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Carputty: 2023 auto loan review Published 2023-01-26 15:27:17
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of the clarity of his reporting, which helps readers easily land deals and make the most informed decisions regarding their money. He specializes in small business and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including such things as the order in which they be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the content we publish or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be accessible to you.
About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information, including rates and fees, presented in the review is correct as of the date that the review was written. Check the data on the right as well as the lender’s website to find the most recent details.
At a glance 4.0 Rating: 4 stars out five
Score of the Bankrate
The Availability Score: 4.3 stars out of 5
The Affordability Score: 2.8 stars out of five
Customer Experience Rating: 3.8 5 stars from five
Transparency Rating: 5 stars out of 5
Find out about rates for auto loan rates
About Carputty Loan amount Lines ranging from $25,000 to $250,000.
Min. credit score Not specified
APR from 7.14%-9.64 percent
Funds are available as soon as possible.
The pros and cons of using Carputty are that Borrowers can finance higher than normal amounts, and also benefit from quick funding. However, the product is not available in all states.
PROS Car buying assistance
Maximum loan amount loan amount
Preapproval
HIGH MINIMUM APR CONS
Inconsistency in repayment terms
Carputty is an internet-based direct lender that offering unique line of credit loan process called Flexline. With just one application, drivers can manage all of their vehicles for the duration of their ownership using their line of credit. Carputty encourages its borrowers to manage their car loans the way they would other financial assets, allowing the flexibility to decide when to purchase or sell.
Do you qualify? Carputty does not provide particular requirements for credit score or income However, in order to apply the applicant must be 18 years of age employed and a citizen of the United States. Residency. You must reside in the following states: AK, AR, AZ, CO, CT, DC, FL, GA, IA, IL, KY, MA, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA or WI. Vehicle. The financed vehicle must be a model year less than eight years prior to the date of application and be less than 85,000 miles. Loan-to-value. If you are buying used vehicles, the LTV cannot exceed 110 percent (for used vehicles that are in the current year the amount is determined by 90 per cent of the MSRP). For new vehicles it is required that the LTV must not surpass 100 percent MSRP. We like it and dislike While the Flexline program makes vehicle financing a seamless process, Carputty might not be the most suitable lender for all drivers. We like the Car-buying support. Carputty offers borrowers assistance in the buying process by using the V3 tool which helps buyers decide when is the most suitable time to purchase. High maximum loan amount. Borrowers can finance for as much as $150,000 per vehicle, or $250,000 total — on the higher end in comparison to traditional rivals. Preapproval. With the option to apply for , you will know the approximate monthly payment before signing off to sign off on the loan. We don’t like high minimum APR. A start-up APR of 7.14 percent can be high. For those with great credit, they may find cheaper rates at other banks. Confusing repayment terms. The balance is subject to 36-month repayment terms, but there are options to extend the amount by a certain amount or to repay it earlier but none of these options are clearly explained on Carputty’s website. How can you contact Carputty Carputty provides customer support every day of the week through its chat feature on its website from 8 a.m. to 6 p.m. EST or over email at help@carputty.com. Outside of the chat function, Carputty has a fairly detailed FAQ section which outlines the process of applying and financing. Auto loan forms are available. Carputty provide auto loans for drivers looking to finance a new or used car, or refinance an existing loan or undergo a lease buyout. The credit lines are available from $25,000 up to $250,000. Individual advances can be as low as $10,000 to 150,000 (provided you have that amount of credit in your account). Terms for repayments are difficult to understand. If you’re approved to use the line of credit and you’re given 24 months to use it, or it will be closedand it’s in effect for a long time if it is in use. The process of putting a balance on the LOC by funding a vehicle begins a 36-month period. When the term is over you will have the option to continue the current repayment plan and refinance for an additional 24 months (extending the total repayment term) or repay the loan early. The V3 valuation tool developed by Carputty can help you determine when the time to sell your car is due dependent on market data. Valuation can be conducted ahead of loan application directly through the Carputty site. This tracks and monitors vehicle value, so that at any time during ownership, you are able to decide to sell based on the market’s trends. Used and new automobile loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
The highest maximal loan amount of $250,000 allows Carputty an excellent option for people who want to finance an expensive new car or a number of vehicles at once. Refinance
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
Refinancing the current car loan can provide you with lower monthly payments or higher rates. Make use of this opportunity check to see if refinancing a loan will really save you money. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%
If you’re interested in purchasing your lease-owned vehicle, Carputty offers assistance and assistance throughout the process. A lease buyout can help you avoid costly wear and tear fees and permit you to hold onto your current vehicle. How to apply for a loan through Carputty The application for an auto loan directly through the Carputty site and get approval in a matter of minutes. Through only one application you’ll be granted access to a flexible line of credit that is able to be utilized at any time. In the initial application you’ll have to go through a soft credit check and then a hard credit pull when the credit line is approved. The Atlanta-based lender may also perform a credit pull that is soft every 45 days in order to monitor your credit. According to the website the interest rate you pay will be determined by the credit score of yours, and not on vehicle information such as year, make or model this is a distinctive characteristic when compared with traditional lenders. But if you have bad credit, it’s recommended to use different underwriting criteria, not unlike Carputty. The funds will be available within the same day you apply. Once you are accepted, you’ll have access to a secure dashboard from which you can monitor your current loans or purchase new vehicles.
Information required for application Contact information and Social Security number Proof of employment
In contrast to other lenders, Carputty doesn’t require any vehicle details until the preapproval process is completed. Once that is done, you will input vehicle details such as, model, make, year and the license plate number on your Carputty dashboard.
Carputty FAQs
Are Carputty reliable lender? Yes, Carputty has been certified by Better Business Bureau since early 2022. The company plans to broaden its state-wide coverage.
Do I qualify for an auto loan with Carputty even if I have bad credit? Carputty uses credit score as the main factor in determining credit risk. Therefore, those with poor credit might not get the most competitive rates. Instead, check out the options available to .
What can I do to repay my car loan by using Carputty? You can pay or schedule a payment online by signing in to your account and connecting your payment method.
How Bankrate rates Carputty
Overall Score
4.0
The availability
4.3
Although the lender boasts a large loan amount, it currently is only serving 32 states.
Affordability
2.8
The possibility of fees as well as high APR diminishes the overall strength of this category.
Customer Experience
3.8
Carputty provides support only Monday to Friday , and on an hourly basis.
Transparency
5.0
The ability to prequalify applicants and provide rate and fee disclosures give Carputty a perfect score.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Criteria for acceptance, whether charges and rates are readily available and the range of APR all affect lender scores. These scores are broken up into four categories. Accessibility: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you have to shop for, the customer service hours, whether there’s an app and autopay payment options are all accounted by this category. Transparency: This category accounts for the availability of fees and rates as well as the availability of prequalification.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate as of the date of the review. Look over the information on the right, and the lender’s website for the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using loans to buy an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers confidently find deals and make the best choices for their finances. He is a specialist in small business and auto loans.
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