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Caribou: 2022 Auto Loan Review

2022-05-24 10:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.8 stars out of 5
  • Affordability
    Rating: 3.8 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 4.5 stars out of 5
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About Caribou

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score

    Varies by lender

  • Rates

    APR from

    Starting at 2.83%

  • Funds available in

    Varies by lender

Caribou features

Consider these benefits and drawbacks of refinancing your auto loan with Caribou before signing off on an application.


  • Checkmark

    Ease of refinance and insurance bundling

  • Checkmark

    Ability to compare rates

  • Checkmark

    Prequalification offered


  • Close X

    Limited availability

  • Close X

    Potential processing fee

Caribou, formerly known as MotoRefi, offers competitive auto refinance loans through its network of lenders. These lenders range from credit unions to community banks. Drivers can benefit from its quick online process combined with the expertise of its team of loan experts.
Kevin Bennet, CEO of Caribou, describes the mission as helping drivers from a variety of backgrounds save money and take control of their finances. It handles the heavy lifting when it comes to refinancing, and it offers auto insurance options to support this mission.

Pros and cons of Caribou auto loans

Consider these benefits and drawbacks of an auto loan with Caribou before signing off on an application. 
  • Ease of refi and insurance bundling. Caribou provides drivers with options for auto insurance and other add-ons when refinancing.
  • Ability to compare rates. Caribou works with a network of different lenders, allowing you to compare rates directly through Caribou’s site.
  • Prequalification offered. Following a soft credit check, you can apply for prequalification to get a better idea of what you can save.


  • Limited availability. Caribou is not available to drivers in Maine, Maryland, North Dakota, Vermont or Wisconsin.
  • Potential processing fee. The lender you’re matched with might pass along the $399 processing fee Caribou charges it.

Who is Caribou best for?

Caribou is best for drivers who want to get a better rate on their current auto loan and save time by getting quotes from multiple lenders at once. Bennet describes the perfect candidate for Caribou as drivers “… who are looking to get a better deal on their monthly payment, plain and simple.”

Caribou specializes in refinancing

Through its lender partnerships, drivers can improve their current loan while also shopping for other add-on products, including extended protection, cosmetic care and key replacement services. Terms and loan amounts vary by lender — but most terms will range from 36 to 72 months and amounts typically fall between $15,000 and $30,000.

Interest rates and terms

Due to the multiple relationships that Caribou holds with different lender options, it does not disclose specific rates and terms. But drivers with excellent credit scores — typically above 740 — may be able to qualify for rates as low as 2.83 percent.

How to apply for a loan with Caribou

To apply for a loan with Caribou, head to its website and input basic information about yourself and the details of your vehicle and current loan.

Caribou breaks down its refinance process into three steps.

    1. Check your rate. Input some personal information on yourself and your vehicle — no Social Security number required — to receive your quotes. This step can take as little as a minute, and you’re not obligated to accept any offers that you prequalify for.
    2. Select your loan offer. You can then choose which offer works best for you. This step will also present you with other products such as insurance, key replacement, cosmetic care, total loss protection or extended protection.
    3. Finalize your refinance. Finally, you will be prompted to share more personal information and then sign off on the online refinance documents.

Some information you will likely need to provide includes:

  • Name.
  • Contact details.
  • Citizenship status.
  • Vehicle information.
  • Current loan and lender details.

Auto loan requirements

Caribou does not disclose specific requirements when it comes to income or credit, but you can expect a soft credit pull that will not affect your credit score when you prequalify. But if you do choose a loan and follow through with an application the process will include a hard credit pull.

While requirements are not disclosed according to Bennett, “… many people have seen their credit scores improve after purchasing their car and want access to better rates, others have always had good credit but walked off the car lot paying more than they should have.”

Customer service

Caribou offers excellent customer service. Its easy-to-use website offers a chat feature along with account management and the ability to ask questions over the phone, by email or by appointment. Caribou offers drivers the ease and convenience of a fully online experience with the comfort of person-to-person communication.

Drivers with specific questions regarding their loan can reach out for help from team members Monday through Friday from 9 a.m. to 8 p.m. ET and Saturday and Sunday from 9 a.m. to 4 p.m. ET.

How Bankrate rates Caribou

Overall score 3.9  
Availability 3.8 Caribou doesn’t have vehicle restrictions listed, and is available in most states. But it doesn’t provide the loan amounts available.
Affordability 3.4 Since it goes through a network of lenders, Caribou does not disclose a complete list of interest rates or minimum requirements.
Customer experience 3.8 Caribou has online access and customer service hours seven days a week.
Transparency 5.0 Caribou offers prequalification so you can check your rates without damaging your credit score.
Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.