FAQs
You’ve got questions? We’ve got answers.
What is auto refinancing?
I’ve heard of refinancing a mortgage. Can I really do the same thing for my car?
Most people are familiar with refinancing a mortgage, but you can also refinance auto loans! When you refinance an auto loan through Caribou, you could save hundreds – even thousands – of dollars in interest.*
Why should I refinance my vehicle?
Many people refinance because they can get better terms than when they first purchased their vehicle. This saves people money over the lifetime of their loan, either with a lower monthly payment, interest savings, or both! When you refinance, you also have an opportunity to adjust the term of your loan.
What factors go into qualifying for a refinance?
When you apply for a refinance, we’ll need a few pieces of information about you and your vehicle. This information helps us find the terms that you qualify for and helps us pair you with one of our trusted lending partners.
What kind of vehicles can I refinance through Caribou?
We currently work with all passenger vehicles including cars, trucks and SUVs. At this time, we are unable to offer refinancing for motorcycles and any commercial vehicles.
Can I refinance my lease through Caribou?
No, we do not currently offer auto lease buyouts.
How can I learn more about auto refinancing?
To learn more about refinancing your car and how it works, visit our understanding auto refinancing page.
What is APR?
The annual percentage rate (APR) is the total yearly cost of borrowing money. Learn about how APR is calculated in our auto refinance term glossary.
How to get started with auto refinancing
I’m interested in checking my rates. What’s involved?
To check your rates through Caribou, you’ll fill out a short application that provides us with general information about you, your current auto loan, and your vehicle. Then our technology gets to work, searching for competitive refi loan options for you in minutes.
If you qualify, you’ll see offers from our lenders with no obligation, no impact to your credit score. Learn about the application steps.
Will checking my rate impact my credit score?
No. To check the rates and terms you qualify for, we conduct a soft credit pull that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lending partners will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Will a hard credit pull affect my credit score?
The impact of a hard credit pull (or “hard credit inquiry”) will vary from person to person based on their unique credit histories. In general, hard credit inquiries have a small impact on your credit score. For most people, one additional hard credit inquiry will decrease their FICO score by five points or less. If you have a strong credit history and no other credit issues, you may find that your scores drop even less than that. A hard credit pull generally stays on your credit report for up to two years, but its impact on your credit score typically diminishes over time.
What information do you need about my vehicle?
When checking your rate, we’ll need either your VIN, license plate number or make/model/trim of your vehicle. This is because we’ll use the value of your vehicle to find you the refi loan options available to you.
Where can I find my VIN number?
You can find your VIN where the dash and windshield meet on the driver’s side of your vehicle and on the end of the driver’s side door. You can also find your VIN on your vehicle’s registration paperwork and insurance card.
Can I refi with a co-borrower?
Yes, you can submit an application to refinance with an existing co-borrower.
Do you need my social security number?
You can view your refi offers without submitting a Social Security Number (SSN). However, in order to complete your application and lock in your savings, you will need to provide your SSN as part of your loan application.
Will I need to confirm my income?
To provide you with competitive offers, our lending partners may require that we confirm your income via documents you submit (e.g., a pay stub or W-2). To be approved, the income stated on your loan application must match what is reported in your submitted documents.
Are there any fees involved with my refi?
Caribou does not charge applicants any application fees. There is no charge to receive a quote and submit an application to a lending partner. Your new loan may include processing fees, title transfer fees, state fees, or other charges, which vary by lender and by state. You’ll receive an itemized breakdown of fees in your lender agreement to review before finalizing your contract with your new lender.
Ready to save on your car loan?
Check out your auto refinance options through Caribou now and see how much you can save!
What to know about credit freeze
What is a credit freeze?
A credit freeze (or security freeze) is a financial protection that you can leverage to restrict access to your credit report. It’s a security measure that helps prevent identity theft by blocking unauthorized accounts from being opened in your name.
What happens if my credit is frozen?
If your credit is frozen, we won’t be able to access your credit report. This means we can’t check your refinance rates or process your application.
How do I unfreeze my credit to check my rates?
You have two options:
— Temporary thaw: Lifts the freeze for a set time, allowing us to check your report. The freeze automatically resumes afterward.
— Permanent removal: Completely lifts the freeze until you request to reinstate it.
Each credit bureau has different methods for unfreezing your credit:
| CREDIT BUREAU | ONLINE | PHONE | |
| EXPERIAN | Experian Freeze Center | 888-397-3742 | Experian Security Freeze P.O. Box 9554 Allen, TX 75013 |
| TRANSUNION | TransUnion Service Center | 888-916-8800 | TransUnion P.O. Box 160 Woodlyn, PA 19094 |
| EQUIFAX | Equifax Consumer Services Center | 888-298-0045 | Equifax Information Services LLC P.O. Box 105788 Atlanta, GA 30348-5788 |
How long does it take to unfreeze my credit?
— Online or phone requests are typically processed within minutes.
— Mail requests take longer, depending on processing times.
When should I unfreeze my credit?
Unfreeze your credit shortly before checking refinance rates or applying. Once you’ve completed your application, you can either re-freeze it manually or let the temporary thaw expire for added security.
Yes, we recommend unfreezing your credit with Experian, TransUnion, and Equifax to ensure we can access a complete credit profile.
Will unfreezing my credit affect my credit score?
No, unfreezing your credit does not impact your credit score. However, please note the difference between a soft credit pull and a hard credit pull:
— Soft credit pull (initial rate check): No impact on your score.
— Hard credit pull (full application): May cause a slight, temporary dip.
What if I forget to re-freeze my credit?
It’s up to you to manage your credit freeze, but if you used a temporary thaw, it will automatically reapply. If you manually lifted your freeze, consider setting a reminder to reinstate it when you’re done.
How to complete your auto refinance application
I picked my refinance loan option. What’s next?
Once you’ve selected the loan option that works best for you, you’ll lock in your rate by creating an account and uploading a few documents using our online platform.
How do I upload my documents?
When it’s time to upload your documents, there are a few different ways you can send them. You can upload via the online platform. Read more about how to send us your documents.
Does Caribou offer products that can preserve the value of my vehicle?
Yes. If your refi is eligible, you’ll have the option to select Total Loss Protection, Extended Vehicle Protection, Key Replacement, and other products! Visit our Products page to learn more about these tools to help you protect the value of your vehicle.
Your newly refinanced auto loan
What’s the final step in my refinance process?
To complete your refinance, you’ll e-sign your loan agreement with your new lender via our online platform. Then, we will work with your new lender to ensure that your old lender is paid off and your refinance is complete. This is the very last step in the refi process.
After that, you can relax and enjoy your newfound savings!
How do payments work during and directly after the refi process?
While refinancing, you’ll continue paying monthly on your current loan, until your new lender pays off your old loan. Concerned that you overpaid on your old loan in the process? Don’t worry – your old lender is required to send you a refund if there is any overpayment.
Car insurance
Have questions on your current insurance policy?
If you worked with Caribou in the past in order to obtain insurance coverage through one of our partners and have questions about your policy or coverage, please see the below chart for who to contact with questions.
Insurance Carrier Phone Number
Branch
855-441-7033
Mile Auto
888-645-3001
ClearCover
855-444-1875
NatGen C360
888-325-1190
Elephant
855-939-5367
Nationwide
800-282-1446
Foremost
800-527-3905
Safeco
866-472-3326
Grange
855-299-2040
Travelers
877-878-2468
— Insurance documents needed for refinancing
Why do I need to provide insurance documents?
As part of the refinance process, lenders typically require proof of insurance to confirm your coverage details, vehicle information, and lender/lienholder information. In many cases, they may ask for your insurance declarations page, while some may accept an insurance card or binder.
What is an insurance declarations page?
A declarations page is usually the most complete insurance document. It includes details like your name and address, vehicle VIN/year/make/model, policy dates, coverage types and limits, deductibles, and lienholder information.
Here’s an example of what an insurance declarations page looks like.
Where can I get my insurance declarations page?
You can usually get your insurance declarations page by logging in to your insurance carrier’s website or mobile app and looking for Documents, Policy Documents, Policy Coverage Summary, Declarations Page, or Proof of Insurance.
If you can’t find your declarations page online, contact your insurance carrier or agent and ask them to send you a copy of your auto insurance declarations page. If your lender asks for an insurance binder, ask your carrier or agent for a binder that includes your vehicle, coverage, deductible, and lienholder information.
| Insurance carrier | Where to start | Contact option |
| State Farm |
Log in to your State Farm account
| Call 800-STATE-FARM (800-782-8332) or contact your State Farm agent. |
| Progressive |
Log in to your Progressive account
| Call 1-888-671-4405 for general customer service, or use Progressive’s online email/contact form. |
| GEICO | Log in to your GEICO account
| Call (800) 841-3000 or use Geico’s email/contact option. |
| Allstate |
Log in to your Allstate account
| Call 1-800-726-6033, use 24/7 chat, or use Allstate’s email/contact option. |
| USAA |
Log in to your USAA account
| Call 800-531-USAA (8722) or 210-498-2211, or use USAA’s website/mobile app support options. |
Is my insurance card enough?
Not always. An insurance card proves you have active coverage, but lenders may need more detailed information than the card provides.
Why do I need to update my lienholder?
When you refinance, your new lender pays off your old loan and becomes the new lienholder. Your insurance policy may need to be updated with the new lender’s name and address.
❗We’ll let you know if you need to update your lienholder on your insurance policy. We’ll provide your new lender’s exact name and address, usually after you sign your contract.
