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Carputty: the 2023 Auto loan review. Published 2023-01-26, 15:27:17.
Writen 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 taking out loans to purchase an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values clear reporting that helps readers easily land deals and make the best choices for their financial situation. He is a specialist in small and auto loans.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare information for free and help you 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 site are from companies that compensate us. This compensation can affect the way and where products are displayed on the site, such as, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial offerings that could be available to you.




About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed nor accepted by any advertiser. The information such as rates and charges provided in the review are accurate at the time when the review first appeared. Review the data on the right as well as the lender's site for the most recent information.








At a glance 4.0 Rating: 4 stars out five
Bankrate Score

Available Score: 4.3 stars out of 5
Affordability Rating: 2.8 stars out of five
The Customer Service Rating is 3.8 stars out of five
Transparency Rating: 5-stars out of 5.


Find out about auto loan rates

Carputty Loan From $25,000 to $250,000.
Min. credit score not specified
APR ranging from 7.14%-9.64 percent
Funds are available as soon as the next day.



Pros and Cons of Carputty Borrowers may finance for higher than usual amounts and enjoy fast cash-outs. But, it is not available in all states.

PROS Car buying support
High maximum loan amount
Preapproval

CONS High minimum APR
Confusing repayment terms





Carputty is an online direct lender that offering unique line of credit funding procedure known as Flexline. With only one application, users can manage all of their vehicles over the entire lifetime of ownership through the line of credit. Carputty allows its customers to manage their car loans in the same way as they manage other financial assets, allowing the flexibility to decide when to buy or sell.

Do you qualify? Carputty doesn't provide specific criteria for income or credit score, but to apply applicants must be at least 18 years of age employed, and a legal citizen of the United States. Residency. You must reside in 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 that is to be used for financing must have a model year less than 8 years prior to the application and have fewer than 85,000 miles. Loan-to-value. When purchasing used vehicles the LTV must not exceed 110 percent (for used vehicles in the current year, the value is defined by 90 per cent of the MSRP). For new vehicles that are brand new, the LTV must not be more than 100 percent of the MSRP. We like it and do not like Flexline program helps make financing a vehicle effortless, Carputty might not be the most suitable lender for all drivers. We like the Car-buying assistance. Carputty gives borrowers support in the process of buying a car through the V3 tool which helps buyers to determine the ideal time to purchase. Maximum loan amount. Creditors can borrow as much as $150,000 per vehicle or $250,000 for the entire amountwhich is higher in comparison to traditional rivals. Preapproval. With the option to apply for , you'll have an idea of your monthly payment before signing off for your loan. What we don't like High minimum APR. A start-up APR of 7.14 percent may be a bit steep. People with good credit might find lower rates elsewhere. Uncertain terms for repayment. Your balance is subject to period of 36 months for repayment, however, you can extend the amount by a certain amount or repay it early and none of those options are explained on the Carputty website. How to contact Carputty Carputty provides customer support every day of the week via chat on its site from 8 a.m. until 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 for applying and financing. The types of auto loan kinds offered Carputty provide auto loans for those who want to finance a new or used vehicle, consolidate an existing loan or go through a lease buyout. The credit lines are available from $25,000 up to $250,000. Individual advances can be as low as $10,000 and 150,000 (provided you have that amount of credit to draw upon). Repayment terms are a bit complex. If you're approved to use an LOC, you have 24 months to use it, or it will close -however, it will remain in effect for a long time if it is in use. In the event that you have a balance due on the LOC by financing a vehicle will begin a term of 36 months. When the term is over, you have the option to keep your current repayment schedule, refinance for a further 24 months (extending the term of your repayment) or repay the loan in advance. The V3 valuation tool pioneered by Carputty assists in determining when the or sell your car is due, based on market data. Valuation can be conducted ahead of loan application directly through the Carputty website. This monitors and tracks the vehicle's value so that anytime during ownership, you are able to decide to sell 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 limit loan value of $250,000 makes Carputty an ideal option for people who want to finance an expensive new car or multiple vehicles at once. Refinance
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


Refinancing the current car loan could result in less monthly payments or better rates. Make use of this opportunity check to see if refinancing a loan could truly reduce your expenses. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


If you are interested in purchasing your lease-owned vehicle, Carputty offers assistance and support throughout the entire process. Lease buyouts can allow you avoid costly wear and tear costs and let you hold onto your current vehicle. How to apply for a loan with Carputty The application for an auto loan directly through the Carputty site and get approval in minutes. Through only one application you will be provided access to a line of credit that is able to be utilized at any time. In the initial application you'll have to go through a soft credit pull and then a hard credit pull once the line of credit is finalized. The Atlanta-based lender can also run a soft credit pull every 45 days in order to check your credit. According to the site the interest rate you pay will be based on your score on credit, not on vehicle information such as the year, make or model this is a distinctive feature compared to traditional lenders. If you're not able to get credit due to low credit scores, it's recommended to use different underwriting guidelines, not like Carputty. You can get funding on the day you submit your application. Once accepted you will gain the access to an online dashboard where you will be able to manage your current loans or add new vehicles.
Information required for application Personal contact information Social Security number Proof of employment


Unlike many other lenders Carputty does not require car details until the preapproval process has been completed. At that point you'll need to input the car details like model, make, year and license plate number onto your Carputty dashboard.
Carputty FAQs
Is Carputty a reputable lender? Yes, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its state-wide coverage.



Can I get an auto loan with Carputty if I have poor credit? Carputty utilizes credit scores as the primary determinant of credit risk. Therefore, those with poor credit might not get the most competitive rates. Instead, consider looking at options for .



How do I make a payment on my automobile loan by using Carputty? You can make or schedule a payment online by signing in to your account and linking your payment method.



How Bankrate rates Carputty
Overall Score
4.0
Availability
4.3
Although the lender boasts an impressive loan amount, it only serves 32 states.
Affordability
2.8
The possibility of charges or a high-minimum APR reduces the overall strength of this category.
Customer Experience
3.8
Carputty is only available Monday to Friday on a range of hours.
Transparency
5.0
The ability to prequalify applicants and provide fees and rates disclosure gives Carputty an excellent score.


Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and the APR range are all factors that affect lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements, and availability in the state all contribute to this category. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you'll need to shop and the availability of customer service and whether or not there's an app and autopay availability are accounted by this category. Transparency: This category accounts for the availability of fees and rates along with the availability of prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been evaluated or accepted by any advertiser. The information such as rates and charges provided in the review is correct up to the date of the review. Check the data in the upper right hand corner of the page as well as the lender's site for 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 details of using loans to buy a car.
Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers successfully land deals and make the most appropriate choices regarding their finances. He specializes in small and auto loans.

















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