Caribou and RateGenius are marketplaces designed to help you find lenders for auto loan refinancing. They allow you to compare multiple offers simultaneously, making it easier to secure the lowest rates and the best terms. Caribou excels at providing prequalification options, while RateGenius is ideal for those needing quick funding.

Caribou vs. RateGenius at a glance

Both Caribou and RateGenius facilitate easy comparisons between lenders. However, Caribou is not available in all states and may require you to borrow more to qualify with its network of lenders. Additionally, both marketplaces have high minimum loan amounts.

CaribouRateGenius
Better forA seamless online applicationA wide range of lendersLarge lending networkAbility to compare lenders side by side
Loans offeredAuto loan refinancingAuto loan refinancingLease buyout
Loan amounts$10,000–$125,000$8,000–$150,000
APRs5.95%-28.55%Starting at 4.99%
Loan term lengths24–84 months12–84 months
FeesProcessing fee ($499)Some lenders will charge finance and processing fees
Minimum credit score640Not specified
State footprint45 states plus Washington, D.C.All states
Time to fundingVaries by lender24-48 hours
Autopay discount?Not specifiedNot specified
Refinancing restrictionsMileage: Less than 120,000Income: At least $2,000/monthAdditional restrictions may apply, depending on lenderAt least 24 months remaining on your loanVehicle age: Under 10 years oldMileage: Less than 120,000

Caribou

Caribou enables borrowers to compare refinancing loans through its lending platform. It connects borrowers with lenders such as credit unions and community banks, potentially helping you secure a competitive APR. This wide range of possible matches can be advantageous if you need to refinance with bad credit.

While many lenders offer online applications, Caribou’s process allows you to apply, view offers, and submit documentation all in one place. It also encourages bundling additional products like gap protection when finalizing a new loan. This convenience is beneficial if you are interested in these add-ons and do not mind paying interest on their cost.

Pros

  • Rate Comparison: Borrowers can compare different loan options side by side to choose the best offer.
  • Accepts Co-Borrowers: Applying with a co-borrower can help those with poor credit secure a more competitive loan.
  • Additional Products: Caribou offers gap protection, key replacement, and other products alongside its marketplace.

Cons

  • Limited State Availability: Caribou is not available in Massachusetts, Maryland, Mississippi, Nebraska, Nevada, Wisconsin, or West Virginia.
  • High Maximum APR: Lenders in Caribou’s network charge a high maximum APR of 28.55%, which is higher than what many competitors advertise.
  • Potential Steep Processing Fee: Depending on the lender you are matched with, a $499 processing fee may be required.

RateGenius

Like Caribou, RateGenius is a loan marketplace that enables borrowers to compare multiple loan options simultaneously. With a network of over 150 lenders, RateGenius uses your credit information to find the best refinancing options. In addition to refinancing loans, its network also offers lease buyouts.

Once you submit details about yourself and your current loan, you will receive offers. While some lenders offer prequalification, it is not always guaranteed. RateGenius has more stringent vehicle requirements than Caribou but allows you to qualify even if you need to borrow less.

Pros

  • Large Lender Network: With over 150 lenders, RateGenius covers all 50 states, unlike Caribou.
  • Daily Rate Updates: RateGenius is updated daily with the current minimum interest rates offered by its lenders.
  • Lease Buyout Loans: RateGenius offers lease buyout loans, a feature not provided by Caribou.

Cons

  • Refinancing Restrictions: There are restrictions on the vehicle’s age and mileage, but they are no stricter than average.
  • Potential Lender Fees: Some lenders in the RateGenius network have early repayment fees and other charges, similar to Caribou.
  • Max APR Not Listed: RateGenius does not specify the maximum APR, which means you could face interest rates of 30% or higher.

How to choose between Caribou and RateGenius

Both Caribou and RateGenius are excellent starting points for refinancing your auto loan. They allow for side-by-side comparisons without impacting your credit score and offer relatively low starting rates.

Choose Caribou for prequalifying

The prequalification process provides an estimate of your expected monthly payment without a hard credit pull. Once you prequalify, you can incorporate this number into your monthly budget to ensure the loan is affordable and lower than your current auto loan payment.

Caribou advertises an APR range from 5.95 percent to 28.55 percent. The minimum APR is below industry averages, according to Bankrate data, but it is likely available only to borrowers with excellent credit.

Be aware of a potential $499 processing fee. While Caribou does not charge this fee directly, the lender you’re matched with might. If you decide to proceed with a Caribou loan, make sure to include this additional cost in your budget.

Choose RateGenius if you need fast funding

Some people refinance to lower their monthly costs when they are worried about missing an upcoming car payment. If this is your situation, you’ll need a quick refinancing process. RateGenius offers funding in as little as 24 to 48 hours, which is faster than many lenders and quicker than Caribou’s undisclosed timeline.

RateGenius’s online application is straightforward, and many lenders allow for online document review, speeding up the process further. Additionally, unlike Caribou, RateGenius works with lenders in all 50 states.

Compare more lenders before applying

Both Caribou and RateGenius enable you to compare multiple auto loan refinancing options. Caribou is ideal for those interested in prequalifying, while RateGenius is better suited for those seeking a quick process.

As with any financial decision, securing the best refinancing loan involves comparing lenders. Caribou and RateGenius simplify this process, but you can always conduct the research yourself if you prefer to avoid using a middleman.