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Our refinance representative was very knowledgeable and worked hard to get us the deal we were looking for. I will recommend to all my friends and family.
October 26, 2021
Most people are familiar with refinancing a mortgage, but you can also refinance auto loans! When you refinance an auto loan through Caribou, you could save hundreds - even thousands - of dollars in interest.*
Many people refinance because they can get better terms than when they first purchased their vehicle. This saves people money over the lifetime of their loan, either with a lower monthly payment, interest savings, or both! When you refinance, you also have an opportunity to adjust the term of your loan.
When you apply for a refinance, we’ll need a few pieces of information about you and your vehicle. This information helps us find the terms that you qualify for and helps us pair you with one of our trusted lending partners.
We currently work with all passenger vehicles including cars, trucks and SUVs. At this time, we are unable to offer refinancing for motorcycles and any commercial vehicles.
No, we do not currently refinance auto lease buyouts.
To learn more about refinancing your car and how it works, visit our understanding auto refinancing page.
The annual percentage rate (APR) is the total yearly cost of borrowing money. Learn about how APR is calculated in our auto refinance term glossary.
Completing Your Refinance Application
Once you’ve selected the loan option that works best for you, you’ll lock in your rate by creating an account and uploading a few documents using our secure online platform.
When it’s time to upload your documents, there’s a few different ways you can send them. You can upload via the online platform or send your documents using email or text messaging.
Yes. If your refi is eligible, you’ll have the option to select Total Loss Protection, Extended Vehicle Protection, Key Replacement, and other products! Visit our Products page to learn more about these tools to help you protect the value of your vehicle.
Getting Started with Your Refi
To check your rates through Caribou, you’ll fill out a short application that provides us with general information about you, your current auto loan, and your vehicle. Then our technology gets to work, searching for competitive refi loan options for you in minutes. If you qualify, you’ll see offers from our lenders with no obligation, no impact to your credit score,+ and no SSN required.++
No. To check the 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.
When checking your rate, we’ll need either your VIN, license plate number or make/model/trim of your vehicle. This is because we’ll use the value of your vehicle to find you the refi loan options available to you.
You can find your VIN where the dash and windshield meet on the driver’s side of your vehicle and on the end of the driver’s side door. You can also find your VIN on your vehicle’s registration paperwork and insurance card.
Yes. With Caribou, you can add a co-borrower to your new loan, as long as you’re a resident of a state allowing the addition of a co-borrower.
You can view your refi offers without submitting a Social Security Number (SSN). However, in order to complete your application and lock in your savings, you will need to provide you SSN as part of your loan application. Your privacy is important to us, and we use the latest security methods to ensure that your personal information stays safe.
To provide you with competitive offers, our lending partners may require that we confirm your income via documents you submit (e.g., a pay stub or W-2). To be approved, the income stated on your loan application must match what is reported in your submitted documents.
Caribou provides services to the lender to help close your loan, such as processing documents and retitling your vehicle. Caribou charges the lender a $399 processing fee solely to cover the costs of these services. Your lender may include the $399 processing fee or other fees in your refinanced loan amount and in the APR that your lender will disclose to you.
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* 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. Advertised 1.99% APR is based on a representative example of refinancing a 2021 or newer vehicle with mileage of less than 85,000 miles and a FICO score higher than 740. Lowest Rate not available in CA, ME, MD, MS, NE, NV, PA, WV, WI and VT. Not all borrowers will receive the lowest rate. All applications are subject to verification of employment. 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. 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.
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.