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Caribou
Caribou: 2023 Auto loan review, published 2023-01-01, 00:00:00
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 with the ways and pitfalls of borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to control their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.
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 financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and compare information for free and help you make informed 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 Earn money The products that appear on this site are from companies who pay us. This compensation could affect how and where products are displayed on this site, including for instance, the sequence in which they be displayed within the categories listed, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct as of the date of the review. Check the data in the upper right hand corner of the page, and the lender’s website for the most current details.
A look 3.7 Rating: 3.7 stars out of 5
Score of the Bankrate
Available Rating: 3.8 stars out of 5
The Affordability Score: 3.4 stars out of five
Customer Experience Rating: 3.8 stars out of five
Transparency Rating: 5 stars out of 5
Find out about rates for auto loan rates
About Caribou Loan amount Not specified
Min. credit score varies by lender
APR ranging from 4.99 percent to 36.00%
Funds are available in Varies depending on lender
Caribou features Consider these benefits and disadvantages of refinancing your automobile loan through Caribou prior to approving an application.
PROS Refinance Ease of refinance as well as insurance bundling
Capability to assess rates
Prequalification available
CONS Limited availability
Potential processing fee
Caribou was 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 provided by its group of loan experts.
Kevin Bennet, CEO of Caribou, describes the mission as helping motorists from a variety of background save on costs and gain control of their financial situation. It handles the heavy lifting when it comes to refinancing, and it provides auto insurance to help with this goal.
Do you qualify? Caribou does not provide specific requirements related to income or credit, but you can expect an informal credit check that will not affect your credit score when you prequalify. If you do decide to apply for to take out a loan and follow through with an application, the process could be accompanied by a hard credit report. Although the requirements aren’t disclosed in accordance with Bennett, “… many people have noticed their credit scores rise after purchasing their car and are now able to access better rates, others have had credit scores that were good but walked off the car lot paying more than they ought to have.” Regarding vehicle requirements, it should have positive equity and no more than 120,000 miles. Some lenders in Caribou’s network accept vehicles that have more than 200k miles. Automobiles, trucks, SUVs and other passenger vehicles are eligible for refinancing but they must not be used for commercial purposes. What we like and what we don’t think we like. Consider these advantages and disadvantages of an auto loan with Caribou before signing off on an application. What we like : Ease of refinancing and bundling insurance. Caribou provides drivers with options to purchase auto insurance, as well as other options for refinancing. Ability to compare rates. Caribou works with a network of various lenders, allowing you to compare rates directly through Caribou’s website. Prequalification is available. Following a soft credit check which doesn’t impact the credit rating, you can apply for prequalification to get an idea of how much you can get for your money. We don’t like the limited availability. Caribou is not available for drivers living in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia. Potential processing fee. The lender that you’re matching with may transfer the $399 processing fee Caribou charges. How do you contact Caribou Caribou offers excellent customer service. The website is user-friendly and has chat features, account management as well as the ability to inquire over the phone, by email or by appointment. Caribou provides drivers with the ease and convenience of a fully online experience, with the ease of personal communication. Drivers who have questions specific to their loan can seek assistance from the team Monday through Friday from 9 a.m. until 8 p.m. ET as well as on Saturday and Sunday from 9 a.m. to 4 p.m. ET. Auto loan types available through its lender partnerships, motorists can upgrade their loan while also shopping for other add-on products, such as extended protection, cosmetic services as well as key repair services. The terms and loan amounts differ by lender.
How do you make an application for a loan through Caribou To apply for a loan with Caribou go to their website and input basic information regarding yourself, along with the details of your car and the current loan.
Steps to apply . Check your rate. Enter your personal details about you and your car- no Social Security number required -to get your quotations. This process can be as quick as a minute, and you’re not required to accept any offers that you qualify for. Select your loan offer. You then can select the best option for you. The next step will also provide you with other products like insurance, key replacement, cosmetic care complete loss protection, or extended protection. Finish your refinance. Then, you’ll be asked to disclose additional personal details and take a final signature on the online refinance documents.
Information required for application: The name of the applicant, Social Security numbers Contact details Status of citizenship Vehicle informationincluding VIN License plate number and the make, model and trim Current loan and lender details Evidence of income like the most recent pay stub or W-2
Caribou FAQs
Are Caribou is a direct lender? Not really, Caribou is a technology company that partners with an extensive network of reputable lenders to offer you the most competitive rate for auto refinancing.
Does Caribou allow co-borrowers when refinancing your vehicle? Yes, you can apply with a co-borrower , if they live in a state which allows co-borrowing for auto loans.
How Bankrate rates Caribou
Overall score
3.7
Accessibility
3.8
Caribou does not have any restrictions on vehicles or restrictions, and is offered in all states. It doesn’t offer the loan amount available.
Affordability
3.4
Since it’s an array of lenders, Caribou does not disclose an exhaustive list of rates of interest or the minimum standards.
Customer experience
3.8
Caribou provides access to the internet and customer support 24 hours a day 7 days a week.
Transparency
5
Caribou provides prequalification, so you can check your rates without harming your credit score.
Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 various factors. The criteria range from the loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score based on four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and availability in each state. Affordability: Primarily, this section covers the expected APR as well as acceptance requirements, discounts on autopay as well as the total amount of charges. Experience with customers: This category includes accessibility to online services, availability of support, funding timeline, option to pay by automatic method and app availability. Transparency: Here prequalification and the disclosure of fees and rates are recorded.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions 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 is correct as of the date that the review was written. Check the data in the upper right hand corner of the page and the lender’s site for the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-studied information that is broken down into complex subjects into digestible pieces.
Auto loans editor
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