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Carputty 2023 auto loan review. Published 2023-01-26, 15:27:17.
Written 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 using loans to buy a car.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values transparent reporting that allows readers to confidently find deals and make the best choices for their financial situation. He is a specialist in auto and small business loans.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with financial calculators and interactive tools that provide objective and unique content. We also allow you to conduct your own research and compare information at no cost to 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 Earn Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including such things as the order in which they be displayed within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not contain the universe of companies or financial deals that could be available to you.




About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate up to the date when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender's site for the most up-to-date details.








A glance 4.0 Rating 4 stars out five
Score of the Bankrate

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


Compare rates for auto loan rates

About Carputty Loan amounts Lines ranging from $25,000 to $250,000.
Min. credit score Not specified
APR ranges from 7.14%-9.64 percent
Funds available in As soon as the next day.



Carputty pros and cons Borrowers can finance higher than normal amounts and enjoy fast cash-outs. Still, the product isn't available in all states.

PROS Car purchasing support
Maximum amount of loan loan amount
Preapproval

HIGH MINIMUM APR CONS
Inconsistency in repayment terms





Carputty can be described as an online direct lender that offering unique line of credit financing process called Flexline. With just one application, customers can control all of their vehicles over the whole life of ownership directly through this line of credit. Carputty is a firm that encourages its customers to manage their car loans in the same way as they manage other financial assets, which allows the flexibility to decide when to purchase or sell.

Do you qualify? Carputty does not provide particular requirements for credit score or income however, to be eligible the applicant must be 18 years of age, employed and a legal person in the United States. Residency. You must be a resident of 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 to be financed must have a model year less than 8 years prior to the date of application and must have less than 85,000 miles. Loan-to-value. When purchasing used vehicles the LTV should not surpass 110 percent (for current-year used vehicles the amount is determined to be 90 percent MSRP). For new vehicles, the LTV should not surpass 100 percent MSRP. We like it and what dislike While the Flexline program allows for vehicle financing to be a seamless process, Carputty might not be the best lender for every driver. What we love about Car buying support. Carputty provides borrowers with assistance during the buying process by using the V3 tool, which assists buyers to determine the ideal time to purchase. Maximum loan amount. The loan amount is up to $150,000 per vehicle or $250,000 for the entire amountat the top end in comparison to traditional rivals. Preapproval. With the option to apply for , you'll know the approximate monthly installment prior to signing for your loan. What we do not like about high minimum APR. A start-up APR of 7.14 percent can be too high. For those with great credit, they may find lower rates elsewhere. Confusing repayment terms. Your balance is subject to period of 36 months for repayment, however, there are options to extend the amount by a certain amount or repay it 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 chat on its site from 8 a.m. until 6 p.m. ET or by email via email at help@carputty.com. Outside of the chat function, Carputty has a fairly in-depth FAQ section that outlines the process for applying and financing. The auto loan kinds provided Carputty offers auto loans for those who want to finance a brand new or used car, refinance an existing loan or even the process of a lease buyout. Lines of credit vary from $25,000 to $250,000. Individual advances can be as low as $10,000 to $150,000 (provided you have that amount of credit to draw upon). The terms for repayment are complicated. If you're approved to use a line of credit that you can use for 24 months, you'll have to start using it or it will close -however, it will remain open for use indefinitely. Putting a balance on the LOC by funding a vehicle will begin a term of 36 months. At month 20 it is possible to continue the current repayment plan or refinance it for another 24-month period (extending the total repayment term) or pay off the loan in advance. The V3 valuation tool developed by Carputty assists in determining when the best time to sell or trade in your car is due based on the market information. The valuation can be performed prior to loan application on the Carputty site. This monitors and tracks the vehicle's value, so that at any time during ownership, you are able to 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 highest maximal loan value of $250,000 makes Carputty a strong option for those who are financing an expensive new car 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 current vehicle loan could result in a lower monthly payment or better rates. Make use of this opportunity to determine if refinancing your loan could truly help you save money. 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 leased vehicle, Carputty offers assistance and support throughout the process. Lease buyouts can allow you avoid costly wear and tear charges and let you keep your current car. How do you apply for a loan using Carputty It is possible to apply for an automobile loan directly through the Carputty site with approval likely in a matter of minutes. Through only one application you will be provided access to a flexible line of credit that can be used at any time. When you first apply you'll have to go through a soft credit check followed by a hard credit pull after the credit line is finalized. The Atlanta-based lender may also perform a soft credit pull every 45 days in order to keep track of your credit. According to the site the interest rate you pay will be determined by your credit score, not your vehicle information like the year, make or model this is a distinctive characteristic when compared with traditional lenders. But if you have bad credit, it's recommended to use different underwriting criteria, not unlike Carputty. Funding can become available within the same day you submit your application. Once accepted you will gain the access to an online dashboard from which you can manage the current loans or add new vehicles.
Required application information Contact information for Social Security number Proof of employment


In contrast to other lenders, Carputty doesn't require any vehicle details until the preapproval process is completed. Once that is done, you will input car details like model, year, make and license plate number into the Carputty dashboard.
Carputty FAQs
Is Carputty a reputable lender? Yes, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its state-wide coverage.



Can I get an auto loan through Carputty even if I have bad credit? Carputty utilizes credit scores as the main determinant for the risk, so people with low credit aren't likely to get the most competitive rates. Instead, look into the options available to .



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



What rates does Bankrate charge Carputty
Overall Score
4.0
Accessibility
4.3
While the lender boasts a high loan sum, they currently has only 32 state clients.
Affordability
2.8
The risk of fees and high minimum APR diminishes an otherwise strong category.
Customer Experience
3.8
Carputty is only available from Monday through Friday during an hourly basis.
Transparency
5.0
Ability to prequalify and fees and rates disclosure gives Carputty a perfect score.


Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether the rates or fees offered and the range of APR all affect lender scores. These scores are split into four categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all are a part of this section. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: How long 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 availability of rates and fees as well as the availability of prequalification.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Check the data at the top of this page and 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 is a specialist in helping readers to navigate the details of borrowing money to purchase a car.
Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of transparent reporting that allows readers to easily get deals and make most appropriate choices regarding their finances. He specializes in auto and small business loans.

















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