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

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.