Caribou Auto Loan Refinancing: 2023 Review

Origination fee: Yes, there is a fee of $399, which can be financed back into the loan.

Personal information needed: For the initial application, applicants will need their address, time at address, email, citizenship status, birthdate, employment status, housing status, housing payment amount and basic vehicle information. Later in the loan process, a Social Security number is required for a hard credit check.

Pre-qualification available: Yes, borrowers can pre-qualify with a soft credit check. They will receive multiple pre-qualified offers with estimated rates. Offers are good for 30-60 days, depending on the lender.

Online, in-person or both: Process is 100% online, including document upload.

Approval speed: Pre-qualification offers are immediate in most cases. Preapproval is not offered.

Minimum FICO credit score: 620.

Minimum credit history: There is a minimum length of credit history requirement in nearly all cases. Among the lenders with a credit history requirement, the shortest is three months.

Minimum annual gross income: There is a minimum income requirement in nearly all cases. Among lenders with a minimum income requirement, the lowest is $24,000 annual gross income.

Maximum debt-to-income ratio: 60%.

Bankruptcy-related restrictions: There are bankruptcy-related restrictions in nearly all cases. Did not provide details, but says bankruptcy restrictions are handled on a case-by-case basis.

States covered: Not available in MD, MS, NE, NV, MA, WI, WV.

Maximum vehicle age: At least one lender in the Caribou network has no restrictions for maximum vehicle age.

Maximum vehicle mileage: At least one lender in the Caribou network has no restrictions for maximum vehicle mileage.

Other vehicle restrictions: None.

Loan amount minimum: $10,000.

Loan amount maximum: $60,000.

Maximum loan-to-value ratio: 125%.

Refinancing restrictions: Some lending partners will refinance as soon as the vehicle title can be transferred and others require a waiting period. Among lenders with a waiting period, the longest is three months.

Loan terms: 24-96 months.

Rate discount: A few lenders in the Caribou lending network offer an APR discount when a borrower sets up automatic payment. Discount amount not disclosed.

Greater-than-minimum payments: They are accepted by all Caribou lending partners and can be made by automatic payment. The surplus is applied directly to principal as designated by the customer with each payment.

Bi-weekly payments: They are accepted by most Caribou lenders and can be made by automatic payment in most cases.

Late payment fee: Does not know if lenders charge a late payment fee.

Prepayment penalty: None.

Co-applicants allowed: Co-signers and co-borrowers are allowed. Co-applicants can apply at the same time.

Payment options: Vary by lender, but may include payments made by mailed check, phone, online banking or portal, mobile app or ACH (electronic bank-to-bank)

Selected payment date: Borrowers are able to select their payment due date in most cases. Can be done when signing paperwork to complete the loan.

Cash-out refinancing: Not offered.

Hardship plans: Does not know if lenders offer hardship plans.

Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible.

Assistance provided: During the application process, borrowers work with Caribou's customer service team. Afterward, loan servicing (payments, questions, issues, etc.) are handled by the lender.

Availability: Caribou's customer service hours are 9 a.m. to 8 p.m. ET Monday through Friday.

Contact options: Phone, email, chat through website or online portal, website form.