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Caribou: 2023 Auto loan review Published 2023-01-01 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 ways and pitfalls of borrowing money to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers to take control of their finances with precise, well-researched and well-researched content that break down complex topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing authoritative and original content. We also allow you to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies who pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other products that lend money to homeowners. This compensation, however, does 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 open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most current details.
At a glance 3.7 rating: 3.7 stars out of five
Availability Rating: 3.8 stars out of 5
The Affordability Score: 3.4 stars out of 5
The Customer Service Rating is 3.8 5 stars from five
Transparency Rating Five stars from five.
Compare 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 are available in Varies depending on lender
Caribou features Consider these benefits and disadvantages of refinancing your automobile loan using Caribou prior to approving an application.
PROS Refinance Ease of refinance as well as insurance bundling
The ability to evaluate rates
CONS Limited availability
Potential processing fee
Caribou, formerly was known as MotoRefi offers low-cost auto refinance loans through its network of lenders. These lenders range from community banks to credit unions. Drivers will benefit from its speedy online process and the experience provided by its group 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 gain control of their finances. It handles the heavy lifting in refinancing, and it offers auto insurance options to aid in this effort.
Do you qualify? Caribou does not disclose specific requirements when it comes to credit or income however you can count on a soft credit report that won’t affect your credit score if you apply for prequalification. But if you do choose a loan and then submit an application, the process could be accompanied by a hard credit report. The requirements for the loan aren’t made public according to Bennett, “… many people have noticed their credit scores rise following the purchase of their vehicle and are now able to access better rates, others have had credit scores that were good but walked off the car lot with a higher amount of debt than they really should have.” Concerning the requirements for a vehicle, it should have positive equity and no more than 120,000 miles. However, some lenders in Caribou’s network accept vehicles with as many as 200 miles. Automobiles, trucks, SUVs and other passenger vehicles can be refinanced, however they should not be used for commercial purposes. What we like and what we do not like Think about these advantages and drawbacks of an automobile loan with Caribou prior to approving an application. What we like Ease of refi and insurance bundling. Caribou provides drivers with options to purchase auto insurance, as well as other additional options when refinancing. Ability of comparing rates. Caribou works with a network of different lenders, allowing you to compare rates directly through Caribou’s website. Prequalification available. Following a soft credit check which doesn’t impact the credit rating, you may apply for prequalification in order to get a better idea of what you can save. What we don’t like Limited availability. Caribou is not available for drivers living in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Possible processing fees. The lender you’re matched with might transfer the processing fee of $399 Caribou is charged. How to contact Caribou Caribou offers excellent customer service. Its easy-to-use website offers chat functionality, as well as account management as well as the ability to inquire over the phone, by email or by appointment. Caribou offers drivers the ease and convenience of an online experience and the convenience of person-to-person communication. Drivers who have questions specific to their loan can reach out for help from team members Monday through Friday from 9 a.m. until 8 p.m. ET and Saturday and Sunday from 9 a.m. to 4 p.m. ET. Auto loan types available through its lender partnerships, motorists can improve their current loan while shopping for other products that can be added, including additional protections, cosmetic treatment along with key replacement and cosmetic care. Terms and loan amounts vary by lender.
How to request a loan using Caribou To apply for a loan with Caribou, head to its website and fill in basic details regarding yourself, along with the details of your car and the present 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 -for your quote. This step can take just an hour, and you’re not required to take any offer you qualify for. Select the loan offer. You can then choose which offer works best for you. The next step will also provide you with additional options like insurance and key replacement, cosmetic care and total loss protection. extended protection. Finish your refinance. In the end, you’ll be prompted to share more personal information , and then confirm the online refinance documentation.
Required application information The name of the applicant, Social Security numbers and contact information Status of citizenship Vehicle informationincluding VIN, license plate number, and the make, model and trim loan and lender details Income proof — including the latest pay stubs or W-2
Are Caribou a direct lender? No, Caribou is a technology company that partners with an extensive network of reliable lenders to offer you the best price on auto refinancing.
Does Caribou allow co-borrowers when refinancing your car? Yes, you can apply with a co-borrower , if they are in a state that permits co-borrowing with auto loans.
What are the rates of Bankrate? Caribou
Caribou doesn’t have vehicle restrictions that are listed, and it is accessible in most states. But it doesn’t provide the loan amounts offered.
Since it goes through a network of lenders, Caribou does not disclose a complete list of interest rates or the minimum requirements.
Caribou provides access online and customer service 24 hours a day 7 all week.
Caribou offers prequalification so you can review your rates without affecting your credit score.
Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different elements. These factors range in consideration to the loan amount, disclosed APR and acceptance criteria. Each lender has a score that is based on four categories. Availability: This accounts for loan amounts, restrictions on vehicles and their availability in every state. Affordability: Primarily, this section covers the expected APR, acceptance criteria, discounts for autopay, and the amount of charges. Customer experience: This section includes access to support online, online accessibility, funding timeline, option to pay by automatic method and app availability. Transparency: Here , prequalification and the disclosure of fees and rates are recorded.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date of the review. Look over the information on the right and the lender’s site for the most current details.
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-informed information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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