Caribou was founded back in 2016 and functions as a refinance loan marketplace that offers its services to 44 states. Its former name was MotoRefi. The platform works by helping you find the best auto refinance loan options from its network of direct lenders. It is not a lender itself but it can make it easier for you to find suitable offers if you lack the time or experience to do it yourself. It comes with a lot of features too that we will be diving into in this review.
Caribou at a Glance
Editorial Score 4.5
Online Experience 5
It has a user-friendly website, a free mobile app, and numerous resources.
Loan Types 4
Caribou offers auto refinance loans with the help of its network of lenders.
Eligibility 4
Most eligibility requirements are not disclosed but it does run a soft credit check upon application.
Client Support 4.5
You can contact Caribou in multiple ways but during limited hours.
Repayment Flexibility 5
Repayment terms depend on each direct lender but they range from 36 to 72 months.
Who is it suitable for?
Caribou is a very good option if you want to get an auto loan refinance to decrease your monthly payments or interest rate. Also, it’s a nice idea for those who want to receive multiple offers in one single place without wasting any time looking and comparing manually. The platform is very easy to use, intuitive, and it also comes with a free mobile app that helps you manage your offers and loan easily and from wherever you are.
Features
One of the most important features of Caribou is the possibility to offer clients a much better deal on auto loan refinances through a simple and quick process. Its portfolio includes some of the best local lenders that can offer you the best offers for your particular situation. According to the company, most clients save up to $100 on payments by refinancing with one of their partner lenders.
Other features include the possibility to check the rate and all other details without a hard credit pull. You can also apply to get offers on the official website through a fully online procedure. Last but not least, the company also offers auto insurance and a plethora of educational resources to help you on your journey.
Application Process
The application process on Caribou is not actually an application for a loan refinance but simply a way for the platform to select the best lenders for you. This is how it works:
· Fill out the form on the official website and make sure that the details are correct;
· Browse through the offers that you will receive and see which one is good for you;
· Keep in mind that you are under no obligation to accept any offer;
· You will receive other product offers such as auto insurance, cosmetic care, key replacement, etc.;
· Pick the desired offer and continue the application process with that lender;
· Send the required details and paperwork.
Loan Types and Terms
Caribou only offers auto refinance loans with the help of its lenders portfolio through offers and the possibility to compare them in one place. All details about these refinance loans will only depend on each particular direct lender. However, to help you get a general idea, the repayment terms for most of the loans vary from 36 to 72 months. You might have to pay a $399 origination fee and some other fees that the chosen lender will charge you.
The fixed APR rate starts at around 1.99%. Also, your credit score should be at least 580 if you want to get a good offer. The platform does allow co-borrowers and advises you to have a minimum annual income of at least $24,000 for the best options. Last but not least, you can borrow a maximum amount of $125,000 when it comes to refinancing.
How Safe Is It?
Caribou has two reputable companies that it partners with to make sure that everything runs smoothly and safely, Carfax and Equifax. Processing the documents is also simple and safe through DocuSign as well as the entire experience because the website uses SSL encryption. Its free mobile app is also secure and uses multiple authentication procedures to make sure that nobody else accesses your loan. Lastly, Caribou has an A+ rating from the Better Business Bureau and a great one with 4.2 stars on TrustPilot.
Help & Support
Besides reading through its entire FAQ section in case you have issues, you can also contact Caribou by booking a 15-minute call. You can even call the company directly at 1-877-445-0070 Monday to Friday from 9 AM to 8 PM EST and Saturday to Sunday from 9 AM to 4 PM EST. Finally, you are free to send an e-mail at contact@gocaribou.com and wait to be contacted by a staff member. The company also has multiple social media channels that you can keep track of including Facebook, Instagram, Twitter, and LinkedIn.
Summary
To wrap it all up, Caribou is certainly one of the most serious, transparent, and professional online auto refinance marketplaces right now. It comes with a lot of useful features like educational resources, tools, calculators, and the possibility of getting the most suitable loan offer for you. Plus, you are not required to do a credit check to pick a good offer because that is not necessary. This will only happen after you’ve agreed to an offer and applied for it. According to the platform, most of its clients save up to $100 per month on car payments by getting a loan from one of the partners in their portfolio.
Physical Address
1717 Rhode Island Ave, NW, Suite 500 Washington, DC 20036