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.
- Instantly compare rates to find the best deal in minutes
- Save money by refinancing your auto loan
- Ability to compare auto insurance rates
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 40,000 customers save over $50 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 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.
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 email@example.com. Additionally, you can call 1-877-445-0070 from Monday to Thursday from 9 AM to 9 PM EST and Friday from 9 AM to 8 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.
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!
Minimum Credit Score
Maximum Loan Amount
1.25% to 21.24% APR
Processing Fee: $399
Application Processing Time
Up to 24 Hours
Customer Service Number
Customer Service Hours
Monday-Thursday, 9 AM-9 PM (EST)
Friday 9 AM-8 PM (EST)
Caribou allows you to save money on your vehicle by offering auto loan refinancing and car insurance comparison options.
- Soft credit check to explore options
- No Social Security number required to see options
- Streamlined online application
- Expensive processing fee
- Customer support unavailable on weekends
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.