Caribou
AUTHORIZED PARTNER

Caribou

 4.6/5 (177 ratings)
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Caribou

About Caribou

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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Pros

  • Pre-qualify without affecting credit
  • Rates as low as 1.99%
  • No DMV paperwork

Cons

  • Not available for motorcycles
  • No auto lease buyouts
  • $399 fee

Bottom Line

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.

Caribou Reviews

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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: March 5, 2022

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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 1, 2022

    The process with Caribou went easy and straightforward. Just upload the documents on their app and I was hooked up to a financial analyst, John. I understood what I was doing from the start to the end. He was detailed in explaining everything to me. Saved me a lot of money, especially on my interest rate because I used to have a 13.6. They brought it down to about two-point-something APR. All in all, it was a great experience for me.

    He also brought it to my attention that I could be owed some money from the dealership when I bought the car, the warranty, which I never used. When I bought the car first, the company that I financed through the warranty, it stated clearly on the document that it has to be 48 months for a used car. But after going through my document, I noticed that they put 24 months. It's funny because I never got time to read the papers. I was late for work, and then they brought the documents for me to sign. I had barely five minutes to look through and I never looked through till I had to refinance. John brought my attention to the fact that this is what happened.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 27, 2022

    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.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 12, 2022

    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.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 3, 2022

    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.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 17, 2022

    I gave Caribou the information about my vehicle, then they looked it up and said, “All right. Yeah. Cool. We can help you out.” It was fairly easy, and a lot of the work was done for me. Everything was self-explanatory, and the guy who helped me was very helpful with it. We ended up communicating back and forth for a week just ‘cause I had to get paperwork and get everything signed. I liked how everything was through text messaging. It was very flexible on one's availability, and texting is a lot easier than calling a lot of times. My overall experience was pretty good.

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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: May 8, 2022

    My experience in the beginning was horrible. The person I was first with said she sent me a link but I never received it. So we were having a hard time. And she said, “Oh, once I send it, I can’t resend it to you.” That doesn't make any sense. I was like, “So how am I supposed to know what I got for my rate?" She said she could send me a screenshot. I said, “No, I do not feel comfortable you sending me a screenshot. How do I know if it's true or not? I was not satisfied with a screenshot. It just didn’t sound or look professional.

    I left that alone and I was gonna go with somebody else. But their rep Rick was very nice and he kept going back and forth with me. If it wasn't for him, I would not have even wanted to go through with things.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 7, 2022

    The rep was good and I had a good experience. He only asked me for a few things and did the rest. The process was easy and pleasant. Working with them made things easier on my payments. I'm paying $40 less a month and one month less on payment.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 6, 2022

    The process was pretty good but I had to go through a couple of people. Their rep Alex and I got everything going pretty well. But they ghosted me for a week and I didn't know what was going on. I ended up with their rep Tyler and he finished the process with me. Other than that, things went all right.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 5, 2022

    The rep was cool. He was able to communicate through text message and it worked for me ‘cause I was at work all the time. We were waiting on Caribou half the time but my interest rate ended up at 2.24 for a 3.9.

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    Caribou Company Information

    Company Name:
    Caribou
    Formerly Named:
    MotoRefi
    Website:
    www.gocaribou.com