FEB 24, 2022
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During the refinancing process you will be asked to supply Caribou with several types of documents that provide detailed information about you and your vehicle. We work directly with both you and auto refinance lenders, and in doing so collect your documents and forward them to the lender on your behalf.
While this is a great place to start, please keep in mind that this isn’t a fully exhaustive list. Depending on the specific lender you are working with they may ask for additional documents based on their companies’ criteria and internal guidelines for providing auto loans or due to periodic changes within the lending industry as a whole.
As part of the refinancing process, your lender will need to verify both your identity and ownership of the car you are refinancing. In order to do so, you’ll need a government-issued ID and your car registration. Here are a few examples of what they might ask for:
Your state-issued driver’s license is the most common and straightforward form of identification asked for by lenders. Your lender will most likely request a picture of the front and back of your license in order to verify you could legally be the driver of the car. They can also use the information found on your driver's license to match you as a listed party on the car loan and registration.
Your car’s current registration allows your lender to identify the vehicle you are refinancing is legally registered to you and where it is located. Since regulations vary by state, this will also allow the lender to understand which state-related factors will need to be considered. Without your registration, lenders may not be able to confirm if your car will be able to be refinanced.
Full-coverage car insurance is legally required for all financed cars. If you don’t have auto insurance or the correct coverage for the car you want to refinance, you won’t be able to refinance.
In order for you to receive a reasonable loan offer your lender needs proof of your car’s mileage. Since Caribou allows you to refinance your car online, your lender won’t be able to see your car in person. As an alternative, you may also have the option of submitting either a formal statement of mileage like an odometer disclosure form, or submit a photo of your car’s odometer, which can simply be taken using your smartphone. Both of these options allow the lender to verify that your car’s mileage is accurate.
When lenders refinance your car, they’ll need proof of exactly where you live by asking for documents that show your current home address. Typical documents that qualify as proof of residence include your driver’s license, current employment paystubs, credit card statements, or utility bills. Lenders need to confirm where you’re located to make sure, most importantly, that they serve your area and in order to refinance and purchase the debt obligations attached to your loan.
Proof of income documents, like recent pay stubs or tax returns if you’re self-employed, are an indication to lenders that you will be able to pay for your new loan. This document is similar to the information on your credit report because it helps lenders understand your financial situation better and allows them to offer a loan that will work best for you.
Simply put, each lender and their requirements throughout the refinancing process are different. Depending on which lender you’re working with, you may be asked for different information as a means for them to understand who you are, where you live, or your financial situation. Below is a list of several examples.
Our wide network of lenders allows us to serve many people. This may include people who are either U.S. citizens or on a visa. If you are a U.S. citizen, lenders will normally ask for your SSN or a copy of your social security card when finalizing your auto loan. If you are a green card holder or in the U.S. on a work visa, because of federal rules, lenders may need you to supply copies of either document as additional proof of identity. If you have stamped documents from governmental offices like the Department of Homeland Security, you may also have to provide them.
As additional proof of residence, some lenders will want to see your most recent mortgage statements. This allows them to confirm that you’re currently making ongoing and on-time payments to the residence you’ve provided, lessening any risk of you defaulting on your new loan.
Some lenders may ask to see your most recent phone bills. This document provides another way for lenders to understand where you live and verify your contact phone number.
Having these documents will help you have what you need to refinance your vehicle. Since each lender and their requirements differ so greatly, you may need all or just a few of these listed documents. Regardless of which or how many of these you need, each document helps your lender confirm important information so they are able to give you the loan that works best for you. Ask your Caribou loan officer if you have any questions related to documents, what to use, or how to verify your personal and vehicle information.
* 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 4/30/2022, borrowers who refinance save an average of $101.54 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 3.49% to 36.00% and is determined at the time of application. Lowest APR is available to borrowers with excellent credit and only in certain states. Advertised rates and fees are valid as of 7/21/2022 and are subject to change without notice. Lowest rate of 3.49% APR only available with up to 36-month repayment term. 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.