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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Caribou

Advertiser Disclosure

About company

Until 2016, Caribou was known as MotoRefi. MotoRefi was created to provide a simple means of auto refinancing that might assist consumers in cutting costs. Since its inception, the company has reduced clients' interest payments on auto loans by more than $50 million, benefiting over 40,000 individuals. 

Caribou Insurance Services, LLC is a lender aggregator that works with other financial institutions, primarily local credit unions and community banks, to refinance existing auto loans. No car loan services are provided. Customers who are drivers can take advantage of the company's fast online application process and knowledgeable loan consultants. The 2016-founded corporation has an A+ Better Business Bureau (BBB) rating. 

According to Caribou CEO Kevin Bennet, the company's goal is to empower drivers from all walks of life to manage their finances better. It maintains all the hard work in refinancing and even provides car insurance choices to back up the claim. The organization also assists with vehicle total loss protection, key replacement, cosmetic care packages, and extended warranty plans. Caribou has bundled car insurance with auto loan refinancing, so candidates may refinance and receive car insurance quotes in one application.

Pros and cons

Pros 

  • Possibility to receive prequalification. You can apply for prequalification after a light check of your credit, and this will offer you a good sense of how much cash you will be able to save.

  • The capability to compare different prices. You can compare rates without leaving Caribou's website because the company collaborates with an extensive network of other lenders.

  • Ease of refinancing as well as insurance bundling options. When people refinance their vehicles with Caribou, they are given opportunities for auto insurance representatives and other add-ons.

  • Inexpensive starting APR. APRs from the Caribou network of lenders are lower than the market average by up to 2%.

Cons

  • Possibility of a processing fee. The lender with whom you are paired may charge you the same $399 processing fee and hidden fees that Caribou charges other lenders.

  • Limited availability. The states of Maine, Maryland, North Dakota, Vermont, and Wisconsin do not have access to the Caribou ridesharing app.

Terms and conditions of Caribou

Caribou is ideal for motorists seeking to refinance their existing auto loan at a lower interest rate and save time by comparing loan offers from various lenders at once. Drivers can upgrade their current loan and search for other add-on goods like extended protection, aesthetic maintenance, and critical replacement services through its network of partnered lenders. Each lender has its conditions and loan amounts, but generally speaking, the former will be between $15,000 and $30,000 for 36 to 72 months. Caribou does not reveal actual rates and terms because of the variety of ties it maintains with lenders. However, motorists with stellar credit (usually 740 or higher) may be eligible for rates as low as 1.99%. Caribou's network of lenders provides competitive introductory APRs, frequently 2% below its competitors. Possessing a FICO credit score of at least 740 and keeping the vehicle's mileage under 85,000 miles are some requirements for the lowest rate. Caribou's processing fee is $399 and is used exclusively to cover the expense of providing paperwork, processing, and re-titling your vehicle.

Funding a loan

Caribou makes auto loan refinancing easy. You get a new auto loan that pays off your old one. The process converts your car's value into cash. By borrowing more than the automobile's genuine value, you can refinance your car loan and gain extra cash. You'll get a check, or your new lender will pay off your old one. 

In as little as 90 seconds after an application is submitted, Caribou will provide pre-qualified loan options based on a mild credit check. The most popular loan term length as of late has been 72 months, with 84-month terms not far behind.

The hours of operation and availability for Caribou are as follows: Monday through Friday, 9 am to 8 pm Eastern Standard Time; Saturday through Sunday, 9 am to 4 pm Eastern Standard Time.

Caribou

FAQ

What is Caribou?

Caribou is an online marketplace for loans specializing in the refinancing of automobiles. Previously, it was known as MotoRefi.

What vehicles can I refinance through Caribou?

Vehicle types such as cars, trucks, and SUVs are welcome now. Unfortunately, Caribou are unable to refinance motorbikes or commercial vehicles.

Can I refinance my lease through Caribou?

No, Caribou does not offer buyouts of auto leases at present.

Company documents

Terms of Use
Privacy Policy
Electronic Communications Consent

Working together to save you money quickly and easily

© Caribou

Caribou service available states 

  • State of Idaho (ID)
  • State of Iowa (IA)
  • State of Alabama (AL)
  • State of Alaska (AK)
  • State of Arizona (AZ)
  • State of Arkansas (AR)
  • State of Wyoming (WY)
  • State of Washington (WA)
  • State of Vermont (VT)
  • Commonwealth of Virginia (VA)
  • State of Hawai`i (HI)
  • State of Delaware (DE)
  • State of Georgia (GE)
  • State of Illinois (IL)
  • State of Indiana (IN)
  • State of California (CA)
  • State of Kansas (KS)
  • Commonwealth of Kentucky (KY)
  • State of Colorado (CO)
  • State of Connecticut (CT)
  • State of Louisiana (LA)
  • State of Minnesota (MN)
  • State of Missouri (MO)
  • State of Michigan (MI)
  • State of Montana (MT)
  • State of Maine (ME)
  • State of New Hampshire (NH)
  • State of New Jersey (NJ)
  • State of New York (NY)
  • State of New Mexico (NM)
  • State of Ohio (OH)
  • State of Oklahoma (OK)
  • State of Oregon (OR)
  • Commonwealth of Pennsylvania (PA)
  • State of Rhode Island (RI)
  • State of North Dakota (ND)
  • State of North Carolina (NC)
  • State of Tennessee (TN)
  • State of Texas (TX)
  • State of Florida (FL)
  • State of South Dakota (SD)
  • State of South Carolina (SC)
  • State of Utah (UT)
Caribou service available states 

Financial products

Caribou
REFINANCE
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

2.32%
Term
i

Loan term for the financial product

24-60 months
Caribou
REFINANCE
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

2.32%
Term
i

Loan term for the financial product

24-60 months

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Effective interest rate on the product

up to 460%
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up to 30 days

Calculate loan payments in Caribou

Caribou calculator will allow you to calculate an approximate payment schedule for the loan

Caribou calculator
Interest rates are given in accordance with the rates of the Caribou of 28.11.2022
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What to focus on before applying for a loan with Caribou

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Caribou and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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