At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Carputty
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Loan amount
Lines from $25,000-$200,000
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Min. credit score
680
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APR from
Not specified
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Funds available in
As soon as the same day
Loan amount
Lines from $25,000-$200,000
Min. credit score
680
APR from
Not specified
Funds available in
As soon as the same day
Unlike traditional auto loan lenders, Carputty has a tool available to borrowers that allows you to check vehicle value and either buy or sell based on trends in the car buying space. This is great for a driver who tends to swap out their set of wheels frequently. Along with this, the line of credit approach encourages borrowers to manage multiple cars all on one payment.
Borrowers can finance for higher than usual amounts and benefit from fast funding. Still, the product is only available in some states.
Car buying support
High maximum loan amount
Preapproval
Unspecified APR range
Confusing repayment terms
Vehicle restrictions
Carputty is an online direct lender that offers a unique line of credit funding process called Flexline. With just one application, drivers can manage all of their vehicles over the entire lifetime of ownership directly through the line of credit. Carputty encourages its borrowers to manage their vehicle loans like other financial assets, allowing flexibility in when to buy or sell.
Carputty does not disclose any specific income requirements, but to apply, borrowers must be at least 18 years of age, employed and a legal resident of the United States.
Autopay offers borrowers the ability to buy a vehicle, refinance their existing one or undergo a lease buyout. Like Carputty, Autopay boasts a seamless online application process. Autopay has a lower minimum loan amount of $2,500, great for those financing a less expensive car. When choosing between the two, consider how your credit standing will impact available rates.
Credit union PenFed boasts a lower APR for its members and a wide range of terms. On top of that, the option to prequalify with a PenFed loan is great when it comes to comparing rates. But Carputty carries far fewer fees than its credit union competitor.
While the Flexline program makes vehicle financing a seamless process, Carputty might not be the best lender for every driver.
Carputty provides customer support Monday through Friday via chat on its site from 8 a.m. to 6 p.m. EST or over email at help@carputty.com. Outside of the chat function, Carputty has a fairly in-depth FAQ section that outlines the application and financing process.
Carputty offers auto loans for drivers looking to finance a new or used vehicle, refinance an existing loan or undergo a lease buyout. Lines of credit range from $25,000 to $200,000. Individual advances can range between $10,000 and $150,000 (provided you have that much credit available to you).
Repayment terms are a bit complicated. Once you’re approved for a line of credit, you have 24 months to start using it or it will close — but it remains active indefinitely if in use. Putting a balance on the LOC by funding a vehicle starts a 36-month term. At month 20, you have the option to continue your current repayment schedule, refinance for a further 24 months (extending the total repayment term) or pay off the loan early.
The high maximum loan amount of $250,000 makes Carputty a strong choice for those financing an expensive new vehicle or multiple vehicles at once.
Refinancing your current vehicle loan can provide you with a lower monthly payment or better rates. Take advantage of a refinance calculator to determine if refinancing your loan could truly save you money.
If you are interested in purchasing your leased vehicle, Carputty offers assistance and support throughout the process. A lease buyout can help you to avoid steep wear and tear fees and allow you to hold onto your current vehicle.
You can apply for an auto loan directly on the Carputty site with approval likely in minutes. Through only one application you will be provided access to a flexible line of credit that can be used at any point. For the initial application, you will undergo a soft credit pull and then a hard credit pull when the line of credit is finalized. The Atlanta-based lender may also perform a soft credit pull every 45 days in order to monitor your credit.
According to the site, the rate you receive will be based on your credit score, not vehicle information like year, make or model, which is a stand-out feature compared to traditional lenders. But if you have poor credit, it is wise to consider other types of lenders that use other underwriting criteria, unlike Carputty. Funding can become available as soon as the day you apply. Once accepted you will gain access to a secure dashboard where you can manage current loans or add new vehicles.
Unlike many other lenders Carputty does not require vehicle information until after the preapproval process has been completed. At that point, you will input vehicle details such as, make, model, year and license plate number into the Carputty dashboard.
The V3 valuation tool pioneered by Carputty helps to predict when the best time to buy or sell your vehicle is, based on market data. Valuation can be run prior to loan application directly on the Carputty site. This tracks and monitors vehicle value so that anytime during ownership you can decide to sell based on market trends.
Carputty enforces a 1 percent charge of the financed amount when a car is added to your line of credit. If you remove a car from your line of credit you will have to pay a $250 removal fee.
Overall Score | 4.3 | |
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Availability | 4.5 | While the lender boasts a high loan amount, it currently only serves 32 states. |
Affordability | 3.5 | The potential for fees and high minimum APR decreases an otherwise strong category. |
Customer Experience | 4.2 | Carputty only offers support Monday to Friday on a range of hours. |
Transparency | 5 | Ability to prequalify and fees and rates disclosure gives Carputty a perfect score. |
Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into 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.