Is Caribou a direct lender?

No, Caribou is a technology company that partners with an extensive network of reputable lenders to bring you the best deal on auto refinancing.

Does Caribou allow co-borrowers when refinancing your vehicle?

Yes, you can apply with a co-borrower if they reside in a state that permits co-borrowing on auto loans.

Caribou: 2024 auto loan review

Published 2024-03-06 00:00:00

Written by

Rebecca Betterton

Edited by

Pippin Wilbers

At a glance

4.4

Bankrate Score

Availability
Rating: 4.5 stars out of 5
Affordability
Rating: 4 stars out of 5
Customer Experience
Rating: 4.2 stars out of 5
Transparency
Rating: 5 stars out of 5

Compare auto loan rates

See Rates

About Caribou

Loan amount

$10,000-$125,000
Min. credit score

640
APR from

5.95%-28.55%
Funds available in

Varies by lender

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.

PROS

Ease of refinance and insurance bundling
Ability to compare rates
Co-borrowers allowed

CONS

Limited availability
Potential processing fee
High minimum amount

Caribou 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 Bennett, 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 of refinancing.

Do you qualify?

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 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.

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.

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 vs. RateGenius: Full review

Caribou versus Upstart

Upstart is another loan comparison platform. While the platform doesn't allow co-borrowers, it makes loans more accessible to those with credit struggles in other ways. It sets its minimum credit score at just 510 and states that it considers applicants' education and work history, not just their credit score.

Caribou vs. Upstart: Full review

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

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.
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 Maryland, Mississippi, Nebraska, Nevada or West Virginia.
Potential processing fee. The lender you’re matched with might pass along the $499 processing fee Caribou charges it.
High minimum amount. Many lenders set their minimum amount below $10,000. If you are close to paying your loan off, Caribou may not help you.

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: $10,000-$125,000
Terms: 24-84 months
APR: 5.95%-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.

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.
- Name
- Social Security number
- Contact details
- Citizenship status
- Vehicle information — such as VIN, license plate number, and the make, model and trim
- Current loan and lender details
- Proof of income — such as most recent pay stub or W-2

Features and additional perks

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

Fees and penalties

Caribou enforces a $499 processing fee when securing your financing and retitling your vehicle.

Caribou FAQs

No, Caribou is a technology company that partners with an extensive network of reputable lenders to bring you the best deal on auto refinancing.
Yes, you can apply with a co-borrower if they reside in a state that permits co-borrowing on auto loans.

How Bankrate rates Caribou

Overall score	4.4
Availability	4.5	Caribou is available in most states and offers a wide range of loan amounts, though its minimum could be lower.
Affordability	4.0	Caribou uses standard qualification requirements and charges a steep processing fee.
Customer experience	4.2	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.

Methodology

To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories.

Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees.
Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
Transparency: Here prequalification and disclosure of rates and fees are accounted for.

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.