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Caribou
Caribou: 2023 Auto loan review, published 2023-01-01, 00:00:00
Writen 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 details of using loans to buy an automobile.
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 feel confident to manage their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites.
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 financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be accessible to you.
About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review is correct as of the date of the review. Check the data at the top of this page as well as the lender's website for the most up-to-date information.
At a look 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
Customer Experience Rating: 3.8 5 stars from five
Transparency Rating: 5 stars out of 5
Check rates for auto loan rates
About Caribou Loan amount Not specified
Min. credit score varies based on lender
APR ranging from 4.99% to 36.00 percent
Funds available in Varies by lender
Caribou features Take note of these advantages and drawbacks of refinancing your car loan with Caribou prior to approving an application.
PROS Ease of refinancing and insurance bundling
The ability to evaluate rates
Prequalification offered
CONS Limited availability
Potential processing fee
Caribou was formerly known as MotoRefi provides low-cost automobile refinance loans through its lenders' network. These lenders range from credit unions to community banks. Drivers will benefit from its speedy online process combined with the expertise provided by its group comprised of loan experts.
Kevin Bennet, CEO of Caribou, describes the mission as helping motorists from a variety of background save on costs and take control of their financial situation. Caribou handles the heavy lifting in refinancing, and it provides auto insurance options to aid in this effort.
Do you qualify? Caribou does not provide specific requirements when it comes to income or credit, but you can expect a soft credit report that won't affect your credit score once you prequalify. However, if you decide to take the loan and submit an application the process will be accompanied by a hard credit report. While requirements are not disclosed according to Bennett, "... many people have seen their credit scores improve after buying a car and are now able to access higher rates. Others have had credit scores that were good but walked off the car lot and paid more than they really should have." Regarding vehicle requirements the vehicle must have positive equity and have a minimum of than 120,000 miles. However, some lenders in Caribou's network accept vehicles that have more than 200 miles. Cars, trucks, SUVs as well as other passenger vehicles are eligible for refinancing however, they cannot be used for commercial purposes. What we love and what don't like Consider these benefits and disadvantages of an auto loan that is backed by Caribou before approving an application. What we like Ease of refinancing and bundling insurance. Caribou provides drivers with options to purchase auto insurance, as well as other options for refinancing. Ability to compare rates. Caribou works with a network of lenders that allow customers to evaluate rates directly through Caribou's website. Prequalification offered. After a credit check that won't affect the credit rating, you may apply for prequalification to have a better idea of what you can get for your money. We aren't a fan of limited availability. Caribou is not available to drivers in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. The potential processing fee. The lender that you're matching with may pass along the processing fee of $399 Caribou charges. Contact details for Caribou Caribou offers excellent customer service. Its user-friendly website has a chat feature along with accounts management, and the option to inquire by phone, email or by appointment. Caribou provides drivers with the ease and convenience of a fully online experience with the comfort of person-to-person communication. Drivers with specific questions regarding their loan are able to seek assistance from our team members every day from 9 a.m. to 8 p.m. ET and Saturday and Sunday between 9 a.m. until 4 p.m. ET. Auto loan types available through its lender partnerships, drivers are able to improve their existing loan while also shopping for other products that can be added, like extra protection and cosmetic treatment and key replacement services. The terms and loan amounts vary by lender.
How to make an application for a loan using Caribou To apply for a loan through Caribou visit its website and enter basic information about yourself and the details of your car and the the current loan.
Steps to apply Check your rate. Fill in some of your personal information about your vehicle and yourself -and not a Social Security number required -to get your quotations. The process could take as little as one minute and you're not required to take any offer you are prequalified for. Select the loan offer. You then can select the one that is most suitable for you. In this step, we will also provide you with other products such as insurance and cosmetic care, key replacement, total loss protection or extended protection. Finish your refinance. Finally, you will be asked to provide additional personal information and then sign off on the refinance forms online.
The information required to apply for a loan is: The name of the applicant, Social Security numbers and contact information Status of citizenship Vehicle information- such as VIN or license plate number and the make, model and trim Current loan and lender information Income proof -- including the latest pay stubs or W-2
Caribou FAQs
Are Caribou an direct lender? Not really, Caribou is a technology company that has a partnership with an extensive network of reliable lenders to provide you with the most competitive rate on auto refinancing.
Do Caribou permit co-borrowers when refinancing your car? Yes, you are able to apply with a co-borrower , if they reside in a state which allows co-borrowing with auto loans.
What are the rates of Bankrate? Caribou
Overall score
3.7
The availability
3.8
Caribou doesn't have restrictions on vehicle use or restrictions, and is offered in all states. It doesn't offer the loan amounts offered.
Affordability
3.4
Since it's a network of lenders, Caribou does not disclose the complete list of rates of interest or the minimum standards.
Customer experience
3.8
Caribou has online access and customer service all hours of the day, seven every day of the week.
Transparency
5
Caribou offers prequalification so you can review your rates without damaging your credit score.
Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. The factors are based on in relation to loan amount, the APR disclosed as well as acceptance requirements. Each lender scores which is determined by four categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and availability in each state. Accessibility: This section covers expected APR and acceptance criteria, discounts for autopay and the number of charges. Customer experience: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are accounted for.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is accurate as of the date of the review. Look over the information in the upper right hand corner of the page as well as the lender's website to find the most current details.
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 ins and outs of securely using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with concise, well-researched and well-informed information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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