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Caribou
Caribou 2023 Auto loan review published 2023-01-01 at 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 to navigate the ways and pitfalls of taking out loans to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to control their finances by providing clear, well-researched information that break down 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 smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare data for free - 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 products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products are displayed on this website, for example for instance, the order in which they may be displayed within the categories listed and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is accurate at the time that the review was written. Check the data on the right as well as the lender's website for the most up-to-date information.
A glimpse 3.7 Rating: 3.7 stars out of 5
Score at the Bankrate
Available Rating: 3.8 stars out of 5
Affordability Rating: 3.4 stars out of 5
The Customer Service Rating is 3.8 five stars of five
Transparency Rating: Five stars from five.
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
The amount of funds available is based on the lender
Caribou features. Consider these benefits and disadvantages of refinancing your car loan with Caribou prior to approving an application.
PROS Refinance Ease of refinance as well as insurance bundling
Ability to compare rates
Prequalification offered
CONS Limited availability
Potential processing cost
Caribou, formerly called MotoRefi, offers competitive car refinance loans through its network of lenders. The lenders include community banks to credit unions. Drivers are able to benefit from its fast online process combined with the experience provided by its group of loan experts.
Kevin Bennet, CEO of Caribou The company's mission is described as helping motorists with a wide range of background save on costs and take control of their finances. Caribou handles the heavy lifting when it comes to refinancing and also offers auto insurance options to help with this goal.
Do you qualify? Caribou doesn't provide any specific requirements related to credit or income however you can count on a soft credit report that won't affect your credit score once you apply for prequalification. If you do decide to apply for a loan and follow through with an application the process will include a hard credit pull. The requirements for the loan aren't made public as per Bennett, "... many individuals have had their credit score improve after purchasing their car and are now able to access lower rates. Other people have had credit scores that were good but left the lot paying more than they really should have." Regarding vehicle requirements It must be equipped with positive equity and no more than 120,000 miles. Some lenders in Caribou's network accept vehicles with up to 200,000 miles. Automobiles, trucks, SUVs as well as other passenger vehicles are eligible for refinancing however, they cannot be used for commercial purposes. What we like and what we don't like Consider these benefits and drawbacks of an auto loan that is backed by Caribou prior to approving an application. What we like : Ease of refinancing and bundling insurance. Caribou gives customers options for auto insurance and other additional options when refinancing. Ability for comparing rates. Caribou has a partnership with a number of lenders that allow customers to evaluate rates directly on Caribou's website. Prequalification offered. In the wake of a soft credit screening which doesn't impact your score on credit, you can apply for prequalification in order to get more information about the amount you can save. We don't like the limited availability. Caribou is not available for drivers from Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. The potential processing fee. The lender you're matched with might forward the $399 processing fee Caribou is charged. How do you contact Caribou Caribou offers excellent customer service. Its user-friendly website has chat features, account management and the ability to ask questions by phone, email, or via appointment. Caribou provides drivers with the ease and convenience of a fully online experience and the convenience of person-to-person communication. Drivers who have questions specific to their loan are able to seek assistance from the team Monday through Friday , 9 a.m. until 8 p.m. ET as well as on Saturday and Sunday from 9 a.m. to 4 p.m. ET. Auto loan types available through its lender partnership, customers are able to improve their existing loan while shopping for other add-on products, like additional protections, cosmetic care as well as key repair services. The terms and loan amounts vary by lender.
How do I make an application for a loan through Caribou For a loan through Caribou, head to its website and input basic information regarding yourself, along with the details of your vehicle and the current loan.
Steps to apply . Check your rate. Input some personal information on you and your carand there is no Social Security number required -to get your quotations. The process could take just a minute, and you're not obligated to accept any offers that you are prequalified for. Choose the loan offer. Then, you can choose the one that is most suitable for you. In this step, we will also provide you with additional options like insurance, key replacement, cosmetic care and total loss protection. extended protection. Finalize your refinance. Then, you'll be asked to disclose additional personal details and sign off on the online refinance documents.
Information required for application: Name Social Security number and contact information Information about citizenship status -like VIN or license plate number and the make, model and trim Current loan and lender information Proof of income -- including the most recent pay stub or W-2
Caribou FAQs
Are Caribou is a direct lender? It's not, Caribou is a technology company that partners with a wide network of reputable lenders to bring you the most competitive rate on auto refinancing.
Do Caribou permit co-borrowers when refinancing your car? Yes, you can apply with a co-borrower if they reside in a state that allows co-borrowing on auto loans.
How Bankrate rates Caribou
Overall score
3.7
Availability
3.8
Caribou does not have any restrictions on vehicles listed, and is available in most states. It doesn't offer the loan amount that is offered.
Affordability
3.4
Since it goes through an array of lenders, Caribou does not disclose an exhaustive list of interest rates , nor do they disclose minimum standards.
Customer experience
3.8
Caribou provides access online and customer service all hours of the day, seven every day of the week.
Transparency
5
Caribou provides prequalification, so you can check your rates without damaging your credit score.
Methodology To rate lenders that focus on auto refinance loans, Bankrate considers 16 different elements. The criteria range from the loan amount, disclosed APR and the acceptance standards. Each lender scores based on four categories. Availability: This 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 section includes access to support online, online accessibility, funding timeline, option for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and fees are accounted for.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is correct at the time when the review first appeared. Look over the information in the upper right hand corner of the page as well as the lender's site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase a car.
The edit was done 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 confidence to manage their finances by providing concise, well-researched and well-informed information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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