Caribou Auto Loan Refinancing: 2022 Review

Caribou offers auto loan refinancing through a network of lenders. Borrowers receive several offers for comparison.
Shannon Bradley
Jan 12, 2022

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Our Take

The bottom line:

Best for borrowers looking for a fully online application process and multiple refinancing offers. Bad- or fair-credit borrowers may qualify.

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Full Review

Caribou
Caribou - Refinance loan
Est. APR
1.25-21.24%
Loan amount
$10,000-$175,000
Min. credit score
500

Pros & Cons

Pros

  • Applicants can pre-qualify with a soft credit check.

  • Application process 100% online including document upload.

  • Social Security number not required to see pre-qualified offers.

  • Works with a network of lenders to show multiple offers.

Cons

  • Lenders may charge a processing fee up to $399.

  • Not available in all states.

  • Customer support not available on weekends.

Full Review

Caribou, formerly MotoRefi, is an auto loan aggregator that has been in business since 2016. Caribou partners with a network of lenders, mainly community banks and credit unions, to provide auto loan refinancing. It does not offer auto purchase loans.

Caribou finds the best lender matches within its network for each applicant. Using a soft credit check, Caribou presents pre-qualified offers with rates, usually within 90 seconds of application submission. Pre-qualification is not approval. Once an offer is selected and submitted, Caribou or the lender will do a hard credit pull, which can affect applicant credit scores.

The entire application process, from pre-qualification to funding and title change, is accessible online — with live customer support available by phone, email and live chat. Live chat appointments can also be scheduled from the Caribou website. After loan closing, servicing transfers to the lender.

Uber drivers wanting to refinance their cars may find Caribou to be a good fit. Caribou has an exclusive Uber partnership to provide drivers expedited access to lenders who can accommodate rideshare vehicles.

Caribou may be a good fit for those who:

  • Want to compare rates. Pre-qualification with a soft credit check will not affect an applicant's credit score.

  • Prefer an online application process. Caribou’s application process is 100% digital, from pre-qualification to e-signing and vehicle title transfer.

  • Want to receive a car insurance quote too. Caribou recently began bundling car insurance with auto loan refinancing, so applicants can refinance and request a car insurance quote from a national carrier through one application.

Caribou at a glance

Caribou works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

Application process

  • Origination fee: Lenders may charge a processing fee of up to $399. This can be included in the refinanced loan amount.

  • Personal information needed: Address, phone number, email address, citizenship status, birthdate, employment status, housing status, housing payment amount and driver’s license number. Also VIN and license plate number or make/model. Social Security number is not required until applicant proceeds with a loan.

  • Pre-qualification available: Yes, borrowers can receive multiple pre-qualified offers with estimated rates. Offers are good for 45 days.

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

  • Approval speed: 24 hours maximum; typically less than an hour.

  • Funding speed: Did not disclose.

Qualifications

  • Minimum FICO credit score: 500.

  • Minimum credit history: None.

  • Minimum annual gross income: Has minimum, but amount not disclosed.

  • Maximum debt-to-income ratio: 60%.

  • Bankruptcy-related restrictions:  Has restrictions, but did not disclose details.

  • States covered: Not available in ME, MD, ND, NV, PA, VT, WI.

Restrictions

  • Maximum vehicle age: Did not disclose.

  • Maximum vehicle mileage: 125,000 miles gas/175,000 miles diesel.

  • Other vehicle restrictions: No commercial vehicles or motorcycles.

  • Loan amount minimum: $10,000.

  • Loan amount maximum: $175,000.

  • Refinancing time restrictions: Did not disclose.

Other loan details

  • Loan terms: 24-96 months.

  • Automatic payment: Varies by lender.

  • Rate discount: Varies by lender.

  • Greater-than-minimum payments: Varies by lender.

  • Bi-weekly payments: Varies by lender.

  • Late payment fee: Varies by lender.

  • Prepayment penalty: Varies by lender.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: Yes, and can complete application at the same time.

  • Payment options: Varies by lender.

  • Selected payment due date: Varies by lender.

  • Cash-out refinancing: Not offered.

  • Hardship plans: Varies by lender.

Customer service

  • Assistance provided: A customer support team is available to assist through the entire loan application process.

  • Availability: Mon-Thur 9 a.m.-9 p.m., Fri 9 a.m.-7 p.m. ET.

  • Contact options: Phone, email, text, or schedule an appointment.

» MORE: Compare auto loan refinancing lenders

More from Caribou

Caribou also offers the option to bundle auto insurance with an auto refinance loan. When submitting an auto refinance loan application, borrowers are given the option to also request a car insurance quote. Additional products offered are total loss protection or gap insurance, extended vehicle protection, key replacement and cosmetic care packages. Borrowers who want to reduce car expenses should consider how adding services can increase the cost of their loan.

Caribou has a rating of 4.4 out of 5 stars on TrustPilot, a business review and reputation management platform.

Caribou auto loan rates

Lenders set their own qualification requirements, but the lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 690 or higher). With fair or bad credit, you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more.

You can check your credit score before applying for a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 501-600, a $10,000 car loan, a repayment term of 36 months, an interest rate of 12%, and a $0 down payment would have monthly payments of $332.

To review Caribou, NerdWallet sent a survey to Caribou requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.

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