Caribou works with auto refinance lenders nationwide to match drivers with the most competitive repayment rates and terms. The loan comparison platform offers a simple application process along with various coverage add-ons.
Introducing Caribou Auto Refinancing
Founded in 2016, Caribou is an online auto loan marketplace, specializing in connecting drivers with lenders offering the lowest refinancing rates. The Caribou team handles contacting lenders, negotiating offers, securing loan approvals and managing the paperwork.
Borrowers simply provide details on themselves and their existing auto loan. Caribou then matches them to customized refinancing options from their network of credit union, bank, and other lending partners.
Caribou Auto Refinancing Loan Options
Caribou refinancing loans offer:
- Loan amounts from $5,000 to $125,000
- Loan terms dependent on lender
- Interest rates starting as low as 5.99%
The goal is to help borrowers find more affordable payment terms and interest rates than their current auto financing. Lower rates save money over the loan repayment period, while flexibility on amounts and terms allows customization.
READ ALSO: Auto Loan Refinancing: A Comprehensive Guide
Eligibility Requirements for Caribou Refinancing
To qualify for loan offers through Caribou, the basic requirements are:
- Minimum credit score of 640
- Loan-to-value under 110%
- No commercial vehicles
Caribou does not list a minimum annual income. To start the prequalification process, you’ll provide basic personal details and employment information. Your credit will then be checked to view customized refinancing options.
Getting Pre-Qualified for Caribou Auto Refinancing
Caribou allows borrowers to easily check potential refinancing options online with no obligation. The prequalification steps are:
- Enter basic personal, vehicle, and income details
- Agree to a soft credit check (no score impact)
- View personalized loan offers from Caribou network lenders
If happy with the options, pick an offer and proceed to the full application. If not, there is no further commitment. You receive loan quotes with no hard credit check unless formally applying.
Extra Features Offered by Caribou
Along with the ability to easily compare refinancing rates, Caribou offers:
- Option to add a co-borrower
- Extended auto warranty options
- Vehicle protection packages
- $399 processing fee
So not only can drivers find lower interest rates, but added benefits like extended warranties can also be wrapped into the new loan.
How Caribou Compares to Other Refinancing Sites
RateGenius – Also aggregates loan offers but provides more details on loan amounts and qualifications upfront before applying.
Upstart – Minimum credit scores start lower at 510 for borrowers with past issues. But cannot add co-borrowers and has less transparency on lenders.
Pros and Cons of Using Caribou
Pros
- Quick and simple rate comparisons
- Add co-borrowers to improve terms
- Vehicle coverage options
Cons
- Not available in 5 states
- Some loan details not published
- Potential lender fees
Contacting the Caribou Support Team
Caribou offers customer assistance through:
- Phone, email, live chat, and messaging
- Support hours 7 days a week
- Online account access
READ ALSO: LightStream vs PNC Bank Auto Loans: Rates, Terms, Applying
To Recap on Caribou
For drivers looking to save money by refinancing existing auto loans, Caribou makes it fast and easy to compare personalized offers from reputable lending partners in minutes. While exact loan details require application, Caribou earns 4.5 out of 5 stars from Bankrate for exceptional availability, affordability, customer service and transparency during the process.
Frequently Asked Questions About Caribou
What types of vehicles qualify for Caribou refinancing?
Caribou refinancing can be used on cars, trucks, SUVs, and most passenger vehicles that are not used commercially. In some cases RVs, motorcycles, ATVs may also qualify depending on the lender.
What is the maximum loan term offered by Caribou lenders?
Specific loan terms depend on the individual lender providing financing based on a borrower’s credit and financial profile. In general terms up to 84 months are available, but Caribou’s website does not specify lender caps.
Can I get pre-approved for a Caribou refinancing loan?
Caribou does not offer pre-approvals but does provide customized prequalification rates to give borrowers a preview of offers available. Pre-approvals require final application submission before issued.
Is there an early payoff penalty with Caribou auto refinancing loans?
Policy on early loan repayment without penalty varies by the individual lender. Some Caribou partners allow extra payments or full early payoffs while others charge a penalty interest amount if closing the loan very early.
What states does Caribou provide refinancing in?
Caribou offers auto loan refinancing in 45 U.S. states. The states not currently served are Maryland, Mississippi, Nebraska, Nevada, and West Virginia. Expansion plans are in progress to cover all states eventually.
In another related article, Overview of LendingClub Auto Refinancing
