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Caribou Financial Reviews


bestfor-icon Secure Low APR Loans

Written by Angela Mae

About Caribou | Read More


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Mon - Fri 9 AM - 8 PM EST
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  • contact@gocaribou.com
  • (877) 445-0070
  • Headquarters: Caribou Financial Inc 1717 Rhode Island Ave, NW, Suite 500 Washington, DC 20036
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Caribou Auto Loans Review

Caribou Financial is a lending marketplace that lets you refinance your passenger vehicle for lower rates. They work with a variety of community banks and smaller credit unions to provide affordable loan options. In general, people who refinance through Caribou end up saving around $100 a month in car payments. Depending on what you need, you may be able to save more money by bundling things like auto insurance, warranty extensions, cosmetic damage coverage, and key replacement.

Whether you’re ready to refinance your auto loan, or are shopping around, Caribou makes the process easy. They handle all aspects of the process, from the initial credit check to the title change. Plus, they’re available throughout the United States (aside from WV, WI, NV, NE, MS, MD, and MA).

Caribou Auto Loans Highlight


Min Credit Score


APR. Fixed Rate


Loan Amount

24-80 months

Repayment terms


Soft Credit Pull


Lender Type


Other Fees


Origination Fee


Prepayment Fee

14 days

Funding Time

10 Years

Max Vehicle Age

Auto Loan Refinance

Min 5.99%

APR. Fixed Rate


Refinance Amount

Pros & Cons

  • con-icon Low APR starting at 5.99%
  • con-icon Minimum income criteria of $24,000
  • con-icon Add-on services to preserve vehicle value
  • con-icon Customer support can be slow during peak hours
  • con-icon No new car loans or motorcycle refinance
  • con-icon Flat $399 fee for all Refi loans

Auto Loan Types

  • Auto Refinance Loans

Vehicle Types

  • Car
  • Truck

Caribou Auto Loans Terms & Requirements

Caribou Financial offers auto loan refinancing through their platform on vehicles with under 120,000 miles and no more than 10 years on the road. These refinanced loans come with low starting APR and longer terms than you’d usually find in the industry. Borrowers save, on average, about 5.07% on their interest rate when they refinance through this marketplace.

Although requirements are not very steep, you will need good credit and a low debt-to-income to qualify. There is, however, the option of adding a co-borrower for better terms or rates.

How to Apply

Applying for auto refinancing through Caribou is simple. It begins with a prequalification process that involves an online application and only takes a few minutes to complete. To get prequalified, you’ll need to provide the following information:

  • Personal and contact information – your name, date of birth, email address, phone number, and current address
  • Residency status (state)
  • Refinancing information – the desired loan amount, current loan payment amount, and mileage on the vehicle
  • Other vehicle information – VIN, license plate number, make and model, etc.
  • If no VIN number or license plate, be prepared to provide your Social Security Number (SSN)
  • Whether you own or rent your home (plus the mortgage or rent payment)
  • How long you’ve stayed at your current address
  • Employment status and annual income

Caribou Financing uses CarFax and JD Power services to find and value your vehicle.

Once you’ve completed the initial application, Caribou will perform a soft credit check (no impact to credit) and give you a list of all the available refinancing options and add-on services in your area. This includes things like cosmetic damage coverage and GAP coverage. The add-on services are optional.

Review the refinancing options to see what’s available in terms of monthly payment, estimated APR, refinancing terms, and so forth. Also, choose any desired add-on services (or leave this part blank). If you find a refinancing offer with ideal terms, create an account with Caribou to lock in your rate. The offer will be available for up to 45 days.

Once you’ve chosen a lender to refinance with, there will be a hard credit inquiry – this may cause your score to drop by a few points. You’ll also need to scan and upload certain documents, either from your computer or smartphone, for the company to verify. This typically includes:

  • Social Security Card, Work Visa, or Green Card
  • Valid driver’s license
  • Vehicle registration documents and insurance
  • Proof of income
  • Utility or phone bill
  • Mortgage or rent payment documents
  • Photo of odometer for proof of current mileage

You’ll also need to pay a one-time handling fee of $399.

After Caribou verifies the documents, you’ll receive a digital loan agreement with DocuSign. Review it and, if everything looks good, sign it to complete the application process.

Qualification Requirements

  • US citizen, permanent or non-permanent resident alien, or visa holder
  • Live in the USA (except for in MA, MD, MS, NE, NV, WI, or WV)
  • 650+ FICO credit score
  • 35% maximum debt-to-income ratio
  • $2,000 minimum monthly income (or $24,000 a year)
  • 120,000 (gas) to 175,000 (diesel) maximum vehicle mileage
  • 10-year-old vehicle or newer
  • Proof of identity
  • Proof or income/employment
  • Co-signer information (optional)

Required Information

In order to prequalify for auto loan refinancing, you’ll need to complete an initial application. This will require you to provide certain personal and contact information, as well as details about the vehicle you want to refinance.

Application Steps & Time Frames

  • Applying for refinancing through Caribou requires three basic steps: prequalify, choose the offer that best suits your needs, and seal the deal.
  • The entire application process takes no more than 14 business days from beginning to end.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, Wyoming,

Not Available - Massachusetts, Nebraska, Nevada, Virginia, West Virginia, Wisconsin,

Written by Angela Mae

Angela Mae is a personal finance writer specializing in loans, debt management, investing, retirement planning, and financial literacy. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories. Her goal is to help others achieve financial stability and independence. When not writing, she can be found traveling, honing her yoga skills, hiking, or exploring new means of healthy, sustainable living.



Does Caribou offer auto loans?

Caribou Financial offers car insurance and auto loan refinancing at competitive rates. It does not provide auto loans at this time.

What are the benefits of refinancing a vehicle?

When you refinance, you may be able to get lower interest rates and better repayment terms. This could reduce your monthly payments, as well as save you money over the life of the auto loan.

What types of vehicles can you refinance through Caribou?

It’s possible to refinance two- and four-door passenger vehicles, including trucks, cars, and SUVs. Caribou does not offer refinancing for commercial vehicles or motorcycles. Vehicles must be less than 10 years old and have fewer than 100,000 miles to qualify.

Customer Support

Caribou Financial’s customer service includes a phone, email, and live chat option. The company has a few negative reviews from previous customers online, particularly regarding slow response times. However, Caribou is generally responsive and strives to respond to these complaints.

Besides this, Caribou provides customer service throughout the entire auto loan refinancing process. This includes any initial queries, the prequalification application process, and beyond.

On the Better Business Bureau (BBB), Caribou has an A+ rating. On Trustpilot, the company has 4.5 out of 5 stars. Most customer reviews are positive, particularly in regard to customer service and the team’s fast response times.

Privacy & Security

Like most online lending platforms and marketplaces, Caribou may store and share certain personal information for marketing or advertising purposes. This includes information you provide in the online application for prequalification, as well as user analytics (gained through tracking your time on the website). Caribou may also share this information for legal or operations purposes.

For the most part, Caribou’s website – and application process – are both secure. However, the platform is not responsible for what happens to your data once you leave the site. In that case, you’ll need to refer to the individual lender’s page for any specific privacy and security measures.

In Conclusion

Caribou Financial’s mission is to help people refinance a high-interest auto loan at competitive rates and a lower monthly payment. The company strives to make the entire process as streamlined as possible. To that end, they handle the entire digital process from the initial credit pull to the title change.

Although Caribou doesn’t work with many large lenders, they do offer a solid platform of local banks and credit unions. Plus, with the prequalification option, you can easily compare rates to find the best offer for your unique circumstances.

Brand Disclaimer

* This information is estimated based on consumers who were approved for an auto refinance loan through Caribou on or after 1/1/2022, had an existing auto loan on their credit report, and accepted their final terms. As of 9/27/2022, borrowers who refinance save an average of $111.16 per month. Refinance savings may result from a lower interest rate, longer term, or both. There is no guarantee of savings. Your actual savings, if any, may vary based on interest rates, the repayment term, the amount financed, and other factors.
+ To check the refinance rates and terms you qualify for, we conduct a soft credit pull that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
++ Social security number is required should you choose to move forward in the loan application process.
** APR is the Annual Percentage Rate. Your actual APR may be different. Your APR is based on multiple factors including your credit profile and the loan to value of the vehicle. APR ranges from 2.83% to 36.00% and is determined at the time of application. Lowest APR is based on loan amount of $45,000, 36 month term, and is available to borrowers with excellent credit and only in certain states. Conditions apply. Advertised rates and fees are valid as of 11/1/2022 and are subject to change without notice. Insurance savings will not result from lower APR.
Terms and Conditions apply. Caribou reserves the right to modify or discontinue products and benefits at any time without notice. Participating lenders, rates and terms are also subject to change at any time without notice. The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. We do not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Offers not available in MA, MD, MS, NE, NV, WI, WV.
Insurance products offered through Bindable and Caribou Insurance Services, LLC. Caribou is working with Bindable who owns MyLifeProtected and MassDrive Insurance Group, LLC, the licensed agent for all products.