Auto Loans
Top Companies in 2024
Caribou vs Upgrade
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- Significant savings
- No hidden fees
- Quick and easy process
- Diverse lender network
- Fixed fees
- Soft credit pull for pre-qualification
- User-friendly online application process
- Wide network of partners
- Mobile app
- Eligibility limitations
- Limited vehicle types
- Credit impact during final application
- Processing fee
- Limited state availability
- No co-sign option
- High maximum APR
- Strict vehicle eligibility requirements
Caribou Auto Refinance, founded in 2016, is a lending platform headquartered in Denver and Washington, D.C., that specializes in connecting borrowers with competitive auto refinancing options. The company partners with a network of lenders, primarily credit unions and community banks, to offer refinancing solutions tailored to individual needs. Caribou's online platform allows for a quick and easy application process, often completed within minutes. Key features of Caribou's services include prequalification without a hard credit check, the option to apply with a co-borrower, and access to additional products like guaranteed asset protection (GAP) insurance and key replacement programs. Caribou has an A+ rating from the Better Business Bureau and a 4.5-star rating on Trustpilot, indicating strong customer satisfaction. The company's financial stability is bolstered by significant backing from industry heavy hitters like Goldman Sachs and QED Investors. Despite a $399 processing fee, Caribou's services are designed to provide long-term savings through lower interest rates and flexible loan terms. For those seeking to refinance their auto loans, Caribou offers a seamless and potentially cost-effective solution, making it worth exploring further.
Upgrade, founded in 2016 and headquartered in San Francisco, is a fintech company specializing in personal loans, credit cards, and auto financing solutions, including refinancing options designed to lower monthly payments and save on interest costs. With a user-friendly online platform, they facilitate a seamless application process, often providing approvals within 24 hours and funding shortly after. Their services extend to both individual customers and auto dealerships, thanks to extensive partnerships with many financial institutions. Their customers benefit from features such as a soft credit pull for rate checks, fixed fees, and no origination fees, enhancing transparency and reducing costs. They also offer competitive loan terms, with options up to 84 months and the ability to pre-qualify without impacting credit scores. Their commitment to customer service is reflected in their A+ rating from the Better Business Bureau and accolades from industry leaders. Read our review to have a full-on breakdown of Upgrade and their services in detail.
- Loan Terms : Undisclosed
- Minimum Accepted Credit Score : Undisclosed
- APR : Undisclosed
- BBB Rating : A+
- Loan Terms : Up to 84 months
- Minimum Accepted Credit Score : 580
- APR : Between 5.54% and 19.94%
- BBB Rating : A+
- Pre-qualification without credit impact
- No SSN required for rate check
- Wide range of protection services
- Wide eligibility for various credit scores
- No origination fees or prepayment penalties
- Direct payoff to current lenders
- Lease Buyout—Undisclosed
- Loan Refinancing—Undisclosed
- New Vehicle—Undisclosed
- Private Party—Undisclosed
- Used Vehicle—Undisclosed
- Lease Buyout
- Loan Refinancing
- New Vehicle
- Private Party—Undisclosed
- Used Vehicle
- Extended Warranty—Undisclosed
- GAP Insurance
- Limited Warranty
- Mobile Application
- Online Account Management—Undisclosed
- Return Policy—Undisclosed
- Extended Warranty—Undisclosed
- GAP Insurance
- Limited Warranty—Undisclosed
- Mobile Application
- Online Account Management
- Return Policy—Undisclosed
- Hard Credit Check—Undisclosed
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check—Undisclosed
- Hard Credit Check
- Income
- Minimum Credit Score
- Pre-qualification With Soft Check
- Documentation/Processing Fee
- Late Payment Fees—Undisclosed
- Origination Fee
- Prepayment Penalties—Undisclosed
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees
- Documentation/Processing Fee—Undisclosed
- Late Payment Fees
- Origination Fee
- Prepayment Penalties
- Title Transfer Fee—Undisclosed
- Upfront or Application Fees
- Automatic Payments—Undisclosed
- Cash—Undisclosed
- Check—Undisclosed
- Debit or Credit Cards—Undisclosed
- In-Person Payments
- Mail-In Payments—Undisclosed
- Online Payments
- Phone Payments—Undisclosed
- Automatic Payments
- Cash
- Check
- Debit or Credit Cards
- In-Person Payments
- Mail-In Payments
- Online Payments
- Phone Payments
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
- Articles and Videos
- FAQs
- Help Guides
- Live Chat
- Phone
Caribou vs. Upgrade
When comparing Caribou and Upgrade, two financial platforms offering auto loan refinancing, it's essential to consider their services, ease of use, pricing, and customer support. Both companies have distinct features tailored to different financial needs, and understanding their strengths and limitations will help potential borrowers make an informed decision.
Service range and offerings
Caribou specializes in auto loan refinancing and connects borrowers to a network of credit unions and financial institutions. They mainly focus on providing lower interest rates or monthly payments by refinancing existing auto loans. Caribou also offers services such as key replacement, auto insurance, extended vehicle protection, and title and registration updates, creating a well-rounded approach to car ownership. However, Caribou's offerings are limited to refinancing; they don’t provide direct loans for purchasing new or used vehicles.
Upgrade, on the other hand, provides both auto loan refinancing and new auto financing options. They partner with a wide array of financial institutions, offering flexibility and more variety in loan terms. In addition to auto loans, Upgrade also provides personal loans, savings accounts, and credit cards, making it a more comprehensive financial services provider. They aim to simplify the loan process with an easy-to-use online platform.
Pricing and fees
Regarding fees and costs, Caribou charges a $499 processing fee, which may be bundled into the refinanced loan. Their service allows for quick loan comparisons, ensuring customers get the most competitive rates without any hidden charges upfront. However, eligibility restrictions apply, particularly for vehicles older than ten years or with high mileage.
Upgrade, in contrast, does not charge origination fees for auto loan refinancing. They offer fixed APRs ranging from 5.54% to 19.94%, depending on the borrower’s credit score and vehicle details. While they don’t charge a processing fee, their higher maximum APR might deter customers with lower credit scores. Additionally, Upgrade offers discounts for borrowers who enroll in autopay, helping them save further on interest payments.
Customer support and reputation
Caribou has established itself as a trusted platform for auto refinancing, boasting an A+ rating from the Better Business Bureau (BBB). Their customer support is well-regarded, with dedicated loan specialists available to assist at every step. However, they are limited in state availability, excluding five states from their services.
Upgrade also enjoys a strong reputation, with over 5 million customers and more than $31 billion in loans facilitated. They too hold an A+ BBB rating, and their mobile app offers customers a convenient way to manage their loans. However, Upgrade’s auto financing services are unavailable in all states, limiting access for some customers.
Conclusion
Caribou is ideal for individuals seeking a streamlined auto refinancing process, particularly those focused on lowering monthly payments or securing better loan terms. Their network of lenders offers flexibility, but their services are limited to refinancing existing loans. Conversely, Upgrade provides more comprehensive auto financing options, including loans for vehicle purchases, with a broader suite of financial services beyond auto loans. Both platforms are highly reputable, but their choice depends on whether a borrower is looking to refinance only (Caribou) or seek a broader financial solution (Upgrade).