Caribou Auto Loans Review 2023: Is It Right For You?

Sarah Moore

Caribou connects car owners with a network of auto loan lenders, enabling borrowers to save time and compare multiple quotes in just a few clicks. Formerly known as MotoRefi, the application process is simple and intuitive, and you can prequalify with a soft credit check. Plus, you can add a co-borrower to your loan that can reassure the lender you have the means to meet repayments.

Overall rating


Summary: With Caribou, you can compare multiple lenders without impacting your credit score.

Caribou Auto Loans

caribou auto loan logo

2.32% - 21.24%

Est. APR


Min. Credit Score

$5,000 - $100,000

Loan Amount



Application Process


Loan Requirements


Loan Terms, Fees & Rates


Repayment Options


Customer Service


Safe & Secure


  • Online application process
  • Accepts co-borrowers
  • Customer support throughout the application process


  • Processing fee
  • Vehicle restrictions
    No customer support on weekends

Best For

  • No SSN required for prequalification
  • Prequalify with a soft credit check


HQ1717 Rhode Island Ave, NW, Suite 500 Washington, DC 20036
Min. Loan Amount$5,000
Max. Loan Amount$100,000
Loan Terms24 – 84 months
Min. Credit Score650
State RestrictionsNot available in MS, MD, NE, NV, WI, WV

In depth review on Caribou Auto Loans

Caribou has various lenders, so you can easily compare the best rates in the market without having to search online and apply for multiple quotes. Plus, Caribou offers a streamlined application process with transparent fees and a robust digital platform. 

Caribou is best for

  • No SSN required for prequalification: A social security number is not required to prequalify for a loan product. However, should you choose to finalize the application, you may be asked to provide your social security number. 
  • Prequalify with a soft credit check: To verify you are eligible, there’s no need to worry about the impact on your credit score as you can prequalify with a soft credit check.

Caribou benefits  

  • Online application process: The application process is fast and easy. You can finalize the application online without having to speak to an agent. 
  • Accepts co-borrowers: For certain states, Caribou allows you to add a co-borrower which can help obtain approval for your loan.
  • Customer support throughout the application process: Caribou offers customer support via phone, email, or chat throughout the application. If you have any questions, you can contact customer service. 

Caribou drawbacks  

  • Processing fees: While Caribou advises that there are no hidden fees, lenders are charged a $399 processing fee which can be passed on to the customer. 
  • Vehicle restrictions: You cannot take out an auto loan on motorcycles or commercial vehicles. 
  • No customer support on weekends: There is no customer support available on weekends. Loan applications during the weekend that require assistance can call customer support the following week during opening hours. 

Application process


It takes a few minutes to get a quote from Caribou. You can apply online by providing some basic information, including:

  • Name
  • Email
  • Phone number
  • Residency status
  • Co-borrowers
  • Date of birth
  • Vehicle information

Once you check your rate, you can connect with a lender and review the finalized terms and conditions. Depending on the lender, you may require additional documentation to process the application, such as a copy of your driver’s license, social security number, confirmation of income, and government-issued ID. 

If you agree to the loan terms, Caribou will send the loan document to you for an e-signature. Once the document is signed, the new lender will pay off your old lender, and you can start making repayments on your new loan. 

Note: it’s important to continue making payments to your old lender until the new lender has confirmed repayment of your old loan. Missing payments could count against your credit score. 

Loan requirements  


Final approval is based on a hard credit check. The requirements will differ across lenders and it’s important to fully read the terms and conditions before accepting an offer.  

The following is required when applying for a loan:

  • You’ll are required to be over 18 years old.
  • You must be a US resident.
  • The minimum credit score is 500 (this could vary between lenders).
  • The vehicle must not be a motorcycle or commercial vehicle.

You can apply with a co-borrower for your loan which could help you qualify for a lower interest rate. All loans have a processing fee of $399 which may be passed on to the borrower. 

Loan terms, fees, and rates


Caribou is a marketplace for auto loans that helps drivers save money and take control of car payments. Fees, rates, and loan terms will vary between lenders, so it’s important to carefully read the documentation before taking out a loan. 

There is an origination fee applied to all loans that totals $399. Caribou indicates that some lenders may pass this fee onto borrowers while others may not. 

Loan terms vary between lenders but are typically 24 – 84 months. Rates have various ranges based on your profile, and you can receive approval within 24 hours of applying. 

While each lender sets its qualification requirements, the lowest interest rates are offered to borrowers that have a higher credit score. If you have a limited credit history or poor credit, you can expect to pay a higher monthly payment. 

Repayment options


The repayment options available differ between lenders but typically you can expect repayment terms between 24 – 84 months.

Longer repayment terms can result in lower monthly payments. However, you’ll likely pay more in interest charges. Shorter repayment terms will help you pay off your loan faster and pay less in interest, but your monthly payments will be higher. When choosing a repayment term, it’s a good idea to evaluate your budget versus the total amount of interest that will be due over the term of the loan. Also, take into consideration of your monthly cash flow.

Customer service


There are many ways you can get in touch with Caribou customer service including email, phone, and the chatbox on the website. Plus, you can schedule a 15-minute call using the ‘book and appointment’ option on the website.

Opening hours are Mon – Thu: 9 am – 9 pm EST and Fri: 9 am – 7 pm EST. Outside of these hours, there is an FAQ section on the website with common questions asked by customers.

According to Trustpilot, Caribou has an impressive 4.5 rating. Many of the positive reviews love the easy process of taking out an auto loan. Some of the negative reviews did not enjoy the customer service experience. 

Safe and secure


Caribou has an A+ rating from the Better Business Bureau and an excellent rating of 4.84 out of 5 stars. Applications are processed securely online. 

Is Caribou right for you?

Caribou states that on average you could save $100 a month on your auto loan adding $1200 a year to your wallet. With several lenders to choose from, you can take control of your car payments within 24 hours. There are no hidden fees and all borrowers are eligible to prequalify with a soft credit check to ensure that they are eligible for the loan before applying.