{"id":20388,"date":"2021-08-17T05:05:20","date_gmt":"2021-08-17T12:05:20","guid":{"rendered":"https:\/\/financer.com\/?post_type=company_single&p=20388"},"modified":"2024-10-15T22:09:11","modified_gmt":"2024-10-16T05:09:11","slug":"caribou","status":"publish","type":"company_single","link":"https:\/\/financer.com\/company\/caribou\/","title":{"rendered":"Caribou"},"content":{"rendered":"\n

Caribou, previously MotoRefi, is an online lending platform that offers auto refinancing loans. Their secure digital platform makes it easy for borrowers to see how much they can save by refinancing their auto loans<\/a>.<\/p>\n\n\n\n

Caribou is backed by leaders in the automotive, technology, and finance industries, with venture capital investors like Accomplice, Motley Fool Ventures, QED Investors, and others.<\/p>\n\n\n

Apply for a Caribou Loan Now<\/a><\/div>\n\n\n

How We Rate Caribou Auto Refinance<\/h2>\n\n\n\n

At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate Caribou:<\/p>\n\n\n\n

Category<\/th>Rating<\/th><\/tr><\/thead>
Affordability<\/td>\u2b50\u2b50\u2b50\u2b50<\/td><\/tr>
Application process<\/td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td><\/tr>
Loan terms<\/td>\u2b50\u2b50\u2b50\u2b50<\/td><\/tr>
Transparency<\/td>\u2b50\u2b50\u2b50\u2b50<\/td><\/tr>
Customer support<\/td>\u2b50\u2b50\u2b50<\/td><\/tr>
Overall<\/td>\u2b50\u2b50\u2b50\u2b50<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n
<\/div>

Do We Recommend Caribou?<\/h3>Yes, we recommend Caribou as a reliable lender. Skip to our full review below and see how we rate Caribou<\/a>.<\/div>\n\n\n

Here’s what we’ll cover in this Caribou review:<\/h3>\n\n\n\n\n\n

Want to skip the details? Jump to our final verdict here<\/a>.<\/p>\n\n\n\n

Caribou Overview<\/h2>\n\n\n\n

Caribou allows borrowers to pre-qualify online in a few easy steps. <\/p>\n\n\n\n

Caribou is not a direct lender<\/a>, which means you can’t get a car loan directly from them. They partner with various lenders to provide car refinance loans. <\/p>\n\n\n\n

Here’s a quick summary of Caribou refinance:<\/strong><\/p>\n\n\n\n

Overview<\/th>Features<\/th><\/tr><\/thead>
Loan type:<\/strong><\/td>Auto loans<\/td><\/tr>
Loan amount:<\/strong><\/td>Varies<\/td><\/tr>
Loan term:<\/strong><\/td>Up to 72 months<\/td><\/tr>
APR<\/strong>:<\/td>From 5.69%<\/td><\/tr>
Min. credit score:<\/strong><\/td>650+<\/td><\/tr>
Monthly fees:<\/strong><\/td>None<\/td><\/tr>
Other fees:<\/strong><\/td>$399 loan processing fee<\/td><\/tr>
Requirements:<\/strong><\/td>At least 18 years old
U.S. citizen
Have an SSN<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

This is the ideal solution if you want to refinance a car loan<\/a> and complete a loan application completely online<\/strong>. If you apply and get approved, you can create an account and upload all your documents online. <\/p>\n\n\n

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They will then handle the vehicle title change<\/strong> and pay off your old lender<\/strong>.<\/p>\n\n\n\n

You can’t refinance a commercial vehicle or a motorcycle, and you can get a lease buyout loan from Caribou either. <\/p>\n\n\n\n

The company also partners with auto insurance companies <\/strong>to offer extended warranties, gap insurance<\/a>, and key replacement coverage<\/strong> that can be added to your refinance loan. <\/p>\n\n\n

<\/div>Caribou is available in all U.S. states except MD<\/a>, MI<\/a>, NE<\/a>, NV<\/a>, WI<\/a>, and WV<\/a><\/div>\n\n\n

Only car, truck, and SUV loans<\/strong> are offered by Caribou. You can’t refinance a motorcycle or a commercial vehicle, and you can’t get a lease buyout mortgage either.<\/p>\n\n\n\n

Even though it only provides one type of loan, it works with auto insurance companies to provide coverage, gap insurance, and extended warranties that can be added to any refinance loan.<\/p>\n\n\n\n

The loan process is very easy and is ideal for people who prefer getting loan offers online without a hard credit pull, and a company that offers great customer service.<\/p>\n\n\n\n

Loan Requirements<\/h3>\n\n\n\n

Applying for pre-qualification through Caribou auto refinance won’t hurt your credit score because it only triggers a soft credit inquiry<\/a>.<\/p>\n\n\n

<\/div>Caribou’s lending partners are better equipped at offering rates as low as 5.69%<\/strong> to those who have a minimum FICO score of 650 and a minimum monthly income of $2,000<\/div>\n\n\n

Rates & Fees<\/h3>\n\n\n\n

Caribou fees are lower than many other lenders <\/strong>– often up to two percentage points lower – but there is a $399 processing fee<\/strong> that is added to the loan. <\/p>\n\n\n\n

Terms<\/h3>\n\n\n\n

With Caribou you get APRs as low as 5.48%<\/strong> with loan terms of between 12 and 60 months. Loans are available from $5,000 to $50,000 and you’ll get a decision when finishing your application, or within 24 hours.<\/p>\n\n\n\n

The funding time depends on the lender and the lender fee is $399<\/strong> to process your documents and retitle your vehicle. <\/p>\n\n\n\n

Other benefits include a $0 fee for early payoff<\/strong>, however, there is a late fee that is lender-dependent. <\/p>\n\n\n\n

You typically need a minimum credit score<\/a> of 650 or more and an income of $2,000 per month ($24,000 per year). <\/p>\n\n\n\n

If you have a bad credit history<\/a> you may want to work on your credit profile to ensure you have an excellent credit score <\/a>when you go through the refinancing process to get the best rates.\u00a0<\/p>\n\n\n\n

Other requirements include:<\/p>\n\n\n\n