehicle restrictions or restrictions, and is offered in most states. However, it does not provide the loan amounts offered.
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 online access and customer service all hours of the day, seven all week.
Transparency
5
Caribou provides prequalification, so you can check your rates without affecting your credit score.
Methodology To rate lenders that focus on auto refinance loans, Bankrate considers 16 different factors. The factors are based on from the loan amount, APR that is disclosed as well as acceptance requirements. Each lender holds a score that is based on four different categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Accessibility: This section covers expected APR and acceptance conditions, discounts for autopay and the number of fees. Customer experience: This section 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 taken into account.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review is correct at the time that the review was written. Look over the information in the upper right hand corner of the page and 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 specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase an automobile.
Editor: 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 precise, well-studied information that is broken down into complex topics into manageable bites.
Auto loans editor
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