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
- 5 stars
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- Pre-qualify without affecting credit
- Rates as low as 1.49%
- 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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Caribou still refinances vehicles that are over 50,000 when most companies don't, and there are good reviews that I saw on the internet and the website. I spoke with a girl named Kelly. She was great, very patient, very informative and walked me through step-by-step. Caribou chopped my interest rate almost in half. I went from 5.2 to 2.7. So, they did a great job and they helped me get some of my money back from Chase on the gap and the extended warranty. I'm extremely happy with what they did.
MotoRefi made refinancing my high interest auto loan really easy. They got me a good refi rate and walked me through the process step by step. I would recommend Moto Refi to friends and family for any of their refinancing needs.
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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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.
The man I worked with had great communication skills. So that made everything really easy. It was pretty quick. I did it right on my phone and it was pretty seamless. I applied for the loan and I received a call that afternoon from someone and he was in contact with me the whole way through. So it was pretty straightforward. He would text me, which was nice. It made things a little bit easier because I could text him if I had any questions. Instead of waiting for an email to go back and forth, I would text him and I would get a response back within a couple of hours, which was great. I was able to get a lower rate on my car payment. So my overall experience was fantastic. It's saving me money and that's always good.
Tony was very, very helpful and I'm glad they hooked me up with him. The application process was pretty standard, but it was pretty easy. They did everything off my phone. I took a few pictures of things like my registration, my driver's license, and my insurance, and they were able to look up the VIN number and figure out what the car was. They just had to wait and see if I got financed or if I was eligible for financing because of my credit, and I was. They claimed that they have everything finished and that they cut the check to send to the manufacturer to see if things are going to happen. So, I'm just waiting on the final disposition. But overall, I'm pretty happy with what Caribou has done. They've been very easy to work with.
MotoRefi seemed to be the most attentive. Signing up wasn’t difficult at all. I t was just finding the time to get it all done since I run non-stop. Zack, the guy that I’ve been working with, is good. He’s on top of it. Any difficulties that he might have hit gave me more time to get my end done. So, it worked out decently. The refinancing is still in process but I'll be hearing from him in the next day or two. He is working on it right now. The only thing that was a pain in the butt for me was having to go get one of the papers notarized. But that's a Delaware law, so that's not anything on MotoRefi. Other than that, everything was smooth.
After I applied through Go Caribou, it was not even a day that I heard back from them. I received an email and I was kind of unsure about it at first, but then they reached out to me with a phone call. The process was relatively easy. They did a really good job communicating with me what documents I needed. I just had a couple of problems with the State of Connecticut in regards to some of the paperwork but it was nothing on Caribou's end. The other advisors I was working with through text messages and calls were really responsive.
It took 10 days to get all the documents sent to Caribou and confirmed. The phone number they were texting me, I called that direct. And the gentleman on the phone was able to guide me through the one little glitch that we had. The final thing they needed was a mail, a confirmation on my address. And there were very specific items they wanted. I didn't have those available, but we worked it out. It was an easy and fairly quick process, and got me a lower interest rate.
My experience with Caribou is good. They gave me good rates.
Everything was good to go with Caribou. It was a simple process. The rep was easy to get a hold of and he took care of everything for me. Any question I had, he answered within the same day. There was around 2.5% difference in the interest rate I got and I feel good about it. It's saving me money.
Caribou was the best option for what I was looking for. Also, I was impressed with the rep's communication.
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