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Carputty: 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 has a specialization in helping readers in navigating the details of borrowing money to purchase a car.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of transparent reporting that allows readers to successfully land deals and make the most appropriate choices regarding their money. He is a specialist in small and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not include the vast array of companies or financial offers that may be accessible 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 have not been reviewed nor acknowledged by any advertising company. The information, including rates and fees, presented in the review are accurate as of the date of the review. Check the data on the right and the lender’s website to find the most recent details.

A glance 4.0 Rating 4 stars out five

Score of the Bankrate

Availability Rating: 4.3 stars out of 5

Affordability Rating: 2.8 stars out of five

Customer Experience Rating: 3.8 stars out of five

Transparency Rating: 5 stars out of 5

Compare rates for auto loan rates

About Carputty Loan amount Lines ranging from $25,000 to $250,000.

Min. credit score Not specified

APR ranges from 7.14%-9.64 Percent

Funds available as early as the next day.

The pros and cons of using Carputty are that Borrowers are able to finance for higher than usual amounts and enjoy fast financing. However, the product isn’t available in every state.

PROS Car buying support

Maximum loan amount loan amount


ConS APR High Minimum

Confusion about repayment terms

Carputty can be described as an online direct lender that offering unique line of credit funding procedure known as Flexline. With only one application, customers can control all of their vehicles for the entire lifetime of ownership directly through this line of credit. Carputty allows its customers to manage their vehicle loans like they would similar financial investments, which allows for flexibility when it comes to buy or sell.

Do you qualify? Carputty does not disclose any particular requirements for income or credit score However, in order to apply, borrowers must be 18 years old employed and a resident of the United States. Residency. You must reside 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 have a model year that is less than eight years old prior to the time of the application, and have fewer than 85,000 miles. Loan-to-value. For those purchasing used vehicles, the LTV cannot exceed 110 percent (for used vehicles that are in the current year, the value is defined as 90 percent of MSRP). For new vehicles it is required that the LTV should not exceed 100 percent of MSRP. Our favorite things and don’t like While the Flexline program helps make financing a vehicle a seamless process, Carputty might not be the ideal lender for all drivers. What we like Car buying assistance. Carputty offers borrowers assistance in the process of buying a car through the V3 tool which helps buyers determine the best time to purchase. The maximum loan amount. The loan amount is as much as $150,000 per vehicle or $250,000 for the entire amountwhich is higher compared to traditional competitors. Preapproval. With the option to apply for , you will have an idea of your monthly payments prior to signing for your loan. We don’t like high minimum APR. A starting APR of 7.14 percent can be too high. People with good credit might obtain cheaper rates at other banks. Uncertain terms for repayment. Your balance is subject to 36-month term for repayment, however you can extend it by a set amount or to repay it earlier and none of those options are spelled out on Carputty’s website. Contact information for Carputty Carputty provides customer support on a daily basis via its chat function from 8 a.m. to 6 p.m. ET or by email at Outside of the chat function, Carputty has a fairly detailed FAQ section which outlines the process of applying and financing. The auto loan forms are available. Carputty offers auto loans for people who wish to finance a brand new or used vehicle, to refinance an old loan or undergo an lease buyout. Credit lines can range from $25,000 to $250,000. Individual advances could range from $10,000 to $150,000 (provided you have that much credit to draw upon). Terms for repayments are complicated. After you’ve been approved for a line of credit that you can use for 24 months, you’ll have to use it, or it will expire -and it’s open for use indefinitely. In the event that you have a balance due on the LOC through the financing of a car will begin a term of 36 months. At month 20, you have the option to continue the current repayment plan or refinance it for another one year (extending the term of your repayment) or pay off the loan early. The V3 appraisal tool, developed by Carputty helps to predict when the time to sell your car is due based on the market information. Valuation can be conducted ahead of loan application on the Carputty website. This tracks and monitors vehicle value to ensure that at any point in ownership you can decide to sell your car 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 high maximal loan value of $250,000 allows Carputty an excellent option for people who want to finance an expensive new car or multiple vehicles at the same time. Refinance

Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%

Refinancing your existing vehicle loan will result in lower monthly payments or better rates. Make use of this opportunity check to see if refinancing a loan will really reduce your expenses. Lease buyout

Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%

If you’re interested in buying your vehicle that you lease, Carputty offers assistance and assistance throughout the process. A lease buyout could help you avoid expensive wear and tear fees and let you keep your current car. How do you apply for an auto loan with Carputty You can apply for an auto loan directly through the Carputty site and get approval in minutes. Through only one application you’ll have access to a flexible line of credit that can be utilized at any time. In the initial application you’ll have to go through a soft credit check followed by a harder credit pull once the line of credit is finalized. The Atlanta-based lender may also perform a soft credit pull every 45 days to monitor your credit. According to the site the rates you are offered is based on your score on credit, not vehicle information such as the year, make or model that is an outstanding advantage over traditional lenders. If you’re not able to get credit due to bad credit, it’s wise to that use other underwriting guidelines, not like Carputty. The funds will be available as soon as the day you apply. Once accepted you will gain an access point to your secure account from which you can manage the current loans or add new vehicles.

Required application information Contact information and Social Security number. Proof of employment

In contrast to other lenders, Carputty doesn’t require any vehicle information until after the preapproval procedure has been completed. Once that is done you’ll need to input the vehicle details such as, model, make, year and license plate number onto your Carputty dashboard.

Carputty FAQs

Is Carputty a reputable lender? Yes, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.

Can I obtain an auto loan using Carputty even if I have bad credit? Carputty utilizes credit scores as the main factor in determining the risk, so people with low credit aren’t likely to get the best rates. Instead, check out the options available to .

What can I do to pay off my auto loan by using Carputty? You can make or schedule payments online by logging into your account and linking to your payment method.

What rates does Bankrate charge Carputty

Overall Score




While the lender boasts an impressive loan sum, they currently has only 32 state clients.



The risk of fees or a high-minimum APR diminishes the overall strength of this category.

Customer Experience


Carputty is only available Monday to Friday on an hourly basis.



Ability to prequalify , as well as fees and rates disclosure gives Carputty an A+.

Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, whether the rates or fees readily available and the APR range are all factors that affect lender scores. The scores are divided into four categories. The availability of loans, repayment options, dealership requirements and state availability all make up this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you have to shop, customer service availability and whether or not there’s an app and autopay availability are accounted within this segment. Transparency: This section accounts for the availability of rates and fees along with whether prequalification is available.

Disclaimer: All reviews are prepared by staff. The opinions expressed in the review are only those of the reviewer , and have not been evaluated or acknowledged by any advertiser. The information such as rates and charges that are included in the review is accurate at the time when the review first appeared. Check the data at the top of this page as well as the lender’s website for the most up-to-date details.

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 ways and pitfalls of taking out loans to purchase an automobile.

Edited by 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 easily find deals and make the best decisions for their financials. He specializes in small business and auto loans.



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