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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 ways and pitfalls of borrowing money to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of the clarity of his reporting, which helps readers successfully get deals and make most appropriate choices regarding their finances. He specializes in auto and small business loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they may be displayed within the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.
Reviewer's disclosures: All reviews are prepared by staff. The opinions expressed are solely those of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review is accurate up to the date when the review first appeared. Review the data in the upper right hand corner of the page and the lender's website for the most current details.
A glance 4.0 Rating: 4 stars out five
Bankrate Score
Availability Score: 4.3 stars out of 5
Cost of Affordability: 2.8 stars out of five
The Customer Service Rating is 3.8 stars out of 5
Transparency Rating: 5 stars out of 5
Compare rates for auto loan rates
Carputty Loan Lines ranging from $25,000 to $250,000.
Min. credit score Unspecified
APR ranges from 7.14%-9.64 Percent
Funds available as early as the next day.
The pros and cons of using Carputty are that Borrowers may borrow for greater than typical amounts, and also benefit from quick funding. However, the product isn't available in every state.
PROS Car buying assistance
Maximum amount of loan loan amount
Preapproval
CONS High minimum APR
Inconsistency in repayment terms
Carputty is an internet-based direct lender that offering unique line of credit funding process called Flexline. With just 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 like they would similar financial investments, allowing for flexibility in when to buy or sell.
Do you qualify? Carputty does not provide specific criteria for income or credit score, but to apply, borrowers must be 18 years old employed, and a legal resident of the United States. Residency. You must be a resident in the states listed below: 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 that is to be used for financing must be a model year less than eight years prior to the time of the application, and have fewer than 85,000 miles. Loan-to-value. For those purchasing used vehicles The LTV must not exceed 110 percent (for used vehicles in the current year, the value is defined to be 90 percent MSRP). For new vehicles that are brand new, the LTV must not exceed 100 percent of MSRP. We like it and what we do not like Flexline program makes vehicle financing an easy process, Carputty might not be the best lender for every driver. What we like Car buying support. Carputty offers borrowers assistance in the buying process by using the V3 tool, which assists buyers determine the best time to purchase. The maximum loan amount. Creditors can borrow up to $150,000 per vehicle or $250,000 for the entire amountat the top end when compared to conventional competitors. Preapproval. With the option of applying for , you will know the approximate monthly payment before signing off for your loan. What we don't like High minimum APR. A starting APR of 7.14 percent may be a bit steep. Those with excellent credit may obtain better rates in other places. Uncertain terms for repayment. Your balance is subject to 36-month repayment terms, but you can extend it by a set amount or pay it off early -- none of which are spelled out on Carputty's website. Contact information for Carputty Carputty provides customer support on a daily basis through its chat feature on its website from 8 a.m. to 6 p.m. EST or over email via email at help@carputty.com. Outside of the chat function, Carputty has a fairly detailed FAQ section which outlines the process of applying and financing. Auto loan types are available. Carputty offers auto loans for people who wish to finance a new or used car, to refinance an old loan or even the process of a lease buyout. Credit lines can vary from $25,000 to $250,000. Individual advances can range between $10,000 and one hundred thousand dollars (provided you have that amount of credit to draw upon). The terms for repayment are complex. If you're approved to use a line of credit and you're given 24 months to start using it or it will close -and it's open for use indefinitely. Putting a balance on the LOC by financing a vehicle begins a 36-month period. After the 20th month it is possible to maintain your current repayment schedule, refinance for a further 24 months (extending the term of your repayment) or pay off the loan early. The V3 appraisal tool, developed by Carputty helps to predict when the time to sell your vehicle is dependent on market data. Valuation can be run ahead of loan application directly on the Carputty site. It tracks and monitors the vehicle's value so that anytime during ownership you can choose to sell based on market trends. Used and new auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
The highest maximum loan sum of $250,000 is what makes Carputty an ideal option for those who are financing an expensive new vehicle or multiple vehicles at once. Refinance
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
Refinancing your existing vehicle loan can provide you with lower monthly payments or better rates. Make use of this opportunity check to see if refinancing a loan could truly 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 lease-owned vehicle, Carputty offers assistance and assistance throughout the entire process. A lease buyout could help you to avoid steep wear and tear fees and let you hold onto your current vehicle. How do you apply for an auto loan through Carputty The application for an auto loan through the Carputty site with approval likely in a matter of minutes. Through only one application you will be provided the option of a flexible line of credit that is able to be used at any point. When you first apply you'll have to go through a soft credit check followed by a hard credit pull when the credit line is finalized. The Atlanta-based lender may also perform a soft credit pull every 45 days to check your credit. According to the website the interest rate you pay is based on your score on credit, not vehicle details like the year, make or model this is a distinctive advantage over traditional lenders. But if you have poor credit, it is wise to that use other underwriting criteria, unlike Carputty. Funding can become available as soon as the day you apply. After approval, you'll gain access to a secure dashboard on which you can monitor your current loans or purchase new vehicles.
Required application information Contact information for Social Security number Proof of employment
Contrary to many other lenders, Carputty does not require vehicle information until after the preapproval procedure has been completed. After that you'll input your information about your vehicle, such as model, year, make and license plate number onto Carputty's dashboard. Carputty dashboard.
Carputty FAQs
Is Carputty a reliable lender? Sure, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.
Can I obtain an auto loan with Carputty if I have poor credit? Carputty uses credit score as the main factor in determining risk so those with poor credit might not get the best rates. Instead, check out the options available to .
How can I repay my car loan by using Carputty? You can make or schedule a payment online by signing into your account and connecting your payment method.
How Bankrate rates Carputty
Overall Score
4.0
The availability
4.3
Although the lender boasts a large loan amount, it only serves 32 states.
Affordability
2.8
The potential for charges or a high-minimum APR reduces the overall strength of this category.
Customer Experience
3.8
Carputty only offers support Monday to Friday on a range of hours.
Transparency
5.0
Ability to prequalify , as well as fees and rates disclosure gives Carputty an A+.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, the rates or fees readily available and the range of APR all affect lender scores. The scores are divided into four categories. Accessibility: Loan amounts as well as repayment options, dealer requirements and state availability all contribute to this section. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you'll have to wait to buy for, the customer service hours, whether there's an app and autopay payment options are all accounted for in this section. Transparency: This category accounts for the availability of rates and fees along with the availability of prequalification.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information such as rates and charges provided in the review is correct 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 up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of the clarity of his reporting, which helps readers confidently find deals and make the best choices for their finances. He specializes in small business and auto loans.
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