Your car loan is likely one of your biggest debts, right up there with your mortgage or student loans. And let’s not forget about car insurance, which can be pretty steep, especially if your lender insists on comprehensive coverage with a low deductible. All in all, you’re probably spending thousands each year on your vehicle. But there’s a company called Caribou that might be able to help you out.
Caribou, previously known as MotoRefi, can’t make your car payment disappear or get your state to drop its auto insurance requirement. But it can help you lower your car loan payment by refinancing and find cheaper auto insurance. Sounds interesting, right? Let’s dive deeper into what Caribou offers.
Caribou’s main services are auto refinancing loans and car insurance policies. Their standout product is auto refinancing. While there are no guarantees, the average borrower who refinances through Caribou could save $100 on their monthly car payment. And if you have a larger loan with higher interest rates and principal and interest payments, you could save even more.
Caribou works with a growing network of lenders across the U.S., including local financial institutions and community-focused providers. The process to apply is straightforward: you provide some basic information about your car and your current loan, review the loan options Caribou presents to you, talk to a refinance specialist if you need help, choose your loan offer and apply, and then submit your documents online. But remember, Caribou isn’t a lender itself and can’t make any promises about your auto refinance loan rate, term, payment, or approval. Your Caribou partner lender might charge additional fees, like origination fees and loan processing fees.
Caribou also offers auto insurance. You give them some details about your car and the drivers you want on the policy, and they’ll compare car insurance rates from some of the top providers in the country in just a few minutes. Like with auto refinancing, there’s no guarantee of savings, but it’s worth taking a few minutes to check your options.
Caribou has some extra features and services you might find useful. You can add them when you’re looking at your loan options during the auto refinance process. These include Extended Vehicle Protection, which could help cover the cost of major repairs as your car gets older, Guaranteed Asset Protection (GAP) coverage, which could be a good investment if your car is worth less than you owe on your loan, key replacement coverage, and a Cosmetic Care Package, which could cover the cost of minor body, wheel, and glass repairs.
There are some great things about Caribou. Their auto refinancing process is smooth, they offer the potential for low rates and significant savings, and they have a lot of value-added features that can make owning a car a bit easier. They don’t pull your credit before showing you refinance loan rates, which is good if you’re still shopping around. They have a large network of lenders, which increases your chances of getting a great deal on a loan. Their application process is completely online, so you won’t have to deal with any paperwork. And they usually handle updating the lien with your state’s motor vehicle bureau, which can save you a trip to the DMV.
But Caribou isn’t perfect. They don’t offer auto lease refinancing, their customer support isn’t available on weekends, and they don’t have control over lender fees. They also don’t offer refinancing for motorcycles or commercial vehicles.
In conclusion, Caribou could make it easier to refinance your car loan and potentially save you money. They also offer a range of value-adds, like auto insurance, GAP coverage, Extended Vehicle Protection, and key replacement coverage. They can’t handle all your automotive needs (yet), but they’re doing a good job with the two biggest recurring expenses most car owners face. And it seems like they have more good things in the pipeline.
