The bottom line:
Best for borrowers looking for a fully online application process and multiple refinancing offers. Bad- or fair-credit borrowers may qualify.
Pros & Cons
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.
Lenders may charge a processing fee up to $399.
Not available in all states.
Customer support not available on weekends.
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.
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.
Frequently asked questions
MotoRefi is the former name of Caribou, a provider of auto refinancing loans and car insurance.
Caribou, formerly MotoRefi, is an auto loan refinancing company based in Washington, D.C. The company was founded in 2016 and is accredited by the Better Business Bureau, where it has received an A- rating. It provides loans through a network of lenders, primarily community banks and credit unions.