At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Caribou
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Loan amount
Not specified
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Min. credit score
Varies by lender
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APR from
6.33%-28.55%
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Funds available in
Varies by lender
Loan amount
Not specified
Min. credit score
Varies by lender
APR from
6.33%-28.55%
Funds available in
Varies by lender
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.
The ability to prequalify for financing is great, but it won't help you if you live in a state Caribou doesn't serve.
Ease of refinance and insurance bundling
Ability to compare rates
Prequalification offered
Limited availability
Potential processing fee
Undisclosed information
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.
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.
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.
Consider these benefits and drawbacks of an auto loan with Caribou before signing off on an application.
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.
Caribou offers only refinance loans.
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.
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 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.
Caribou enforces a $399 processing fee when securing your financing and retitling your vehicle.
Overall score | 4.1 | |
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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 | 3.5 | Since it goes through a network of lenders, Caribou does not disclose a complete list of interest rates or minimum requirements. |
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. |
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.
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.