Caribou Review: Auto Loan Refinance Made Easy

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Are you on the market to refinance your current auto loan? Look no further. Caribou (formerly known as MotoRefi) is an online lending marketplace that partners with leading local, regional, and national auto lenders.

On their platform, you can preview auto loan refinance rates, ask questions, and shop around for the best possible interest rate, all without impacting your credit.

If you are looking for a straightforward, efficient, and painless process, then Caribou warrants some serious consideration.

Keep reading to find out what they offer, how they compare to other leading marketplaces, and what you should expect in this Caribou Review.

Online Auto Refinance
Caribou Review
On Caribou's Secure Website
Caribou Auto Loan Refinance
  • Loan Amount
    $5,000 - $50,000
  • Est. APR
  • Learn More
  • Auto Loan Details

Caribou Pros & Cons


  • Partners with a Network of Lenders to Help Find You the Lowest Interest Rate
  • Pre-qualification Process Does Not Hurt Credit
  • Transparent & Timely Offers from Verified Lenders
  • Available in All States & Washington D.C.
  • APRs as low as 3.49%
  • Loans Between $5,000 – $50,000
  • Allows for Co-Borrowers
  • Touts an A+ Rating from the Better Business Bureau


  • One-Time $399 Fee for Processing Documents and Vehicle Re-Titling
  • Only Offers Auto Loan Refinancing

What Is Caribou?

Caribouis a hot startup redefining the way consumers refinance auto loans. The team behind Caribou are on a relentless mission to liberate Americans from bad auto loan deals.

To do this, they have partnered with the best local and national auto loan lenders to bring consumers an easy auto loan refinance process that enables you to refinance your auto loan at a rock bottom interest rate.

Born in Arlington, Virginia – right outside of Washington D.C. – Caribou was founded by leaders in the technology, automotive, and finance industries who have built a seamless online lending platform that helps pair you with the best (lowest) auto loan refinance rates.

With their straightforward and robust digital platform, Caribou is bringing simplicity and transparency to auto loan refinancing.

How Does Caribou Work?

Fortunately, it could not be easier to refinance your auto loan through Caribou. Even to view pre-qualified offers, you do not need to provide your Social Security Number (SSN), nor will it impact your credit score.

Here is how Caribou works step-by-step.

Step 1: Check Your Rate

Maybe you aren’t sure whether you should refinance your auto loan or not. With Caribou you can review tailored pre-qualified offers in seconds from various lenders, all without hurting your credit.

To do this, head over to their website and get started. You will not be asked for your Social Security Number throughout this process, so there is no obligation or risk associated with checking your new auto loan rates.

Step 2: Review & Select the Best Offer

After you submit your basic information, you will review your custom auto loan rates.

During this step, you can also select from various premium products to ensure your vehicle is protected from unexpected emergencies.

And if you run into any questions, feel free to ask the customer support team. A member is available to assist you from start to finish. This is yet another reason why thousands of Americans trust and rely on Caribou

Step 3: Finalize Your Refinance

After you have thoroughly reviewed every offer and had the opportunity to ask your customer support representative any last-minute questions, it is time to finalize your new rate.

To this, you will need to submit some personal information (SSN, Email, etc.) and sign your auto loan refinance documents. This can all be done online through the Caribou digital platform.

Refinancing Your Auto Loan through Caribou is a Painless Experience

Apart from these three simple steps, Caribou does the heavy lifting for you. On your behalf, Caribou will pay off the old lender and will handle re-titling the vehicle.

Why? Because no one deserves to waste their time taking a painful trip to the local DMV. 😊

Caribou Fees

The only downside to using Caribou is that they charge a one-time $399 fee to process your auto loan refinance documents and re-title your passenger vehicle (car).

However, if you value your time, then this fee is well worth it. The fact that you will not have to go to the DMV is a game-changer. Do you remember the last time the DMV was efficient and fast? Didn’t think so.

Caribou Rates for Auto Loan Refinance

It is important to note that Caribou is not a direct lender. Instead, they operate as a middleman. They have partnered with dozens of local and national lenders to bring you timely, transparent loan offers.

Currently, Caribou advertises rates as low as 1.49%; however, this is just a ballpark figure. Your rate will be dependent on your credit score, income, term, and loan amount.

Caribou Features and Benefits

Where do we begin? The Caribou experience is truly revolutionary, painless, and quick. Below are a few of our favorite features and benefits.

Rock Bottom (Low) Starting APR

While your interest rate will certainly depend on your credit score, car, and loan term, consumers tend to receive low-interest rates. As they advertise, rates start as low as 1.49%.

Moreover, Caribou provides you with ample choices, so you can make a simple, informed financial decision.

Pre-qualification Process

This is single-handedly the most beneficial feature that Caribou offers. Without impacting your credit or submitting your personal information, you can go through the pre-qualification process.

During this process, you will be able to see pre-qualified (estimated) loan offers from various partner lenders.

This will allow you to analyze all options and decide whether or not you should move forward with refinancing your auto loan.

While this feature will certainly help paint a clear picture, the rates you see during this process may change once you submit your formal application.

One Straightforward Loan

With Caribou, you can only refinance your auto loan. So, if you are looking to finance a new car, then it is best to look elsewhere. Additionally, Caribou refinances auto loans for passenger vehicles only (cars, trucks, & SUVs).

Unfortunately, you cannot refinance your motorcycle, commercial vehicle, or other means of transportation that you financed.

Rumor has it that they are building out this capability and rolling out additional offerings shortly.

Caribou Requirements (And Documents Needed)

  • U.S. Citizen or Permanent Resident
  • Have a Social Security Number (SSN)
  • Vehicle Documentation
  • Mailing Address
  • Monthly Income
  • Information About Your Previous Loan
  • 18+ Years or Older

To use the services offered, you must have a Social Security Number (SSN). While the pre-qualification process does not require this important piece of information, it is required once you are ready to formally refinance your auto loan.

Additionally, consumers with a 650+ credit score have the best success and receive the lowest interest rates. There are better refinancing opportunities elsewhere if you currently have bad credit.

Additional Caribou Products Offered

  • Total Loss Protection: This product protects you against a total loss of your vehicle. Guaranteed Asset Protection (GAP) insurance helps you cover the difference between the total damage incurred on your vehicle and the value of your car.
  • Key Replacement: Let’s face it, we have all lost our keys at one point in time. This feature will cover the cost of new keys.
  • Extended Vehicle Protection: Prepare for the unexpected. Extended Vehicle Protection will offset costly repairs.
  • Cosmetic Care Package: Tired of dents or a broken windshield? We thought so. This product will cover the cost of these various expenses.

Caribou Reviews: What Are Previous Customers Saying?

As of writing, Caribou commands an A+ rating from the Better Business Bureau (BBB) and an average of 4.8/5 Stars.

With over 600+ reviews, it is safe to say that Caribou is a safe bet if you are on the market to refinance your auto loan.

Previous customers rave about the painless experience, transparency and applaud the standout customer support representatives for helping them throughout the entire process.

How Does Caribou Compare to Other Auto Loan Companies?

#1. Auto Approve

Auto Approve is another Auto Loan Refinance Marketplace that partners with various lenders to provide you with the best possible rate.

Auto Approve is entirely online but has a few requirements. Your car cannot be more than 10 years old and must have less than 150,000 miles.

>> More:Full Auto Approve Review

#2. RefiJet

RefiJet has partnered with hundreds of regional and national lenders to provide you with tailored auto loan refinance rates.

However, what differentiates RefiJet from the rest is the fact that they will process a lease buyout loan for you.

>> More:Full RefiJet Review

#3. RateGenius

Yet another auto loan refinance marketplace, RateGenius, will help you refinance your current auto loan or process a lease buyout loan. That said, it does not have a streamlined pre-qualification process, so expect a hard credit inquiry.

>> More:Full RateGenius Review

#4. Autopay

Autopay is a marketplace that helps consumers find a new auto loan or refinance their current auto loan at a competitive interest rate.

Autopay will help you save money, time and will bring you peace of mind with their robust offerings and customer support.

>> More:Full Autopay Review

Caribou Frequently Asked Questions

Is Caribou a Good Company?

Yes! Caribou is backed by some of the most respected Financial Technology Venture Capitalists (QED, Motley Fool Ventures, Construct Capital, Link Ventures, & Accomplice). Additionally, Caribou touts an A+ rating from the illustrious Better Business Bureau, which has been at the forefront of vetting private companies since their founding.

Does Caribou Require a Hard Credit Inquiry?

It depends. To view pre-qualified loan offers, no credit inquiry is necessary. Simply input a few variables, and you can see loan offers from partner lenders.

However, once you select a loan and finalize the refinance process, Caribou will do a hard inquiry. This is because all lenders require a hard inquiry to verify your credit score and history.

Is Using Caribou Free?

No, Caribou charges a one-time $399 fee to process your refinance documents and to re-title your vehicle. But this simple step saves you from the dreaded trip to the local DMV.

Bottom Line: Caribou Review

Caribou is a good option for those looking to refinance an auto loan and have a good credit score. If you are looking for an efficient, transparent way to refinance your auto loan, Caribou warrants serious consideration.

Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.