Caribou, formerly known as MotoRefi, is an online lending marketplace that specializes in auto refinance. Fill out a quick form online to be matched with the best loan options for you. The company also helps with auto insurance, extended warranty plans, key replacement, total loss protection and cosmetic care packages. Checking your rate with Caribou will not impact your credit score.
Overall Satisfaction Rating
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- Pre-qualify without affecting credit
- Rates as low as 2.32%
- No DMV paperwork
- Not available for motorcycles
- No auto lease buyouts
- $399 fee
Caribou shows you rates for auto refinancing and streamlines the process if you decide to apply for and accept an offer from one of its partners. It’s free to compare options, but you’ll be charged if you decide to refinance.
What is Caribou?
Caribou is a loan marketplace that specializes in vehicle refinancing to help customers lower their monthly payments. After you fill out a form on the website, the company uses an algorithm to match you with the best loan offers for your situation. Checking your pre-qualified offers through Caribou won’t affect your credit score, and the company offers auto insurance, total loss protection, extended warranty plans, key replacement and cosmetic care packages as add-ons when you refinance with the company.
When you refinance, Caribou takes care of paying off the old loan and retitling the vehicle, saving you a trip to the DMV.
How does Caribou work?
To get started with Caribou, fill out a form on the website with your general information, current auto loan and VIN. Your Social Security number isn’t required to check your offers. It takes just a few seconds to get the matches from its lending partners — once you receive your offers, the next step is to apply for the loan of your choice. At this point you’ll need to provide documents to confirm your income and provide your Social Security number. You can submit these documents online, by email or by text message. Loans are finalized by electronic signature. Caribou will pay off the old loan and take care of the paperwork to retitle your vehicle.
During the refinancing process with Caribou, you can add a second person, or a co-borrower, to the new auto loan.
Caribou fees and rates
Caribou charges $399 for refinancing services — this fee is rolled into the loan. The interest rate depends on your lender, the amount financed, the payment terms and your credit score and income. Fill out an application to check your rate.
Frequently asked questions
- How do I qualify for a Caribou loan?
To check rates with Caribou, fill out a form on the website and provide your vehicle information. To qualify for a loan you’ll need to provide your Social Security number and proof of income, along with additional personal information.
- Does Caribou do a hard credit pull?
Caribou does not do a hard credit pull when matching you with loan offers. When you apply for a loan, however, Caribou will need to perform a hard credit pull.
- What type of vehicle can I refinance with Caribou?
Caribou provides refinancing services for personal automobiles, SUVs and trucks. MotoRefi does not work with commercial vehicles or motorcycles.
- Can I pick my Caribou loan term?
When you get matched with multiple loan offers from Caribou’s lending partners, you can choose to apply for the one(s) with the terms that best fit your needs.
- Can I add gap coverage to my Caribou loan?
If your refi is eligible, you can add on gap coverage or total loss protection when you accept an offer through one of Caribou’s partners.
Is Caribou legit?
Caribou is a great place to start if you want to refinance your car loans. It’s free to get matched with offers, and it won’t affect your credit score. It’s a nice bonus that Caribou also takes care of the paperwork on the automobile’s title if you accept a loan offer from one of its lending partners. If you want to compare rates from other lenders that aren’t partnered with Caribou, however, you’ll have to do your own research.
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When I reached out to Caribou, I had a personal rep named Zed who called me every day and asked me how my day was. He actually cared. When I told him , "I don't really want to go to FedEx and do all this stuff to get this done," he said, "Dude, I get it. I wouldn't want to either. But I'd highly recommend it." His positivity was the sole reason I wanted to work with them because it felt like a company and not just like a giant conglomerate.
Signing up was very easy. It took me only a day and a half. The biggest part was sending a picture of my mileage thing and talking to them and sending them the folders. I also had to send my pay stubs. The very last part of the process was the power of attorney, and the signatures, and I had to print those up, sign, send them a picture of it signed, and then send the printed copies through FedEx. Though the process was tedious and obnoxious, I'm confident that they have all of my stuff now, so I never have to worry about it. I've recommended them already to all my friends and I'm refinancing my girlfriend's car through them as well.
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On the Caribou side, it has been good. The rate is better than what it was. So, I'm comfortable with it and glad that I followed through with it. My former loan company, last weekend, I was told by the representative through Caribou that a check was sent out. I was also told, "Don't make your payment for this month." Because I told them it's due on the 18th. And we talked about it on the 7th. I told them I'm concerned that I'll end up with fees or that it will be charged to my credit. And it was explained to me through Caribou that because the check was sent out for the payoff of the loan that even if they get it after the day that my payment is due for this month that they should backdate it to the date of the check, which made sense to me.
So, I called Westlake and I told them to stop my auto pay and that I would check back in with them when it got closer to the date to see if the check had made it to them or not. But they gave me conflicting information and told me that I still needed to go ahead and do my payment for the 18th for this month if they didn't have the check yet. Otherwise, I would be responsible for any lack of payment, which does not make sense to me at all. I'm concerned because it's the 17th and it's due tomorrow. And I've been told two different things. But Richard and Eric helped me. A third gentleman that called took the time to call me to let me know that the check was sent out. And he was the one to tell me to hold the payment for this month. My experience with Caribou has been great. And I can always reach back out later to coordinate with my former loan company and also with my rep. I would recommend Caribou.
The refinance with Caribou went faster than I expected and the rep was wonderful. She constantly kept us in contact whether it was through text message or email. We're always so nervous when we change our financing but the person who was in charge with us was understanding. She would let us know what we missed on any of the paperwork and there wasn't a part where there was a time lapse because we forgot to do something. She wasn't trying to pitch me anything. She was very simple and relaxed, and there was no pressure. She simply said what they could do and what she had to offer, and told us to call her back if we had any questions.
The support system was great and what I would be looking for. Someone who communicates often and who isn't there leaving you in the dark, wondering if you are going to get financed or not. There was constant reassurance that things are going to go smooth, and it did. The process took two and a half days because we had to collect the information on our end. But through Caribou, if I summed it all up, it probably would have been less than a day, if I was more prepared.
Caribou's process was more than I expected. I refinanced the house not too long ago and it included just a few steps, a visit here, and we were done. But this one wasn't as easy as that and it was a refinance. The problem was with the communication between me and the person that was responsible for my refinancing. He didn't make a few things clear, so I wasn't expecting to look out for certain emails. It took a day or so for me to gain full understanding the way we were communicating via text. Then, I couldn't access the emails, so we went back and forth about that a few times.
The whole process took five days and he asked me for stuff I didn't have readily available. Most of them I found, except for my original car contract to go over my gap and if I would get a refund. I could have gone to the dealership, but I was doing this while I was traveling because I was made to believe this was a simple process and he needed everything back by Monday. So, I didn't have a chance to get to the dealership to see what the contract was and give it to them so that I could try to get credit for any gap that I'd face.
Other than that, the rates they gave me were lower, but I noticed my credit score took a hit. It was showing 750-something on a Wells Fargo report 30 days earlier, but I noticed when I got the letter, mine was at 80-something when they did the refinance. That was a little weird, but it happens, I suppose. It's also a lot better than it was, but I should've refinanced sooner.
I called and started corresponding with this guy named Austin through text. I explained to him that I don't have a whole lot of time and this would be great if I could get this done. He assured me that it would be a really quick and easy process. But it wasn't a quick and easy process. It turned out once I started to do the refinance, the insurance company had the wrong VIN for me. I got that fixed and then we got through some of the paperwork and it turned out my license had expired. For some reason, I couldn't renew it online. I had to make an appointment and drive two towns over to go to the DMV to do that. Then, on the last step in the process, I had to leave the house again because there were documents that I had to go drop off at FedEx.
Between all of the fees and the extension of the time, I'm not saving a lot of money. But my goal was to get my payment down and Caribou did that. It's fair that I got what I asked for but I can't say it was a fantastic process. I texted Austin again today because I checked my Bridgecrest account and it hasn't been paid off, so I'm not done with the process yet. But I've been assured that they have done everything they can and hopefully, that'll show up soon and I won't have to make a payment this month.
I reached out to RateGenius and Caribou, and both were responsive but Caribou got us the lowest rate. The guy who helped us did a great job telling us what to expect. He spent a lot of time on the phone with both me and my dad asking if we had questions or concerns or anything he could help us with. He was very accommodating in that aspect. He had reached out to me through phone call and text message. I texted him back because it was late when I finally could get back to him and we arranged a time to talk. He was very flexible in his timing because I ended up getting called into a meeting. He was able to negotiate a full bumper-to-bumper warranty. He walked us through every single step of everything I had to do. He was always available when I needed him. Although my payment went down, it didn't go down drastically because I was able to add on some things that I didn't have with my original loan. It was such a smooth and easy process. I would do it 100 times if I needed to.
The process with Caribou went very smoothly and quickly. It was the best I’ve ever had. I was surprised because I never heard of this company, but everything was excellent. I give them a 10-plus. The rate and terms were very good. I had no issues at all and I appreciate it. I love it. I just shared the experience with my son and my other co-worker. They may want to refinance their car because it was very good for me. So, it might go very smooth for them as well.
Caribou was at the top on Credit Karma as far as the lowest rate. I saved a good amount. Dominic was helpful and told me I was good about getting all my stuff back. It was all through text messages. I closed on it a few weeks back. They said he didn't get certain paperwork, but I sent it back to him. I haven't heard back from him to make sure he got it. Other than that, the process was quick and painless.
Caribou's rep did really well. He helped me out every time I had a question. The signup went smooth and painless. I changed my payment date from September to August. The rep changed it right away.
The process with Caribou was very easy and it was a smooth transition. I’ll use them again if I have to.
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