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When you want to refinance a personal vehicle, finding the right lender with the best rates is essential for securing a great deal. With our comprehensive Caribou financial review, you’ll see that this company simplifies the auto loan refinancing process with its extensive lender network, which includes everything from community banks to credit unions.
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Caribou, formerly MotoRefi, is an auto loan refinancing aggregator. Since 2016, their team has maintained partnerships with diverse lenders to match drivers seeking auto refinancing with qualifying lenders. They offer transparency in everything they do to ensure outstanding service.
Caribou uses a customer’s application details to match them with the best lenders. The company will do a soft credit check to give applicants a pre qualified offer with rates within seconds. Applicants can quickly see the best deals that accommodate their financial situation and pick the offer from their preferred lender offering prequalification.
Once the applicant picks an offer, the lender or Caribou will conduct a hard credit pull to complete the application process. Caribou aims to make it easier for drivers of all backgrounds to save money through auto loan refinancing.
Our Caribou financial review includes a deep dive into the company’s services, which revolve around auto loan refinancing. Eligibility requirements for their service include:
Because each lender partnering with Caribou has its own minimum requirements, it can be difficult to generalize all basic requirements beyond the points above. For example, all lenders have bankruptcy-related restrictions, but they handle them on a case-by-case basis.
When applying for auto refinance quotes from Caribou, you can expect a soft credit check to prequalify for refinancing. A hard credit pull will happen once you select an offer from a lender.
Auto loan refinancing amounts vary by lender but typically range from $5,000 to $125,000, with APRs between 5.99% and 28.55%, depending on the loan amount, repayment terms, and other criteria. The service is only available for personal cars, trucks, and SUVs in select states. Commercial vehicles and motorcycles are not acceptable.
After accepting a quote from a Caribou lender, you’ll open yourself to additional services from this respected loan aggregator. Besides auto refinance, you could select insurance products like extended vehicle protection, total loss protection, car key replacement, and vehicle cosmetic care for small dents, dings, and windshield cracks.
Loan terms can go up to 96 months. Most lenders accept payments over the minimum requirement and will put the funds toward the loan principal with no prepayment penalty.
When you’re ready to apply for auto loan refinancing through Caribou, visit their website and provide the necessary information about yourself and your vehicle in the convenient online application form. You don’t need to input your social security number to get prequalification quotes in under a minute.
After reviewing your offers, you can select whichever works best for you. At this time, you can access Caribou’s auto insurance products. Make your selections to move on to the final step.
To finalize your refinance, you must share more details about yourself, including your social security number. The lender will conduct a hard credit check that will impact your credit score. Sign off on all documents to conclude the process.
After reading this Caribou financial review, you might wonder if the service is right for you. The best candidates for their auto loan refinancing service are those who:
Though Caribou excludes commercial vehicles, it does have an exception for Uber drivers. The company has an exclusive Uber partnership that pairs drivers with lenders who provide auto refinancing for rideshare vehicles.
Caribou charges lenders a processing fee between $399 and $499 to cover the costs for document processing and vehicle retitling. Though the company doesn’t charge customers directly, lenders may pass the origination fee to their customers in their refinanced loan amounts. The lender will disclose all costs to you.
Existing and prospective Caribou customers can contact the company’s loan officers and insurance representatives by email, phone, or live online chat. Representatives are available from 9 a.m. to 8 p.m. Monday through Friday and from 9 a.m. to 4 p.m. on weekends.
If you prefer one-on-one contact with an experienced Caribou loan officer, you can book a 15-minute appointment. You can check out Caribou’s online resource center if you have general questions.
Our Caribou financial reputation analysis shows many positive reviews and ratings from customers and third-party review websites. The company has an A+ rating with the Better Business Bureau and has been accredited through the BBB since 2018.
According to the BBB website’s 697 customer reviews, Caribou has a rating of 4.89 out of five. Caribou also has a positive reputation on Trustpilot. It currently holds a 4.6 rating from over 600 reviews.
Across both websites, customers speak about different aspects of working with Caribou for auto loan refinancing that they find satisfying, such as:
It doesn’t appear as though the Caribou team ignores unsatisfied customers. Our findings show that their team is quick to reach out to unhappy customers to investigate and remedy any situation a customer presents them. Still, from the hundreds of reviews and ratings available online, the negative reviews are few and far between.
In light of our Caribou financial review, consider the following benefits and drawbacks of using the platform before pursuing their services. Knowing the company’s advantages and disadvantages will help you make an informed decision about the services you acquire.
Frequently asked questions about Caribou Financial include:
In our comprehensive Caribou financial review, we've identified it as an excellent option for those seeking competitive auto loan refinancing rates in qualifying states. With a stellar reputation, transparent approach, and extensive network, Caribou stands out among its peers.
As providers of insurance, Insurdinary understands the importance of financial stability. That's why we're proud partners with Caribou. By leveraging our online resources, we can help you broaden your research into auto loan refinancing and secure the best rates.