Caribou auto loans: 2025 review

Caribou is best for comparing rates

The goal of refinancing your auto loan is to walk away with a more affordable monthly payment. One way to ensure that you effectively do this is through comparing lenders. It’s much easier said than done, though, if you’re crunched for time. 

That’s where Caribou comes in. It’s not a direct lender, but an online lending marketplace that helps expedite this process. You can use the platform to be matched with lenders with different loan rate options when you apply for prequalification.

Caribou auto loan refinancing

Caribou only offers auto refinance loans — which is a limited selection compared to most other services.

Through Caribou's lender partnerships, you can refinance while also shopping for other add-on products like extended protection, cosmetic care and key replacement services. It is one of the few refinancing options that lets you add a co-borrower to your application, but you will be stuck with a much higher minimum loan amount. Expect to borrow at least $10,000, although terms and loan amounts vary by lender.

Where Caribou stands out

• Quick rate comparison: Caribou works with a network of different lenders, allowing you to compare refinancing rates directly through Caribou’s site.
• Co-borrowers allowed: You can add a co-borrower when applying for refinancing with Caribou. If your co-borrower has a higher income or better credit than you, you may qualify for lower rates.
• Protection bundles available: Caribou offers auto loan add-ons like GAP and key replacement. While these products aren’t always necessary, bundling may help you save money if you do want to use them.

Where Caribou falls short

• Limited state availability: Caribou is not available to drivers in Maryland, Nebraska, Nevada or West Virginia.
• Potential high processing fee: While Caribou doesn’t charge you directly, the lender you’re matched with might pass the $499 processing fee to you.
• High minimum loan amount: Many lenders set their minimum amount below $10,000. If you are close to paying your loan off, Caribou may not help you.

Caribou customer resources

How to contact Caribou 

According to its reviews, Caribou offers excellent customer service. You can enjoy a fully online experience with the comfort of person-to-person communication. If you have specific questions, you can reach out for help by emailing its customer support team at contact@gocaribou.com. If you prefer, you can also call Caribou at 877-445-0070. Support is available Monday through Friday from 9 a.m. to 8 p.m. ET and on weekends from 9 a.m. to 4 p.m. ET.

Digital experience

Caribou features a user-friendly website that’s easy to navigate. You can check rates, view loan options, formally apply for a refinance and complete the process directly from the lending dashboard. Caribou also has a resource center and learning library readily accessible for prospective borrowers.

How this lender compares

Caribou is just one of many lending platforms borrowers can leverage to find the best deal on refinancing. A few other reputable alternatives are listed below to help facilitate your search. As with any loan product, be sure to shop around and compare multiple options to find the best deal.

Caribou vs. RateGenius

Like Caribou, RateGenius serves as a loan aggregator, so you can compare different loan options simultaneously. It handles the research phase of the shopping process and matches you based on your credit and finances. However, RateGenius requires a slightly higher minimum loan balance of $10,250 to finance your vehicle.

Caribou vs. Upstart

Caribou requires you to owe at least $10,000 to qualify — but Upstart has a low loan amount of $3,000. This can be useful if you’ve already paid down a majority or your loan or didn’t borrow much to begin with. While it doesn't allow co-borrowers, it has a low minimum credit score requirement of just 510. When matching you with a lender, it also considers your education and work history, not just your credit score. 

Do you qualify for a Caribou auto loan?

Caribou has a minimum credit score requirement of 640 and a minimum monthly income of $2,000. Both are fairly standard auto loan refinancing requirements. You can also apply with a co-borrower, which can improve your chance of approval and help you snag a lower interest rate. 

Expect a soft credit pull that will not affect your credit score when you prequalify. If you do choose a loan and follow through with an application, the process will include a hard credit pull.

You will need to provide some basic information to start the refinancing process:

• Your full name and contact details.
• Your Social Security number.
• Vehicle information.
• Current loan and lender details.
• Proof of income or employment. 

Your car should have positive equity and no more than 120,000 miles. Cars, trucks, SUVs and other passenger vehicles are eligible for refinancing, but they must not be used for commercial purposes.

How Bankrate rates this lender