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Carputty: the 2023 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 specializes in assisting readers in navigating the ins and outs of securely 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 successfully land deals and make the most informed decisions regarding their money. He is a specialist in auto and small business loans.
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 financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that could be accessible to you.
Reviewer's disclosures: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review is correct at the time that the review was written. Review the data at the top of this page as well as the lender's website for the most up-to-date information.
A glance 4.0 Rating 4 stars out of 5
Score of the Bankrate
The Availability Rated: 4.3 stars out of 5
Affordability Rating: 2.8 stars out of five
Customer Experience Rating: 3.8 5 stars from 5
Transparency Rating 5 stars out of 5
Compare auto loan rates
About Carputty Loan amount Lines from $25,000-$250,000
Min. credit score Unspecified
APR ranges from 7.14%-9.64 percent
Funds available as early as possible.
The pros and cons of using Carputty are that Borrowers can finance for higher than usual amounts and benefit from fast funding. Still, the product is not available in every state.
PROS Car buying assistance
Maximum amount of loan loan amount
Preapproval
ConS APR High Minimum
Inconsistency in repayment terms
Carputty is an online direct lender that offering unique line of credit loan process known as Flexline. With only one application, drivers can manage all of their vehicles for the whole life of ownership through the line of credit. Carputty allows its customers to manage their car loans like they would other financial assets, and allows for flexibility in when to purchase or sell.
Do you qualify? Carputty does not disclose any specific criteria regarding income or credit score However, in order to apply the applicant must be at least 18 years old employed and a person in the United States. Residency. You must be a resident of 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 that is less than eight years old prior to the date of application and have fewer than 85,000 miles. Loan-to-value. When purchasing used vehicles, the LTV must not surpass 110 percent (for used vehicles in the current year, the value is defined to be 90 percent MSRP). For new vehicles, the LTV must not exceed 100 percent of MSRP. What we like and do not like Flexline program makes vehicle financing a seamless process, Carputty might not be the best lender for all drivers. What we love about Car buying assistance. Carputty gives borrowers support in the car-buying process through the V3 tool, which assists buyers to determine the ideal time to purchase. Maximum loan amount. Creditors can borrow up to $150,000 per vehicle or $250,000 for the entire amountwhich is higher compared to traditional competitors. Preapproval. With the option of applying for , you can get an idea of your monthly installment prior to signing to sign off on the loan. What we do not like about high minimum APR. An APR starting at 7.14 percent is a bit high. Those with excellent credit may find cheaper rates at other banks. Confusing repayment terms. Your balance is subject to 36-month repayment terms, but you can extend the amount by a certain amount or pay it off early but none of these options are explained on the Carputty website. How can you contact Carputty Carputty provides customer support Monday through Friday via its chat function between 8 a.m. until 6 p.m. EST or over email via email at help@carputty.com. Apart from the chat function, Carputty has a fairly in-depth FAQ section that outlines the application and financing process. The auto loan kinds are available. Carputty provide auto loans for those who want to finance a brand new or used car, or consolidate an existing loan or undergo a lease buyout. The credit lines range from $25,000 to $250,000. Individual advances can be as low as $10,000 to 150,000 (provided you have the credit in your account). Terms for repayments are complex. After you've been approved for the line of credit and you're given 24 months to start using it or it will close -- but it remains active indefinitely if in use. The process of putting a balance on the LOC by funding a vehicle starts a 36-month term. When the term is over you will have the option to keep the current repayment plan, refinance for a further 24 months (extending the repayment period to a total of) or pay off the loan in advance. The V3 valuation tool pioneered by Carputty helps to predict when the best time to sell or trade in your car is due based on the market information. The valuation can be performed before loan application on the Carputty site. This tracks and monitors vehicle value so that anytime during ownership you can decide to sell your vehicle 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 maximal loan sum of $250,000 is what makes Carputty a strong option for people who want to finance an expensive new vehicle 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 could result in less monthly payments or better rates. Take advantage of a check to see if refinancing a loan can really save you money. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
If you're interested in purchasing your leased vehicle, Carputty offers assistance and assistance throughout the entire process. Lease buyouts can allow you to avoid steep wear and tear charges and let you retain your current vehicle. How do you apply for an auto loan through Carputty You can apply for an auto loan directly on the Carputty site and get approval in a matter of minutes. Through only one application you will be provided access to a credit line that can be used at any point. In the initial application you'll have to go through a soft credit check followed by a harder credit pull when the line of credit is completed. The Atlanta-based lender may also perform a credit pull that is soft every 45 days to monitor your credit. According to the website the rates you are offered is based on the credit score of yours, and not on vehicle details like the year, make or model this is a distinctive characteristic when compared with traditional lenders. If you're not able to get credit due to poor credit, it is wise to that use other underwriting criteria, not unlike Carputty. You can get funding within the same day you submit your application. Once accepted you will gain access to a secure dashboard where you can manage current loans or add new vehicles.
Required application information Contact information for Social Security number Proof of employment
Unlike many other lenders Carputty doesn't require any vehicle information until after the preapproval process has been completed. Once that is done, you will input vehicle details such as, make, model, year and license plate number into Carputty's dashboard. Carputty dashboard.
Carputty FAQs
Is Carputty a reputable lender? Sure, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its coverage across the state.
Can I get an auto loan through Carputty even if I have bad credit? Carputty makes credit score the primary determinant of credit risk. Therefore, those with poor credit may not receive the most competitive rates. Instead, consider looking at alternatives for .
What can I do to pay off my auto loan by using Carputty? You can make or schedule an online payment by logging in to your account and linking to your payment method.
How Bankrate rates Carputty
Overall Score
4.0
Accessibility
4.3
While the lender boasts a large loan quantity, the lender currently has only 32 state clients.
Affordability
2.8
The possibility of fees or a high-minimum APR decreases the overall strength of this category.
Customer Experience
3.8
Carputty is only available Monday to Friday , and on various hours.
Transparency
5.0
Ability to prequalify , as well as rate and fee disclosures give Carputty an excellent score.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether rates and fees are available and the range of APR all affect lender scores. The scores are divided into 4 categories. Availability: Loan amounts and repayment options, dealership requirements, and availability in the state all contribute to this category. Affordability: This section contains APR ranges as well as acceptance criteria, fees and discounts. Customer experience: The length of time you'll need to shop and the availability of customer service as well as whether an app is available and autopay availability are accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees along with whether or not prequalification is offered.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely 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 correct as of the date when the review first appeared. Review the information at the top of this page, and the lender's website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls 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 values clear reporting that helps readers confidently land deals and make the best decisions for their financials. He is a specialist in small and auto loans.
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