Company Overview

Caribou Financial, formerly MotoRefi, is a financial technology company based in Washington, D.C. that connects borrowers with auto refinancing and car insurance options. Caribou's refinancing process is completely online.

Best Features

• Fully online loan process.

• Allows co-signers for refinancing.

• Allows you to see rates without affecting your credit score.

Drawbacks

• Only offers refinancing.

• Has a $399 processing fee that your lender can pass onto you.

What Types of Auto Loans Does Caribou Offer?

Caribou connects borrowers with car refinancing and car insurance options. Refinancing options may be available for new or used car loans.

How Does Caribou Work?

To apply for auto refinancing with Caribou, you will need to provide some identifying information as well as details about your current auto loan. Caribou will then provide you with loan refinancing options. Once you select an offer, you will need to provide your Social Security number, driver's license, vehicle registration and car insurance, along with proof of mileage, residence and income. Other documents might be required, depending on your lender. Caribou or one of its lending partners will also perform a hard credit inquiry. If you are approved, you can sign your refinance documents online. The entire refinancing process, starting with the application and ending with funding, usually takes around 30 days, according to Caribou.

What Are Caribou's Terms, Fees and Conditions?

The most common terms for refinanced auto loans are between 36 and 72 months, according to Caribou. As of July 18, 2022, Caribou's APRs range from 2.99% to 36%. Lowest interest rates are only available to borrowers in certain states with exceptional credit and loan terms up to 36 months. You may be able to add a co-signer to your loan, and Caribou allows you to add on products like guaranteed asset protection insurance. Your lender may also pass along the $399 processing fee Caribou charges, and your lender may also have other fees.

What Discounts Does Caribou Offer?

Caribou does not mention any discounts on its website.

How Can You Qualify?

Caribou does not list a minimum credit score to qualify for refinancing, but for the best interest rates you will need excellent credit. You can add a co-signer when you refinance, which can help you qualify or lower your interest rates. Caribou also offers pre-qualification for car refinancing. Offers from Caribou are not available in Maryland, Massachusetts, Mississippi, Nebraska, Nevada, Wisconsin and West Virginia.

Is Caribou Reputable?

Caribou has an A+ rating from the Better Business Bureau. On Trustpilot, Caribou has a 4.5-star rating based on more than 450 reviews. In 2021, the Consumer Financial Protection Bureau received one vehicle loan-related complaint and one credit reporting-related complaint about Caribou. Caribou provided a timely response to both complaints and closed each of them with an explanation.

How Is Caribou's Customer Service?

Caribou's customer service is available at 877-445-0070 Monday to Friday from 9 a.m. to 8 p.m. Eastern Time and Saturday and Sunday from 9 a.m. to 4 p.m. Eastern Time. Caribou customer service can also be reached by email at contact@gocaribou.com.

Caribou Auto Loans Are Best For:

• People who want an online refinancing process.

• People who want a co-signer.

• People who want to pre-qualify for auto loan refinancing.