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Carputty Auto loan review. Published 2023-01-26 at 15:27:17.

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of borrowing money to purchase a car.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values clear reporting that helps readers confidently find deals and make the most informed decisions regarding their money. He is a specialist in small and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial deals that could be accessible to you.

Reviewer’s disclosures: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information, including rates and fees, presented in the review are accurate as of the date of the review. Check the data in the upper right hand corner of the page, and the lender’s site for the most recent information.

A glance 4.0 Rating 4 stars out five

Score at the Bankrate

Availability Rated: 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 amounts Lines from $25,000-$250,000

Min. credit score Not specified

APR ranges from 7.14%-9.64 Percent

Funds available as early as the next day.

Carputty pros and cons Borrowers can finance higher than normal amounts, and also benefit from quick funding. Still, the product isn’t available in every state.

PROS Car purchasing support

High maximum loan amount

Preapproval

HIGH MINIMUM APR CONS

Inconsistency in repayment terms

Carputty is an internet-based direct lender that offering unique line of credit funding process called Flexline. Through a single application, users can manage all their cars over the whole life of ownership through this line of credit. Carputty encourages its borrowers to manage their car loans in the same way as they manage other financial assets, allowing for flexibility when it comes to purchase or sell.

Do you qualify? Carputty does not disclose any specific criteria for credit score or income However, in order to apply applicants must be at or above 18 years of age employed, and a legal resident of the United States. Residency. You must be a resident in the states listed below: 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 vehicle that is to be used for financing must have a model year that is less than eight years old prior to the date of application and have fewer than 85,000 miles. Loan-to-value. For those purchasing used vehicles The LTV must not exceed 110 percent (for used vehicles in the current year the amount is determined to be 90 percent MSRP). For new vehicles that are brand new, the LTV cannot surpass 100 percent MSRP. We like it and what don’t like While the Flexline program helps make financing a vehicle effortless, Carputty might not be the ideal lender for all drivers. We like the Car-buying support. Carputty offers borrowers assistance in the process of buying a car through the V3 tool that helps buyers to determine the ideal time to purchase. High maximum loan amount. Borrowers can finance for as much as $150,000 per vehicle or $250,000 for the entire amountwhich is higher in comparison to traditional rivals. Preapproval. With the option to apply for , you’ll have an idea of your monthly payment before signing off for your loan. What we don’t like High minimum APR. A start-up APR of 7.14 percent is a bit steep. People with good credit might obtain lower rates elsewhere. Uncertain terms for repayment. Your balance has a 36-month term for repayment, however there are options to extend the amount by a certain amount or repay it early and none of those options are explained on the Carputty website. Contact information for Carputty Carputty provides customer support on a daily basis through its chat feature on its website between 8 a.m. until 6 p.m. (EST) or via email at help@carputty.com. In addition to the chat feature, Carputty has a fairly extensive FAQ section that provides details of the process of applying and financing. The auto loan kinds offered Carputty provides auto loans for people who wish to finance a brand new or used car, refinance an existing loan or undergo an lease buyout. The credit lines range from $25,000 to $250,000. Individual advances can range between $10,000 and $150,000 (provided you have the credit available to you). Terms for repayments are complicated. If you’re approved to use the line of credit, you have 24 months to start using it or it will expire -and it’s open for use indefinitely. The process of putting a balance on the LOC by funding a vehicle starts a 36-month term. At month 20 you will have the option to continue the current repayment plan or refinance it for another 24-month period (extending the term of your repayment) or pay off the loan in advance. The V3 valuation tool pioneered by Carputty helps to predict when the best time to sell or trade in your car will be based on the market information. The valuation can be performed ahead of loan application directly through the Carputty website. This tracks and monitors vehicle value so that anytime during ownership you can choose to sell based on market 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 limit loan amount of $250,000 makes Carputty a strong option for people who want to finance an expensive new vehicle or multiple vehicles at the same time. Refinance

Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%

Refinancing your current vehicle loan could result in a lower monthly payment or better rates. Utilize a refinancing program to determine if refinancing your loan can really help you save 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. Lease buyouts can allow you avoid expensive wear and tear costs and let you keep your current car. How to apply for a loan through Carputty It is possible to apply for an automobile loan directly on the Carputty website and be approved in a matter of minutes. By submitting a single application, you’ll be granted access to a line of credit that can be used at any time. For the initial application, you will undergo a soft credit pull followed by a harder credit pull when the line of credit is completed. The Atlanta-based lender may also perform an annual soft credit pull of 45 days in order to keep track of your credit. According to the website the interest rate you pay will be based on the credit score of yours, and not vehicle details like the year, make or model this is a distinctive advantage over traditional lenders. However, if you’ve got poor credit, it is recommended to use different underwriting criteria, not unlike Carputty. The funds will be available as soon as the day you apply. Once you are accepted, you’ll have the access to an online dashboard where you can manage current loans or even add vehicles.

Information required for application Personal contact information Social Security number. Proof of employment

In contrast to other lenders, Carputty does not require vehicle information until after the preapproval procedure has been completed. Once that is done you’ll input your information about your vehicle, such as make, model, year and license plate number onto the Carputty dashboard.

Carputty FAQs

Is Carputty a reputable lender? Absolutely, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its coverage across the state.

Can I get an auto loan with Carputty when I have bad credit? Carputty utilizes credit scores as the main determinant for the risk, so people with low credit aren’t likely to get the best rates. Instead, consider looking at options for .

What can I do to repay my car loan by using Carputty? You can make or schedule payments online by logging into your account and linking your payment method.

What rates does Bankrate charge Carputty

Overall Score

4.0

The availability

4.3

While the lender boasts a large loan quantity, the lender currently only serves 32 states.

Affordability

2.8

The potential for fees and high minimum APR reduces an otherwise strong category.

Customer Experience

3.8

Carputty only offers support from Monday through Friday during various hours.

Transparency

5.0

Ability to prequalify and rates and fees disclosure give Carputty a perfect score.

Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether charges and rates are available and APR range all influence lender scores. The scores are divided into 4 categories. Availability: Loan amounts and repayment options, dealership requirements and state availability all are a part of this section. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you have to shop, customer service availability, whether there’s an app and availability of autopay are all taken care for in this section. 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. Opinions expressed therein are solely those of the reviewer and are not reviewed or approved by any advertising company. The information, including rates and fees that are included in the review is accurate up to the date when the review first appeared. Review the information on the right as well as the lender’s site for the most up-to-date details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of borrowing money to purchase the car they want.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values transparent reporting that allows readers to confidently find deals and make the most appropriate choices regarding their finances. He specializes in small and auto loans.

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