4.1/5 (34 reviews)

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Overall Rating4.1 out of 5
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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.

Pros & Cons


  • Pre-qualify without affecting credit
  • Rates as low as 2.32%
  • No DMV paperwork


  • 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
Verified Reviewer Verified Buyer
Original review: Aug. 22, 2022

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.

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    Verified Reviewer Verified Buyer
    Original review: Aug. 3, 2022

    I refinanced my auto loan, and it was easy and quick. The rate was good too, but I don't know if it was totally worth it. I got a lower interest rate, but the end result of the loan amount was $6,000 more. I thought, “Hmm, I probably should have stayed with the rate that I had. It’s been coming out the same way.” The person I worked with was Arthur, and he is good. However, Caribou was asking for all this personal information, and I was hesitant because I’ve had my identity stolen before. Arthur assured me that it was safe and the call was recorded. There was just something about it, so I went to the Better Business Bureau and saw a really bad outcome for the reviews. I shared my concern, and he, again, reassured me. That experience was good, but we’ll see moving forward if whatever was promised that’s supposed to happen and good service will happen.

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    Verified Reviewer Verified Buyer
    Original review: July 30, 2022

    I would recommend Caribou. I started the process with RefiJet and the sales guy wouldn't call me back. Meanwhile, Caribou was calling and constantly reaching out. Finally, I couldn't get ahold of the Refi guy, so I called Tony from Caribou, talked with him and moved forward with the process with them. Our communication was great. However, I texted him July 29th after we finalized everything, and I haven't heard anything back from him. I don't know if that's another ghosting situation there, but he said he would help me.

    When I purchased the vehicle originally, I purchased a lot of extra warranty stuff, which I'm hoping that Tony is still going to assist me with replacing those. ‘Cause I was told they wouldn't carry over. My payment with my lender is coming due on the 14th as well. I have an app with them and it's still showing the loan is open. So I need to get with somebody and find out if I still have to make that payment then turn around and pay Caribou on the 9th as well.

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    Verified Reviewer Verified Buyer
    Original review: June 24, 2022

    The experience has been good with Caribou but when they send paperwork, it needs to be very clear on the instructions. They were not clear so I had to send three FedEx packages with different paperwork. The instruction says sign your name the same as your driver's license. I signed it the same way that I signed my driver's license. My wife and I did the same thing. It should say sign your first, middle, and last name. Nobody signs their middle name in their signature. But they said there's gotta be whatever middle name on there. I kinda knew you're not supposed to white out on documents like that, but I did and signed it. Caribou couldn't take it so the third time, we had to print it out, sign it and had it overnighted through FedEx. Other than that, the experience has been fine. I already got the approval and the process is in the very last stages.

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    Verified Reviewer Verified Buyer
    Original review: June 23, 2022

    The interest rates and pre-approval that I was offered were really good and the application was reasonable and straightforward. The person who helped me, Bruno, was very nice and super helpful. He explained things really thoroughly to me so I fully understood the next steps, what was required of me, and why it was required. Also, he was very available so anytime that I reached out through an email or a phone call with a question, he answered super fast. The process was very quick and simple.

    After I applied, I got three different options for how I would want to move forward in terms of my monthly payments, interest rate, and term of the loan. The only place where the communication was a little confusing was when things started to transfer from Caribou to PenFed, who was the actual loan servicer. I wasn’t sure who to go to with which questions. Other than that, this was the easiest financial loan process.

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    Verified Reviewer
    Original review: March 20, 2023

    The first time I contacted this service was through Credit Karma. I was offered to refinance with an interest rate 15% to a 7%. I thought it was an excellent offer and at that moment I uploaded all my documentation to continue with the process. Two days later I entered the Caribou website to review pending documentation and I see that from an initial balance that I have with Capital One of an amount of 9500 dollars. Caribou offered me to finance 11000 dollars. Plus another charge for 30 dollars for a service I don't need. Punching numbers, there is no savings anywhere and I decided to cancel my application.

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    Verified Reviewer
    Original review: Feb. 16, 2023

    They basically try to force people to accept higher fees in the loan so you are stuck in the new loan forever and end up paying more. They added over 3k A my moms loan when she was just trying to save money. Just a despicable company!

    2 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: Aug. 21, 2022

    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.

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    Verified Reviewer Verified Buyer
    Original review: Aug. 10, 2022

    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.

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    Verified Reviewer Verified Buyer
    Original review: Aug. 9, 2022

    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.

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