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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 has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their 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 aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, 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 website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other products that lend money to homeowners. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that could be available to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed in them are only those of the reviewer and have not been evaluated or approved by any advertising company. The information such as rates and charges provided in the review are accurate up to the date of the review. Check the data on the right, and the lender’s site for the most up-to-date information.
A look 3.7 rating: 3.7 stars out of five
Bankrate Score
Rating of Availability: 3.8 stars out of 5
Cost of Affordability: 3.4 stars out of five
Customers Experience Score: 3.8 5 stars from five
Transparency Rating 5-stars out of 5.
Find out about rates for auto loan rates
About Caribou Amount of loan not stated
Min. credit score varies based on lender
APR from 4.99% to 36.00 percent
Funds are available in Varies depending on lender
Caribou features. Consider these benefits and drawbacks to refinancing your automobile loan using Caribou prior to approving an application.
PROS Refinance Ease of refinance as well as insurance bundling
The ability to evaluate rates
Prequalification offered
CONS Limited availability
The possibility of processing fees
Caribou was formerly was known as MotoRefi, offers competitive auto refinance loans through its lender network. The lenders include credit unions to community banks. Drivers will benefit from its speedy online process combined with the knowledge of its team of loan experts.
Kevin Bennet, CEO of Caribou, describes the mission as helping motorists from a variety of experiences save cash and gain control of their financial situation. Caribou takes care of the bulk of the work when it comes to refinancing, and provides auto insurance to help with this goal.
Do you qualify? Caribou doesn’t provide any the specific criteria related to credit or income however, you can anticipate an informal credit check that will not affect your credit score once you prequalify. However, if you decide to take the loan and submit an application, the process could be accompanied by a hard credit report. The requirements for the loan aren’t made public as per Bennett, “… many people have seen their credit scores improve after purchasing their car and would like to get access to higher rates. Others have had excellent credit for years however, they left the car lot and paid more than they really should have.” Regarding vehicle requirements the vehicle must have positive equity and not more than 120,000 miles — some lenders on Caribou’s network will accept vehicles with as many as 200,000 miles. Cars, trucks, SUVs and other passenger vehicles can be refinanced, however, they cannot be used for commercial purposes. What we like and what 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 refi and insurance bundling. Caribou offers customers the option for auto insurance and other additional options when refinancing. The ability to compare rates. Caribou is a member of a network of lenders that allow customers to evaluate rates directly through Caribou’s site. Prequalification available. After a credit check that won’t affect your score on credit, you may apply for prequalification to have more information about the amount you can get for your money. We aren’t a fan of limited availability. Caribou isn’t 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. How do you contact Caribou Caribou offers excellent customer service. Its easy-to-use website offers chat functionality, as well as account management and the ability to inquire over the phone, by email, or via appointment. Caribou gives drivers the convenience and convenience of an online experience, with the ease of personal contact. Drivers who have specific questions about their loan are able to seek assistance from the team every day from 9 a.m. to 8 p.m. ET as well as on Saturday and Sunday from 9 a.m. to 4 p.m. ET. Auto loan kinds offered through its lender partnerships, drivers are able to improve their existing loan while also shopping for additional products including extra protection and cosmetic care and key replacement services. Terms and loan amount vary depending on the lender.
How do I make an application for a loan through Caribou For a loan with Caribou visit its website and enter basic information about yourself and the details of your vehicle and present loan.
How to apply Find out your rate. Input some personal information on yourself and your vehicle -and there is no Social Security number required — to receive your quotes. This process can be as quick as one minute and you’re under no obligation to accept any offer that you are prequalified for. Select your loan offer. You can then choose the best option for you. In this step, we will also provide you with other products such as insurance and cosmetic care, key replacement, total loss protection or extended protection. Complete your refinance. In the end, you’ll be asked to disclose additional personal details and confirm the online refinance documentation.
The information required to apply for a loan is: The name of the applicant, Social Security numbers Contact information Citizenship status Vehicle information -like VIN, license plate number, and the model, make and trim Current loan and lender details Evidence of income such as latest pay stubs or W-2
Caribou FAQs
Is Caribou an direct lender? No, Caribou is a technology company that partners with an extensive network of reputable lenders to offer you the most competitive rate in auto refinancing.
Does Caribou permit co-borrowers when refinancing your car? 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 doesn’t have restrictions on vehicle use or restrictions, and is offered in most states. However, it does not provide the loan amount that is available.
Affordability
3.4
Because it is an array of lenders, Caribou does not disclose a complete list of rates of interest or minimum requirements.
Customer experience
3.8
Caribou provides online access and customer service hours seven every day of the week.
Transparency
5
Caribou provides prequalification, so you can look up rates without affecting your credit score.
Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different elements. The factors are based on to the loan amount, APR that is disclosed as well as acceptance requirements. Each lender scores based on four categories. Availability: This accounts for loan amounts, restrictions on vehicles and their availability in every state. Affordability: The primary focus of this section covers the expected APR, acceptance criteria, discounts for autopay, and the amount of charges. Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app accessibility. Transparency: Here , prequalification and disclosure of rates and fees are recorded.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate at the time when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that is broken down into complex topics into manageable bites.
Auto loans editor
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