Caribou Auto Refinance Review

Caribou is an auto loan refinance offering by Caribou, based in Washington, DC. Founded in 2016, Caribou offers auto refinance loans in 45 states (and Washington, DC).

What are the auto loan refinancing rates offered through Caribou?

Caribou offers a fixed APR car loan refinancing product that ranges from 1.99% APR.

What is the maximum loan term you can get with Caribou?

Caribou offers auto refinancing with terms ranging from 36 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Caribou charge an origination fee on auto refinance loans?

Yes, Caribou charges a loan origination fee of $399.

Does Caribou charge a late fee?

Yes, auto refinance loans via Caribou are subject to late payment penalty fees.

Does Caribou charge prepayment fees?

Yes, Caribou does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for Caribou Auto Refinance?

Applicants with a credit score of at least 580 and up to 850 may be eligible for Caribou Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Caribou Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement. Caribou Auto Refinance only considers borrowers who are employed. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Caribou Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Caribou Auto Refinance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit

What is the maximum car age to refinance with Caribou?

Only vehicles that are 20 years old or less can qualify for an auto refinance.

Does Caribou Auto Refinance report your account activity to credit bureaus?

Yes, Caribou Auto Refinance reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.