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Caribou
Caribou: 2023 Auto loan review, published 2023-01-01, 00:00:00
Written by Rebecca Betterton Written by 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.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down otherwise 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 better financial decisions by providing you with interactive tools and financial calculators as well as publishing authoritative and original content, by enabling you to conduct research and compare information for free to help you make financial decisions with confidence. 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 compensate us. This compensation can affect the way and where products are displayed on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage 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 include the entire universe of businesses or financial offers that may be accessible to you.




Reviewer's disclosure of editorial rights Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review are accurate at the time of the review. Check the data on the right as well as the lender's website to find the most current information.








A glimpse 3.7 Score: 3.7 stars out of 5
Bankrate Score

Availability Rating: 3.8 stars out of 5
The Affordability Score: 3.4 stars out of five
Customers Experience Score: 3.8 five stars of five
Transparency Rating: 5-stars out of 5.


Compare auto loan rates


About Caribou The amount of the loan is not specified.
Min. credit score Varies by lender
APR ranging from 4.99 percent to 36.00 percent
The amount of funds available is based on the lender



Caribou features. Consider these benefits and drawbacks of refinancing your automobile loan using Caribou prior to approving an application.
PROS Ease of refinance and insurance bundling
Capability to assess rates
Prequalification offered

CONS Limited availability
Potential processing fee





Caribou, formerly known as MotoRefi, provides competitive car refinance loans through its lender network. The lenders include community banks to credit unions. Drivers are able to benefit from its fast online process combined with the knowledge of its team comprised of loan experts.
Kevin Bennet, CEO of Caribou Kevin Bennet, CEO of Caribou, describes its mission as helping drivers from a variety of experiences save cash and take control of their financial situation. Caribou takes care of the bulk of the work when it comes to refinancing and also provides auto insurance options to aid in this effort.


Do you qualify? Caribou does not disclose specific requirements related to credit or income, but you can expect an informal credit check that won't affect your credit score when you prequalify. However, if you decide to take a loan and submit an application, the process could include a hard credit pull. Although the requirements aren't disclosed according to Bennett, "... many people have seen their credit scores improve after purchasing their car and want access to higher rates. Others have had credit scores that were good but left the lot paying more than they really should have." Concerning the requirements for a vehicle the vehicle must have positive equity and have a minimum of than 120,000 miles. Some lenders in Caribou's network accept vehicles with as many as 200,000 miles. Automobiles, trucks, SUVs and other passenger vehicles can be refinanced, however they should not be used for commercial use. What we love and what don't think we like. Consider these advantages and drawbacks of an auto loan that is backed by Caribou before approving an application. What we like Ease of refi and insurance bundling. Caribou offers customers the option to purchase auto insurance, as well as other options for refinancing. The ability to compare rates. Caribou works with a network of various lenders, allowing customers to evaluate rates directly through Caribou's site. Prequalification offered. After a credit check which doesn't impact your credit score, you may apply for prequalification in order to get more information about the amount you can save. We aren't a fan of limited availability. Caribou is not available to drivers from Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Possible processing fees. The lender you're matched with could transfer the $399 processing fee Caribou is charged. Contact details for Caribou Caribou offers excellent customer service. Its user-friendly website has chat features, accounts management, and the option to ask questions via phone, email or appointment. Caribou gives drivers the convenience 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 every day from 9 a.m. to 8 p.m. ET and on Saturdays and Sundays between 9 a.m. until 4 p.m. ET. Auto loan types available through its lender partnerships, motorists are able to improve their existing loan while also shopping for other add-on products, like additional protections, cosmetic services along with key replacement and cosmetic care. The terms and loan amounts vary by lender.
How to make an application for a loan through Caribou If you want to apply for a loan with Caribou, head to its website and input basic information regarding yourself, along with the details of your vehicle as well as your the current loan.
Steps to apply . Check your rates. Input some personal information on your vehicle and yourself -and not a Social Security number required -to get your quotations. This process can be as quick as a minute, and you're under no obligation to take any offer you qualify for. Choose your loan offer. Then, you can choose the one that is most suitable for you. In this step, we will also provide you with additional products like insurance, cosmetic care, key replacement and total loss protection. extended protection. Finalize your refinance. Finally, you will be asked to disclose additional personal information , and then take a final signature on the refinance forms online.


The information required to apply for a loan is: Number of Social Security account Contact details Status of citizenship Vehicle information- such as VIN or license plate number and the make, model and trim loan and lender information Proof of income -- including the most recent pay stubs, or W-2


Caribou FAQs
Is Caribou an direct lender? No, Caribou is a technology company that has a partnership with a wide network of trusted lenders to bring you the best deal on auto refinancing.



Does Caribou allow co-borrowers when refinancing your vehicle? Yes, you are able to apply with a co-borrower if they reside in a state which allows co-borrowing with auto loans.



What rates do Bankrate offer? Caribou
Overall score
3.7
Availability
3.8
Caribou does not have any restrictions on vehicles that are listed, and it is accessible in most states. But it doesn't provide the loan amount that is available.
Affordability
3.4
Because it is a network of lenders, Caribou does not disclose the complete list of rates of interest or the minimum requirements.
Customer experience
3.8
Caribou provides online access and customer service all hours of the day, seven every day of the week.
Transparency
5
Caribou offers prequalification so you can look up rates without damaging your credit score.


Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different factors. The criteria range from the loan amount, APR that is disclosed and acceptance criteria. Each lender scores which is determined by four categories. Availability: This accounts for loan amounts, restrictions on vehicles and their availability in every state. Affordability: The primary focus of this section deals with expected APRs, acceptance criteria, discounts for autopay, and the amount of charges. Customer experience: This section includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here prequalification and the disclosure of fees and rates are taken into account.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review are accurate at the time when the review first appeared. Review the data at the top of this page, and the lender's website to find the most recent information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances with concise, well-researched and well-informed information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor










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