Caribou  

If you are unhappy with your current lender because of high-interest rates, loan terms, or other reasons, then you can consider refinancing or replacing the loan with a new one to make it more manageable.

Caribou is one such website where you can find a suitable option for auto loan refinancing. If you would like to know more about Caribou, then keep reading. This article will discuss Caribou and the whole process of auto loan refinancing.

Let's begin.

What is Caribou?

Caribou is a platform that connects borrowers to online lenders, credit unions, and community banks that offer auto refinancing loans. Although the website doesn't offer borrowers refinance loans directly, it helps them find the best lenders within its network that fit their needs.

Caribou is easily accessible online from any device and takes only a few minutes to apply. 

Besides refinancing, Caribou helps with key replacement, auto insurance, cosmetic care packages, total loss protection, and extended warranty. Moreover, it is an excellent option for uber drivers looking to refinance their cars. Caribou has a partnership with Uber to directly provide their drivers access to their streamlined refinancing process, which will help them find a better rate on their auto loans. The platform saves customers up to $110 monthly on car payments. 

How to get a loan on Caribou?

To get a loan on Caribou, click on the website caribou.com. Once you are on the website, you will need to fill in an application form with your identification details as well as your current auto loan and VIN. Do not worry about your social security number because it isn't required when you are checking offers.

In just a few seconds after filling out the application, the platform will match you with lenders, after which you will select the one that is best for you. Upon selecting the best offer, you will be required to submit some documents to confirm your SSN (Social security number), residence, and income. However, more documents may be required depending on your selected lender.

You can submit the documents online, via email, or by text message. After submitting the documents, Caribou or the lender will perform a credit check to determine if you deserve the loan. If you are approved, you can sign the refinance documents electronically.

The application process takes a few minutes, but the whole refinancing process can take up to 30 days, according to Caribou.

What are the requirements for getting a loan on Caribou?

The following are the requirements for getting a loan on Caribou:

• Social security number.
• Driving license.
• Social security number.
• Income.
• Proof of mileage.
• Residence.
• Vehicle registration.
• Car insurance.

What are the interest rates on Caribou?

The interest rates on Caribou depend on the lender, income, credit score, and loan amount, but the APR ranges from 2.99% to 36%. For refinancing services, Caribou charges $399, but your lenders may have other charges too. To find the exact interest rate, you must fill out an application form.

Does Caribou perform a credit check?

Caribou performs a soft credit check when matching you with lenders. Once you apply for the loan, Caribou will perform a hard credit check.

How can you qualify for a loan on Caribou?

No minimum credit score is required to qualify for a loan on Caribou; however, you need an excellent credit score to get the best interest rates. Additionally, adding a cosigner when applying for refinancing loan can help you qualify or lower your interest rates

Advantages of applying for a loan on Caribou

The benefits when applying to Caribou are the following:

• The process is entirely online.
• Prequalifying is easy with a soft credit check.
• Offers access to competitive rates from different lenders without affecting your credit score.
• Accepts cosigners for refinancing.

What types of products does Caribou offer?

Apart from auto refinance, Caribou offers key replacement, cosmetic care, total loss protection, switch insurance, and extended protection. 

Customer review

Caribou is a legit and reputable platform with reasonably good to excellent ratings and reviews. Caribou matches borrowers with credit unions and community banks for auto refinancing loans. The process is fast and entirely online, which means you can do it from the comfort of your home. The customer service is speedy, and they attend to complaints efficiently.

The platform is a good fit for people who want to prequalify for auto loan refinancing, people who want to fill out an application online, and people who want to use a cosigner. Unfortunately, the platform doesn't offer refinancing services for commercial vehicles or motorcycles and is unavailable in some states.

Customer support

Caribou customer support is available from Monday to Thursday from 9 am to 9 pm and Friday from 9 am to 7 pm Eastern time.

You can contact them by phone or text message at 1-877-445-0070 or by email at contact@gocaribou.com or in person by scheduling an appointment.