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Carputty Auto loan review Published 2023-01-26 15:27:17

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to purchase a car.

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 confidently get deals and make best choices for their financial situation. He is a specialist in small business and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective 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, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website come from companies that compensate us. This compensation can affect the way and where products are displayed on this site, including for instance, the order in which they may be displayed within the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be available to you.

Reviewer’s disclosures The reviews are written by our staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or accepted by any advertising company. The information such as rates and charges that are included in the review are accurate as of the date when the review first appeared. Look over the information at the top of this page, and the lender’s site for the most recent details.

At 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 5

Customer Experience Rating: 3.8 five stars of five

Transparency Rating: 5-stars out of 5.

Compare rates for auto loan rates

About Carputty Loan amount From $25,000 to $250,000.

Min. credit score not specified

APR from 7.14%-9.64 Percent

Funds are available as soon as the next day.

Carputty pros and cons Borrowers may finance higher than normal amounts, and also benefit from quick funding. Still, the product is not available in every state.

PROS Car purchasing support

Maximum loan amount loan amount


ConS APR High Minimum

Confusing repayment terms

Carputty is an online direct lender that offering unique line of credit financing process called Flexline. With only one application, customers can control all their cars over the duration of their ownership using the line of credit. Carputty encourages its borrowers to manage their car loans the way they would similar financial investments, and allows for flexibility in when to purchase or sell.

Do you qualify? Carputty doesn’t provide particular requirements regarding income or credit score, but to apply applicants must be at least 18 years old employed, and a legal resident of the United States. Residency. You must be a resident in the following states: 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 to be financed must be a model year less than 8 years prior to the date of application and have fewer than 85,000 miles. Loan-to-value. When purchasing used vehicles the LTV cannot surpass 110 percent (for used vehicles in the current year, the value is defined by 90 per cent of the MSRP). For new vehicles that are brand new, the LTV should not exceed 100 percent of MSRP. We like it and do not like Flexline program helps make financing a vehicle an easy process, Carputty might not be the ideal lender for every driver. We like the Car-buying assistance. Carputty provides borrowers with assistance during the car-buying process through the V3 tool that helps buyers to determine the ideal moment to purchase. High maximum loan amount. The loan amount is up to $150,000 per car or $250,000 for the entire amount- on the higher end in comparison to traditional rivals. Preapproval. With the option of applying for , you’ll get an idea of your monthly installment prior to signing for your loan. We don’t like high minimum APR. An APR starting at 7.14 percent may be a bit high. Those with excellent credit may find lower rates elsewhere. The terms of repayment are confusing. The balance is subject to 36-month term for repayment, however there are options to extend the amount by a certain amount or pay it off early and none of those options are explained on the Carputty website. How to contact Carputty Carputty provides customer support on a daily basis via its chat function from 8 a.m. until 6 p.m. (EST) or via email at In addition to the chat feature, Carputty has a fairly detailed FAQ section which outlines the process of applying and financing. The auto loan types offered Carputty provide auto loans for drivers looking to finance a brand new or used car, refinance an existing loan or undergo a lease buyout. Credit lines can are available from $25,000 up to $250,000. Individual advances can range between $10,000 and 150,000 (provided you have that much credit in your account). Repayment terms are a bit difficult to understand. Once you’re approved for a line of credit and you’re given 24 months to start using it or it will close -however, it will remain active indefinitely if in use. In the event that you have a balance due on the LOC by financing a vehicle begins a 36-month period. After the 20th month, you have the option to maintain the current repayment plan or refinance it for another 24-month period (extending the total repayment term) or repay the loan early. The V3 valuation tool developed by Carputty helps to predict when the or sell your vehicle is based on the market information. Valuation can be conducted ahead of loan application directly through the Carputty site. This tracks and monitors vehicle value to ensure that at any point in ownership, you are able to decide to sell your car based on market trends. Used and new automobile loans

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

The limit 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 the current car loan can provide you with less monthly payments or higher rates. Make use of this opportunity to determine if refinancing your loan can 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 purchasing your lease-owned vehicle, Carputty offers assistance and support throughout the process. A lease buyout can help you avoid costly wear and tear costs and permit you to keep your current car. How do you apply for a loan using Carputty You can apply for an auto loan through the Carputty site with approval likely in a matter of minutes. With just one application, you’ll be granted access to a credit line that can be used at any time. When you first apply you’ll be subject to a soft credit check followed by a hard credit pull when the line of credit is finalized. The Atlanta-based lender may also perform a credit pull that is soft every 45 days in order to check your credit. According to the site the interest rate you pay will be determined by your credit score, not vehicle information like the year, make or model this is a distinctive feature compared to traditional lenders. But if you have low credit scores, it’s advised to apply other underwriting criteria, unlike Carputty. The funds will be available on the day you apply. After approval, you’ll gain an access point to your secure account where you can manage current loans or even add vehicles.

Required application information Personal contact information Social Security number. Proof of employment

Unlike many other lenders Carputty does not require car information until after the preapproval process is completed. At that point, you will input car details like make, model, year and license plate number into the Carputty dashboard.

Carputty FAQs

Are Carputty 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.

Do I qualify for an auto loan through Carputty even if I have bad credit? Carputty utilizes credit scores as the main factor in determining risk so those with poor credit aren’t likely to get the best rates. Instead, check out options for .

How can I make a payment on my automobile loan with Carputty? You can make or schedule a payment online by signing in to your account and connecting to your payment method.

What rates does Bankrate charge Carputty

Overall Score


The availability


While the lender boasts a high loan quantity, the lender has only 32 state clients.



The possibility of fees and high minimum APR reduces the overall strength of this category.

Customer Experience


Carputty is only available Monday to Friday , and on a range of hours.



The ability to prequalify applicants and provide rate and fee disclosures give Carputty an A+.

Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, the rates or fees offered and APR range all influence lender scores. The scores are divided in four different categories. Accessibility: Loan amounts as well as repayment options, dealer requirements, and availability in the state all are a part of this category. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you’ll have to wait to buy for, the customer service hours, whether there’s an app and availability of autopay are all taken care by this category. Transparency: This category accounts for the availability of rates and fees along with whether or not prequalification is offered.

Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated 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 at the top of this page as well as 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 is a specialist in helping readers to navigate the details of borrowing money to purchase the car they want.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in clear reporting that helps readers easily find deals and make the best choices for their finances. He specializes in small and auto loans.



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