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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 has a specialization in helping readers in navigating the details of borrowing money to purchase an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in clear reporting that helps readers confidently find deals and make the most informed decisions regarding their money. He is a specialist in small and auto loans.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and unique content. This allows users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, 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 website come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as, for example, the sequence 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, mortgage and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be open to you.




About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date that the review was written. Review the data at the top of this page as well as the lender's site for the most recent details.








At a glance 4.0 Rating 4 stars out of 5
Bankrate Score

The Availability Rated: 4.3 stars out of 5
Cost of Affordability: 2.8 stars out of five
Customers Experience Score: 3.8 5 stars from 5
Transparency Rating: 5 stars out of 5


Check auto loan rates

About Carputty Loan amounts Lines from $25,000-$250,000
Min. credit score Unspecified
APR ranges from 7.14%-9.64 Percent
Funds are available as soon as possible.



The pros and cons of using Carputty are that Borrowers may finance higher than normal amounts and enjoy fast financing. But, it isn't available in every state.

PROS Car purchasing support
Maximum amount of loan loan amount
Preapproval

HIGH MINIMUM APR CONS
Confusion about repayment terms





Carputty is an online direct lender that offering unique line of credit financing process known as Flexline. With just one application, users can manage all of their vehicles over the entire lifetime of ownership through their line of credit. Carputty allows its customers to manage their vehicle 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 specific criteria for credit score or income, but to apply the applicant must be at least 18 years old employed, and a legal citizen of 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 that is to be used for financing must have a model that is less than eight years old prior to the application and be less than 85,000 miles. Loan-to-value. When purchasing used vehicles the LTV cannot surpass 110 percent (for used vehicles in the current year the figure is calculated as 90 percent of MSRP). For new vehicles, the LTV cannot surpass 100 percent MSRP. Our favorite things and don't like While the Flexline program allows for vehicle financing to be an easy process, Carputty might not be the best lender for all drivers. What we love about Car buying support. Carputty gives borrowers support in the process of buying a car through the V3 tool which helps buyers decide when is the most suitable time to buy. High maximum loan amount. Borrowers can finance for up to $150,000 per vehicle or $250,000 for the entire amountat the top end compared to traditional competitors. Preapproval. With the option to apply for , you'll know the approximate monthly payment before signing off for your loan. What we don't like High minimum APR. An APR starting at 7.14 percent may be a bit too high. Those with excellent credit may obtain 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 to repay it earlier and none of those options are spelled out on Carputty's website. How to contact Carputty Carputty provides customer support Monday through Friday via its chat function between 8 a.m. to 6 p.m. (EST) or via 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 forms provided Carputty provide auto loans for drivers looking to finance a new or used car, or consolidate an existing loan or even a lease buyout. Credit lines can are available from $25,000 up to $250,000. Individual advances can range between $10,000 to 150,000 (provided you have that amount of credit in your account). The terms for repayment are difficult to understand. After you've been approved for a line of credit and you're given 24 months to use it, or it will be closed- but it remains active indefinitely if in use. The process of putting a balance on the LOC through the financing of a car starts a 36-month term. At month 20, you have the option to keep your current repayment schedule or refinance it for another 24 months (extending the total repayment term) or pay off the loan early. The V3 valuation tool pioneered by Carputty helps to predict when the or sell your car will be dependent on market data. The valuation can be performed ahead of loan application directly on the Carputty site. This monitors and tracks the vehicle's value so that anytime during ownership you can decide to sell your vehicle based on market trends. Used and new automobile loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


The high maximal loan amount of $250,000 is what makes Carputty a strong option for people who want to finance 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 existing vehicle loan could result in less monthly payments or higher rates. Utilize a refinancing program check to see if refinancing a loan will really 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're interested in purchasing your lease-owned vehicle, Carputty offers assistance and support throughout the entire process. A lease buyout could help you avoid expensive wear and tear fees and let you retain your current vehicle. How do you apply for a loan using Carputty You can apply for an auto loan directly on the Carputty website and be approved in a matter of minutes. By submitting a single application, you'll have access to a line of credit that can be used at any point. In the initial application, you will undergo a soft credit check followed by a harder credit pull when the credit line is approved. 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 website, the rate you receive will be determined by the credit score of yours, and not vehicle details like year, make or model this is a distinctive advantage over traditional lenders. If you're not able to get credit due to low credit scores, it's advised to apply other underwriting criteria, unlike Carputty. Funding can become available within the same day you submit your application. After approval, you'll gain access to a secure dashboard from which you can manage the current loans or add new vehicles.
Required application information Personal contact information Social Security number. Proof of employment


Unlike many other lenders Carputty doesn't require any vehicle details until the preapproval procedure has been completed. After that you'll input your vehicle details such as, make, model, year and license plate number onto your Carputty dashboard.
Carputty FAQs
Is Carputty a reliable lender? Yes, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its state-wide coverage.



Can I obtain an auto loan using Carputty even if I have bad credit? Carputty uses credit score as the primary determinant of the risk, so people with low credit might not get the best rates. Instead, consider looking at options for .



What can I do to pay off my auto loan using Carputty? You can make or schedule payments online by logging in to your account and linking your payment method.



What are the rates of Bankrate? Carputty
Overall Score
4.0
Availability
4.3
Although the lender boasts a large loan quantity, the lender currently only serves 32 states.
Affordability
2.8
The potential for charges or a high-minimum APR reduces an otherwise solid category.
Customer Experience
3.8
Carputty only offers support from Monday through Friday during a range of hours.
Transparency
5.0
Ability to prequalify , as well as rate and fee disclosures give Carputty a perfect score.


Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are readily available and APR range all influence lender scores. These scores are broken up into four categories. The availability of loans, repayment options, dealership requirements and availability to state make up this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you have to shop for, the customer service hours and whether or not there's an app and autopay payment options are all accounted by this category. Transparency: This category accounts for the availability of rates and fees and the availability of prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is correct up to the date of the review. Check the data on the right, and the lender's website for the most recent details.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of borrowing money to purchase a car.
Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of the clarity of his reporting, which helps readers successfully land deals and make the best decisions for their financials. He is a specialist in auto and small business loans.

















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