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Caribou Auto Refinance Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Founded in 2016 and formerly known as MotoRefi, Caribou is an online platform that connects car owners with a variety of loan options from multiple lenders. By using Caribou's online service, customers can compare refinancing options quickly and easily. You can review offers without providing your social security number and it won't affect your credit score. Caribou also offers auto insurance, extended warranty products, and other vehicle-related products. The company is headquartered in Washington, DC.
 
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How is Caribou rated?

Breakdown

4.0/5
Loan Details
4.0/5
Customer Experience

Overall Rating: 4 / 5 (Very good)

Caribou offers a number of auto-related services via a 100% online process, including auto refinancing, insurance, extended warranties, cosmetic protection, and lost key replacement. The company recently rebranded and was formerly known as MotoRefi.

Caribou is not a lender itself, but rather an auto refinancing marketplace. The company offers car owners the benefit of being able to compare rates from multiple lenders to find the rate and term that best suits their needs. To view your rates, you must answer a brief questionnaire. The questionnaire does ask for some sensitive information, including your income and monthly housing expenses, for example. However, you need not supply your social security number to complete the questionnaire. Reviewing your refinancing options will not have an impact on your credit score.

Auto Loans & Refinancing

Loan Details - 4 / 5

The advantage of visiting a marketplace like Caribou is having the opportunity to compare multiple lending scenarios in one place. Loan details vary by lender and will be influenced by several factors, including the amount you are refinancing, the loan term you select, and most importantly, your credit profile. If your credit score has improved significantly since you originally financed your car, Caribou may be able to find you a better rate. If you're having trouble managing your current monthly auto loan payment, you may be able to reduce it by refinancing the amount you owe over a longer term. By the same token, if you find yourself in better financial shape than you were when you took out your original loan, you may be able to shorten your loan term, pay a higher monthly payment, and reduce the amount of interest you pay over the life of your loan. Caribou helps borrowers adjust their loan payments to suit their current circumstances.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Loan Refinancing

Min. Loan Amount
$5,000
Max Loan Amount
$150,000
Min. APR
5.69%
Min. Term Length
24 months
Max Term Length
80 months

Additional Info

APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 5.69% to 28.55% and is determined at the time of application. Lowest APR is available up to a 36 month term, to borrowers with excellent credit, and only in Texas. Conditions apply. Advertised rates and fees are valid as of 5/15/2023 and are subject to change without notice. Insurance savings will not result from lower APR.

Terms and Conditions apply. Caribou reserves the right to modify or discontinue products and benefits at any time without notice. Participating lenders, rates and terms are also subject to change at any time without notice. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. We do not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Offers not available in MD, MS, NE, NV, WI, WV.

Loan Qualifications

Qualification - 4 / 5

Caribou is not a direct lender and doesn't publish any specific loan qualifications on its website. Qualifications will vary by lender but generally require a minimum credit score of 580 and a minimum annual income of $24,000. The service is available across most of the U.S. except in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, West Virginia and Wisconsin. Loans are not available for motorcycles or commercial vehicles.

Borrower Qualifications

Minimum Income
$24,000
Minimum Credit Score
580

Application & Service

Customer Experience - 4 / 5

Caribou's website is well-organized and offers a simple process whereby borrowers can view rates from multiple lenders, prequalify for a loan, and apply for financing. All services are provided online, including submitting the documents required for loan approval. Caribou acts as a middleman between you and your chosen lender through the application process, but eventually you'll deal directly with the funding institution. Caribou collects a fee from lenders when a loan is refinanced. Some lenders will pass that fee along to you and it's not an insignificant amount of money—$399. So be sure to read the fine print on any loan you are considering.

Caribou publishes an FAQ section that can answer many of your questions. You can also contact the company via email or by scheduling a phone call to have any additional questions answered.
Fees
Caribou charges lenders a $399 processing fee when it arranges a refinancing deal. This fee may or not be passed along to borrowers, so be sure to carefully read the terms of any loan you're considering taking out.
Benefits/ Features
Online Rates
Online Rates / Application
Pre-approval Soft-credit Inquiry
Joint Loans Available

Caribou Reputation & Reviews

Reputation - 4 / 5

It earns an A+ rating from the Better Business Bureau, where consumers award it 4.84 out of 5 stars. It is similarly highly rated by consumers on Trustpilot, earning 4.5 out of 5 stars.
Trustpilot Rating
4.5 out of 5
BBB Rating
A+
Date Collected
2022-04-26

Contact & Additional Information

Lender Type
Marketplace
Homepage URL
https://www.gocaribou.com/refinance
Company Phone
(877) 445-0070
Headquarters Address
1717 Rhode Island Ave, NW, Suite 500, Washington, DC
Year Founded
2016

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Customer Comments & Reviews

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Bill E
9/17/2022
Teaser rates. shows 2.34%. Have and 820+ credit score. Caribou came back with over 7+% for a lease buyout loan for 48 months

andrew.dunn
3/28/2022
Caribou has great customer service and the loan officers and friendly. I like their web application.

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