How to apply for a loan?
- Start. Provide some background information about yourself to kick off the refinancing process. First and last name, date of birth, country of citizenship, and phone number are required. If you have a co-borrower, you'll need to list them here.
- Vehicle. The next step is to become acquainted with your car. That way, Caribou will better understand how much your automobile is worth. You may look for your vehicle using its VIN, license plate number, or manufacturer and model. In addition, please include your current monthly auto payment amount, loan balance, and mileage.
- Details. You will be tasked with providing the relevant information on your loan application at this stage.
- Review. Caribou will then review your application, and you just have to wait for their decision.
Requirements
Caribou does not provide information on income or credit score criteria. However, a prequalification check will involve a soft credit pull that will not impact your score. Hard credit checks are part of the application process if you decide to pursue a loan and complete the application. They are currently compatible with any car, truck, or SUV. But Caribou does not provide refinancing for motorbikes or commercial vehicles now.
Application details
The company will need information about your current auto loan to determine whether you qualify for a refinance savings with Caribou. For instance:
- Proof of Income. Such documentation includes tax returns, paycheck stubs, and employment certificates. It is significant since the annual percentage rate (APR) might change depending on whether you have a steady job, are self-employed, or work as a freelancer.
- Proof of Residence. Caribou may accept bank statements, credit card statements, mortgage statements, car insurance policies, and property tax records as proof of residence and income.
- Vehicle Information. Your vehicle's registration card should have most of this information. The Vehicle Identification Number (VIN), Model, Title, and Insurance Documentation are all required.
A Caribou approval can take as little as an hour and no more than 24 hours. They can reject your application if you are not eligible with their criteria and cannot provide the necessary documents.
