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.