Many companies offer auto refinancing loans — so many, in fact, that finding a loan with the lowest rates and best terms can be overwhelming. Caribou Auto Refinance offers a lending marketplace approach, giving you a narrower list of options based on the specifics of your vehicle, your needs and your finances. Caribou also finds the best interest rate for your circumstances.
Caribou ranks as one of our best auto refinance companies and offers a wide range of lending opportunities for borrowers with less-than-perfect credit. This review will give you an overview of how you can find the best auto refinance loan through Caribou.
Best for fair credit
Refinancing your auto loan through Caribou might be your best choice if you have a fair to good credit score. Using the marketplace approach, Caribou has access to many partner lenders — principally credit unions and community banks — that may be able to offer lower interest rates to those with less-than-exceptional credit scores. Caribou’s technology platform works quickly and efficiently to find the best car loan rates to meet your needs.
Caribou Auto Refinance pros and cons
Pros
- 100% online application process
- Co-borrowers are welcome to apply
- Prequalify with a soft credit inquiry
Cons
- Refinancing not available for motorcycles or commercial vehicles
- Not available in all states
- Refinancing may include fees, which vary by lender and state
Pros explained
100% online application process
Caribou’s 100% online application process makes it fast and easy for applicants to apply for auto loan refinancing. Caribou’s easy, accessible application process is available 24/7, so you can find the right product on your timeline.
Co-borrowers are welcome to apply
For first-time borrowers or those with a poor credit score, Caribou’s application process allows for co-borrowers. Having a co-borrower with good credit can improve your chances of a successful auto refinancing application and give you a better choice of offers with more favorable interest rates.
Prequalify with a soft credit inquiry
Caribou uses a soft credit check to show you the refinance rates and terms you may qualify for, which won’t affect your credit score. If you decide to move forward with a loan, a hard credit check will be required by Caribou or one of its lending partners, which may impact your credit score.
Cons explained
Auto refinancing not available for motorcycles or commercial vehicles
Caribou auto finance or refinancing is not available for commercial vehicles or motorcycles. These loans are only available for cars, trucks and SUVs.
Not available in all states
Caribou auto refinancing services is not available in West Virginia, Nebraska, Nevada and Maryland.
May have a fee
If you move forward with a loan, your new lender may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and state. Your loan advisor will walk you through a full, itemized breakdown of any fees before you finalize your loan.
Caribou Auto Refinance offerings
Auto refinancing
Caribou’s auto refinancing online marketplace works quickly to find the lowest rate for your refinancing options, which can help you with lower monthly payments.
Results vary depending on several factors, including your credit history since taking out your original auto loan. But one of the benefits of applying through Caribou is that it only does a soft inquiry, or soft pull, on your credit during the pre-qualification process. This means your credit score will not be affected when you check refinance offers available. Getting pre-qualified for a car loan is always a wise choice when considering refinancing, but you need to make sure that doing so only triggers a soft inquiry to avoid affecting your credit score.
Once you are prequalified and decide to move ahead with your loan application, Caribou (or a Caribou lending partner) will do a hard inquiry, or hard pull, that will show up on your credit report. This happens with any loan application. A Caribou loan advisor will help you review options, select the right coverage for your situation and guide you through the process, including completing the necessary paperwork.
Add-on products
Caribou also works with qualified borrowers to offer additional products to protect your car. Extra product add-ons include:
- Guaranteed Asset Protection (GAP): GAP coverage can be a lifesaver for many people. If you’re involved in an accident and your car is demolished — making your car a total loss — GAP coverage gives financial protection by making up the difference between the car’s value and how much you owe on your loan.
- Key replacement: Replacing electronic keys can be expensive — potentially hundreds of dollars. This coverage helps protect drivers by replacing their lost or damaged keys.
- Vehicle Service Contract (VSC): Getting VSC can lower or offset the costs of any major repairs that become more likely as your car ages. VSC coverage helps insured drivers avoid a sudden financial emergency because of an accident or an unexpected breakdown; for instance, if the car’s transmission fails.
- Cosmetic care coverage for small dents and scratches: Your car’s appearance — and value —is diminished by the chips, dents and scratches from road debris and highway pebbles. This coverage pays for the cost of repairing dents and dings to your car’s body, wheels and glass.
You’ll have an opportunity to add the above features and services when you evaluate your loan options during the auto refinance onboarding process. Pricing for these add-on services varies based on your needs and selections.
Caribou Auto Refinance pricing
Caribou helps save an average of $162 per month on auto loans by refinancing an existing car loan. However, you may be able to save even more depending on your credit rating and the amount of the loan.
Caribou achieves this by collaborating with many lenders — primarily credit unions and community banks — to offer competitive auto refinancing offers specific to your needs. This collaboration helps Caribou keep loans competitively priced, even for consumers with less-than-excellent credit.
While Caribou offers practical loan refinance options for many borrowers, be aware that your new loan may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and state. You will need to weigh these fees against the long-term savings benefit of lower interest rates you’ll get from refinancing your auto loan. For a more detailed refresher, read our guide on how auto loans work.
Caribou Auto Refinance financial stability
Caribou has major financial backing from such industry heavy hitters like Goldman Sachs, Moderne Ventures, QED Investors and Accomplice VC firm. The company has offices in both Denver and Chandler, and employs roughly 300 people across the U.S.
Caribou Auto Refinance accessibility
Availability
Caribou auto refinancing is only available online. You supply information — personal details, job and income details, car loan status, vehicle make and model and other details — through Caribou’s website. Its system then looks for competitive refinance loan options and supplies you with the results.
Checking your rate through Caribou has no impact on your credit score. Once you find an offer you like, you can complete the application process online.
Contact information
Caribou representatives and experts are easy to reach. Simply go to the Caribou company website or email a support representative at contact@gocaribou.com to get the necessary details. The business office address for Caribou is 1200 17th Street, Suite 200 Denver, CO 80202. You can also reach Caribou via its toll-free number, 1-877-445-0070. Its business hours are Monday through Friday from 8 a.m. to 9 p.m. EST and Saturday from 9 a.m. to 7 p.m. EST.
User experience
The Caribou marketplace experience is done online for choosing auto refinancing offers. Its auto refinancing offers and loan advisors are available throughout your entire application process. Loan advisors will support you by ensuring you clearly understand your refinancing options, guide you through the preferred insurance coverage selection process and help you complete the necessary paperwork.
Caribou receives high customer service ratings from its users. In reviews, customers mention Caribou’s fast and simple online application, low rates and attention to detail.
Caribou Auto Refinance customer satisfaction
Caribou is accredited by the Better Business Bureau, which also gives it an A+ rating. Positive reviews for Caribou highlight the easy process, quality customer support, ease of filling out the application and more.
Caribou Auto Refinance FAQ
What are pre-qualification requirements through Caribou?
Drivers qualifying for the best available rates typically meet these criteria: a
loan-to-value (LTV) ratio of around 90% or lower, mileage under 120,000, a credit
score of 720 or higher, and a loan amount under $50,000. These factors,
together with term length, payment history, and debt-to-income ratio, are
evaluated when lenders offer their most competitive APRs.
How does the Caribou Auto Refinance loan application work?
Caribou’s application process is all online. Qualified borrowers start at Caribou’s online application form by filling out personal details, including employment income, other income and verification of financial assets if applicable. Once approved, the online system helps you with all the required loan documents and how to sign and print documents for your records.
Is Caribou Auto Refinance legitimate?
Yes, Caribou auto refinance is legitimate. It’s backed by multiple banks, lenders and venture capital firms. In addition, Caribou received an A+ rating from the Better Business Bureau and uses the latest SSL encryption methods to secure your personal information. Its processes also include DocuSign — an online service that allows you to sign documents electronically — for document processing.
How we evaluated Caribou Auto Refinance
We compared Caribou auto refinance with other loan refinancing and insurance marketplace services. A few of the key features we considered were:
- Policy offerings
- Discounts
- Cost
- Add-ons
- Customer support
- Customer reviews
Summary of Money’s Caribou Auto Refinance review
Refinancing your auto loan is easy with Caribou’s 24/7, 365-day online application process. Using the Caribou’s marketplace for your auto refinancing needs will give you a range of financing options through its community of lenders and banks. Caribou’s website offers users a seamless online application method that does away with paperwork. They work with 40+ lenders, which means they may be able to find a better rate than what you have now, lower your monthly payment, or pay off your car loan faster.
One downside of Caribou’s auto refinancing process is that although there are no application fees, upfront costs or other out-of-pocket fees, your new loan may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and state. While these fees may be offset in the long term with lower monthly car payments, you will need to make that judgment for yourself in light of short-term financial needs. If these fees are a deal breaker, you may want to check out other auto refinance companies for another option.
Caribou’s systems and processes make it easy to refinance your car loan and add extra services.
Many companies offer auto refinancing loans — so many, in fact, that finding a loan with the lowest rates and best terms can be overwhelming. Caribou Auto Refinance offers a lending marketplace approach, giving you a narrower list of options based on the specifics of your vehicle, your needs and your finances. Caribou also finds the best interest rate for your circumstances.
Caribou ranks as one of our best auto refinance companies and offers a wide range of lending opportunities for borrowers with less-than-perfect credit. This review will give you an overview of how you can find the best auto refinance loan through Caribou.
Best for fair credit
Refinancing your auto loan through Caribou might be your best choice if you have a fair to good credit score. Using the marketplace approach, Caribou has access to many partner lenders — principally credit unions and community banks — that may be able to offer lower interest rates to those with less-than-exceptional credit scores. Caribou’s technology platform works quickly and efficiently to find the best car loan rates to meet your needs.
Caribou Auto Refinance pros and cons
Pros
100% online application process
Co-borrowers are welcome to apply
Prequalify with a soft credit inquiry
Cons
Refinancing not available for motorcycles or commercial vehicles
Not available in all states
Refinancing may include fees, which vary by lender and state
Pros explained
100% online application process
Caribou’s 100% online application process makes it fast and easy for applicants to apply for auto loan refinancing. Caribou’s easy, accessible application process is available 24/7, so you can find the right product on your timeline.
Co-borrowers are welcome to apply
For first-time borrowers or those with a poor credit score, Caribou’s application process allows for co-borrowers. Having a co-borrower with good credit can improve your chances of a successful auto refinancing application and give you a better choice of offers with more favorable interest rates.
Prequalify with a soft credit inquiry
Caribou uses a soft credit check to show you the refinance rates and terms you may qualify for, which won’t affect your credit score. If you decide to move forward with a loan, a hard credit check will be required by Caribou or one of its lending partners, which may impact your credit score.
Cons explained
Auto refinancing not available for motorcycles or commercial vehicles
Caribou auto finance or refinancing is not available for commercial vehicles or motorcycles. These loans are only available for cars, trucks and SUVs.
Not available in all states
Caribou auto refinancing services is not available in West Virginia, Nebraska, Nevada and Maryland.
May have a fee
If you move forward with a loan, your new lender may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and state. Your loan advisor will walk you through a full, itemized breakdown of any fees befo
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