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 offer 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.
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.++ Learn about the application steps.
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 your 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.
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. Read more about how to send us your documents.
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.
Your Newly Refinanced Loan
To complete your refinance, you’ll e-sign your loan agreement with your new lender via our online platform. Then, we will work with your new lender to ensure that your old lender is paid off and your refinance is complete. This is the very last step in the refi process. After that, you can relax and enjoy your newfound savings!
While refinancing, you’ll continue paying monthly on your current loan, until your new lender pays off your old loan. Concerned that you overpaid on your old loan in the process? Don’t worry - your old lender is required to send you a refund if there is any overpayment.
If you worked with Caribou in the past in order to obtain insurance coverage through one of our partners and have questions about your policy or coverage, please see the below chart for who to contact with questions.
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* This information is estimated based on consumers whose auto refinance loan funded through Caribou between 11/1/2022 and 9/1/2023, and had an existing auto loan on their credit report. These borrowers saved an average of $115.58 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 6.33% to 28.55% and is determined at the time of application. Lowest APR is available for a 36 month term, to borrowers with excellent credit. Conditions apply. Advertised rates and fees are valid as of 8/9/23 and are subject to change without notice.
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 MD, MS, NE, NV, WV.