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Caribou car loan refinancing review

Get connected with transparent refinancing offers to potentially save on your auto loan.

Caribou — formerly MotoRefi — is a connection service that specializes in bringing borrowers and auto loan refinance lenders together. It coud help speed up the application process, especially if you don’t know where to start. But it’s not available in every state.

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$10,000

Min. Loan Amount

3.49% (as low as)

APR

Details

Min. Loan Amount$10,000
APR3.49% (as low as)
Interest Rate TypeFixed
Requirements18+ years old, US citizen or permanent resident

Am I eligible?

Eligibility varies by lender, but you’ll need to meet a few basic requirements first:

  • At least 18 years old
  • US citizen or permanent resident

What makes Caribou unique?

Caribou started offering loans in March of 2018 and works with different lenders that serve people with varying levels of credit. Once you’re prequalified, you’ll be connected with a lender in your state that can finance your loan and possibly offer you a lower rate or better terms than with your current car loan.

Does Caribou only offer auto loan refinancing?

Yes. Unlike many other lending services with a variety of loans, Caribou focuses on connecting borrowers to the right lenders for car loans. Your state and credit score will determine which lenders you’re connected with.

You may be able to refinance anywhere from $10,000 to no maximum with a term stretching between 1 year to 6 years. Borrowers with excellent credit can expect lower rates, including Caribou’s advertised APR of 3.49% (as low as).

When you apply, Caribou charges a processing fee of $399. It also asks for a title transfer fee, which depends on your state — these will be included in your loan amount.

Benefits of Caribou

  • Title transfer fee included in loan. The cost of transferring your title is covered by Caribou and rolled into the cost of your loan. And you won’t have to worry about the paperwork involved, since Caribou also takes care of that for you.
  • Accepts coborrowers. If you already share you loan with someone or want to add another person, Caribou’s partners allow you to apply with a coborrower.
  • Compare multiple lenders at once. Caribou will compare your application to its network to find lenders that fit your needs and financial situation. You can compare your options and pick a car loan with good interest rate.

Drawbacks

  • Rates may change. When you fill out an application or receive an offer in the mail, you’re simply prequalified. This doesn’t mean you’re guaranteed approval of a loan. And even if you’re connected with a lender, you may not be approved for a refinancing loan.
  • Website isn’t comprehensive. Much of the information you’ll need to refinance, including loan amounts and eligibility requirements, aren’t stated on its website.
  • Not a direct lender. Caribou takes care of the refinancing process, but isn’t the company backing your loan. Instead, you’ll be making your payments to the lender you’re connected with.
  • Not available in all states. Caribou doesn’t serve residents of Maryland, Nebraska, Nevada, Pennsylvania, Wisconsin and West Virginia.

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Caribou reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.84 out of 5 stars, based on 843 customer reviews
BBB customer complaints 9 customer complaints
Trustpilot Score 4.2 out of 5 stars, based on 6,994 customer reviews
Customer reviews verified as of 18 February 2022

As of April 2022, Caribou has 890 customer reviews on its Better Business Bureau (BBB) page and 419 on its Trustpilot page. The reviews are positive — it scores nearly five out of five stars from BBB customers.

Since Caribou won’t actually be handling your loan, you might want to look into online reviews of lenders that you get connected with — that should give you a better idea of what you’re getting into.

Is Caribou legit?

Caribou is accredited by the BBB, which gives it an A+ rating based on factors like transparency and time in business.

How do I apply?

  1. Once on the Caribou website, choose Get Started
  2. Enter your personal and contact information, including your annual income.
  3. Enter your vehicle information by providing your license plate number, VIN or by selecting a make and model.
  4. Agree to the terms and conditions and confirm that you’re a US citizen or permanent resident.

Once you’ve completed the one-page application, hit Check Your Rate. Caribou will give you a chance to review your application, and it may ask for your Social Security number to confirm your identity.

If you’re connected with a lender, you’ll have a chance to review your terms and finalize your application. Caribou will take care of the paperwork for you and will walk you through the rest of the refinancing process.

What documents do I need to apply?

The specific documents you’ll need depend on your state and your current car loan, but Caribou may request:

  • A copy of your driver’s license.
  • Other documents that confirm your identity.
  • Vehicle identification number (VIN).
  • License plate number.

Your lender may require additional loan documentation.

What happens after I refinance my car loan?

If Caribou is able to connect you with several lenders, you’ll be able to review your options and select the right fit for your refinancing needs. The lender you’re connected with will service your new loan. This means you’ll pay a new company and will need to contact it for additional information regarding your loan terms and payment options.

In addition to its lender connection service, Caribou also offers vehicle service contracts and gap insurance as optional products to add on to your loan. You’ll see how much each will cost per month and receive a summary of what’s being offered so your decision is an informed one, and you can choose not to accept these products without penalty.

More about Caribou

Founded in 2018, Caribou is an Arlington-based fintech company. It partners with online lenders, local credit unions and banks to help borrowers save on their current car loans by refinancing. The company estimates that customers who use the platform to refinance save an average of $100 per month on car repayments.

Bottom line

Caribou is a new option for people looking to compare multiple car loan refinancing offers at once. However, its limited number of serviced states and income requirement mean you may not be able to apply.

If you’re interested in potentially saving money through car loan refinancing, Caribou could be a fit. You can also compare other auto refinancing options to find the best one for your needs.

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