Caribou Auto Refinance Review: Pros And Cons

Caribou is a platform that helps you refinance your auto loan by quickly letting you compare different offers.

Everyone loves to save money.  So who wouldn’t want to save on their auto expenses each month? 

Most would love to save money on auto payments and car insurance. But the sometimes time-consuming process stands in the way of many would-be savers.

That’s where Caribou can step in to help! You’ll be able to easily find a refinancing option that offers savings on your auto loan. Plus, you can find savings on your car insurance as well. Let’s take a closer look at what Caribou has to offer. 

What Is Caribou?

Caribou was originally launched as MotoRefi in 2016. MotoRefi had the goal of helping customers save money with a painless auto refinance option. Since its founding, the company has helped over 75,000 customers save over $125 million in interest payments for car loans. 

But eventually, the company transitioned its brand to Caribou. The brand change reflected an expanded number of opportunities to save. In addition to saving money through an auto refinance, you can explore other auto-related expenses such as insurance.

What Does It Offer?

Caribou offers several ways for you to save money on your auto expenses. Here’s what the company can offer you. 

Auto Loan Refinancing

If you are paying too much for your auto loan, then you’ll be able to narrow down your choices to the most affordable option with Caribou. 

You’ll need to provide a few pieces of information about your vehicle and your financial situation. From there, Caribou will present the most affordable options for your situation. Depending on your loan details, you may be able to save thousands of dollars in interest over the life of your loan. 

Importantly, your credit score won’t be impacted by checking your rates. In fact, you won’t even need to provide your Social Security Number⁺. However, your credit score will be affected if you choose to move forward with a loan product. 

Car Insurance

Car insurance is another big expense associated with owning a vehicle. Although car insurance is essentially unavoidable, you may be overpaying. The good news is that you can work with Caribou to find a more affordable car insurance rate. 

Again, Caribou will use your information to find the best available deal. From there, you can decide whether or not to make the switch.

Make Two Money-Moves In One Spot

If you want to save money, refinancing your auto loan and searching around for the right insurance are both good moves. But making the time to check out your loan refinance options and find a better car insurance rate may be too time-consuming. 

But when working with Caribou, you’ll be able to tackle both tasks in a matter of minutes. The streamlined nature of this option makes it a great choice. 

Are There Any Fees?

If you work with Caribou, there may be fees involved. Technically, Caribou charges the lender a $399 processing fee. But in many cases, that fee may be passed along to the borrower. 

That’s a substantial fee to keep in mind. Before moving forward with a loan product, read the fine print to determine if the lender you want to work with charges additional fees.

How Does Caribou Compare?

Caribou is not the only option to compare auto loan refinance or car insurance options. But the fact that it offers both comparison tools in the same place sets it apart. 

If you want to compare auto refinance options, LendingTree is a good choice. But if you want to compare auto insurance options, the Gabi is a better fit.

How Do I Open An Account?

You can get started with Caribou to compare auto refinance options by selecting ‘Check your rate for free!’. Once at the application page, you’ll need to provide your name, email, phone number, date of birth, residency status, and information about any co-borrowers. 

Beyond your personal information, you’ll need to share some details about your vehicle, including the VIN, license plate number, and make/model. With that information, you should find your car refinance options shortly. 

You can choose whether or not to move forward with the available loan products. Each lender will request additional information.

Is It Safe And Secure?

Caribou shares your information with lenders while searching for the best loan rate. However, they will not do so without your knowledge and consent. Although your information is shared, the result of finding a better loan might be worth it. 

How Do I Contact Caribou?

You can contact Caribou via email at contact@gocaribou.com. Additionally, you can call 1-877-445-0070 from Monday to Friday from 9 AM to 8 PM EST and Saturday to Sunday from 9 AM to 4 PM EST.

If you prefer to get in touch via social media, the company is available on Twitter, LinkedIn, and Facebook @gocaribou. Plus, Instagram @go_caribou.

You can expect a positive customer experience because Caribou has earned 4.2 out of 5 stars on Trustpilot based on over 600 reviews. Additionally, the company has earned an A+ accreditation from the Better Business Bureau.

Is It Worth It?

Caribou offers an opportunity to potentially save money on your auto loan. If you want to find a way to save on this loan, then Caribou is worthwhile. Plus, you can explore your car insurance options to potentially find more savings.

Without a hard credit pull, it won’t hurt to explore your options. Ready to give Caribou a try? Get started today!

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