Caribou: 2023 auto loan review

Caribou auto loans are best for comparing rates

The goal of refinancing is to walk away with a more affordable monthly payment. One way to ensure that you effectively do this is through comparison. Caribou expedites this process by matching borrowers with different loan rate options once you apply for pre-qualification. When choosing the best loan offer pay close attention to rates, terms and potential fees.

Caribou pros and cons

The ability to prequalify for financing is great, but it won't help you if you live in a state Caribou doesn't serve.

Do you qualify? 

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.

Regarding vehicle requirements, your car should have positive equity and no more than 120,000 miles — though some lenders in Caribou’s network accept vehicles with as many as 200,000 miles. Cars, trucks, SUVs and other passenger vehicles are eligible for refinancing, but they must not be used for commercial purposes.

Caribou versus RateGenius

Similar to Caribou, RateGenius serves as a loan aggregator so borrowers can compare different loan options at once. In this way, it handles much of the heavy lifting with involved in the shopping process as it matches you based on your credit standing. RateGenius is also a better option for those with a specific funding amount in mind as it discloses a range, unlike Caribou. 

Caribou versus iLending 

Unlike Caribou, iLending offers fast funding as soon as one day. This makes it an ideal option for borrowers that may be in a financial pinch and need funding immediately. Along with this, iLending pairs borrowers with a personal lending specialist to provide assistance throughout the process. iLending finally stands up against the competition for its lack of fees, none for applying.  

What we like and what we don’t like

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

What we like

• 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 refinancing rates directly through Caribou’s site.
• Prequalification offered. Following a soft credit check that doesn’t impact your credit score, you can apply for prequalification to get a better idea of what you can save.

What we don't like

• Limited availability. Caribou is not available to drivers in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin or West Virginia.
• Potential processing fee. The lender you’re matched with might pass along the $399 processing fee Caribou charges it.
• Undisclosed information. Caribou has very limited information on its website regarding loan amounts and requirements. But that's not uncommon with this kind of comparison website

How to contact Caribou 

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.

Auto loan types offered

Caribou offers only refinance loans.

Auto loan refinancing

Amounts: Varies by lender

Terms: Varies by lender

APR: 6.33%-28.55%

Through Caribou's lender partnerships, drivers can refinance while also shopping for other add-on products, including extended protection, cosmetic care and key replacement services. Terms and loan amounts vary by lender.

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.

Features and additional perks

Caribou offers its borrowers to add on other products and services when signing off on their new loan. These range from vehicle care coverage all the way to the more complicated, vehicle insurance. Borrowers also can apply with the assistance of a co-borrower, which can greatly improve available interest rates. 

Fees and penalties

Caribou enforces a $399 processing fee when securing your financing and retitling your vehicle.

Editorial disclosure: All reviews are prepared by Bankrate.com 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.