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Carputty: the 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 has a specialization in helping readers in navigating the details of taking out loans to purchase an automobile.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in the clarity of his reporting, which helps readers easily find deals and make the most informed decisions regarding their money. He is a specialist in auto and small business 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 financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website come from companies that pay us. This compensation may impact how and where products are displayed on this website, for example for instance, the sequence in which they be displayed within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be open to you.




About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges provided in the review is correct up to the date when the review first appeared. Review the data in the upper right hand corner of the page and the lender's website to find the most recent information.








At a glance 4.0 Rating: 4 stars out of 5
Score at the Bankrate

The Availability Rated: 4.3 stars out of 5
Cost of Affordability: 2.8 stars out of five
Customers Experience Score: 3.8 5 stars from 5
Transparency Rating: 5-stars out of 5.


Compare rates for auto loan rates

About Carputty Loan amount Lines ranging from $25,000 to $250,000.
Min. credit score Not specified
APR ranging from 7.14%-9.64 percent
Funds available as early as the next day.



Pros and Cons of Carputty Borrowers are able to borrow for greater than typical amounts and enjoy fast financing. Still, the product isn't offered in every state.

PROS Car purchasing support
Maximum amount of loan loan amount
Preapproval

CONS High minimum APR
Inconsistency in repayment terms





Carputty is an internet-based direct lender that offering unique line of credit loan process known as Flexline. With just one application, drivers can manage all their cars over the duration of their ownership through their line of credit. Carputty allows its customers to manage their vehicle loans in the same way as they manage other financial assets, and allows the flexibility to decide when to buy or sell.

Do you qualify? Carputty does not disclose any specific criteria regarding income or credit score however, to be eligible, borrowers must be at least 18 years of age, employed and a legal citizen of the United States. Residency. You must be a resident 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 have a model less than 8 years prior to the application and be less than 85,000 miles. Loan-to-value. When purchasing used vehicles The LTV must not surpass 110 percent (for used vehicles in the current year the amount is determined by 90 per cent of the MSRP). For new vehicles that are brand new, the LTV cannot surpass 100 percent MSRP. What we like and do not like Flexline program makes vehicle financing a seamless process, Carputty might not be the ideal lender for every driver. We like the Car-buying assistance. Carputty gives borrowers support in the process of buying a car through the V3 tool that helps buyers determine the best time to buy. The maximum loan amount. Creditors can borrow as much as $150,000 per vehicle and $250,000 in totalat the top end when compared to conventional competitors. Preapproval. With the option of applying for , you'll have an idea of your monthly installment prior to signing for your loan. What we don't like High minimum APR. A starting APR of 7.14 percent can be too high. People with good credit might get cheaper rates at other banks. Uncertain terms for repayment. Your balance has a 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 explained on the Carputty website. How to contact Carputty Carputty provides customer support on a daily basis via its chat function from 8 a.m. until 6 p.m. EST or over email at help@carputty.com. Apart from the chat function, Carputty has a fairly extensive FAQ section that provides details of the process for applying and financing. Auto loan kinds offered Carputty offers auto loans for people who wish to finance a new or used car, or to refinance an old loan or even the process of a lease buyout. The credit lines are available from $25,000 up to $250,000. Individual advances could range from $10,000 and one hundred thousand dollars (provided you have that amount of credit to draw upon). Repayment terms are a bit difficult to understand. If you're approved to use the line of credit that you can use for 24 months, you'll have to use it, or it will expire -and it's in effect for a long time if it is in use. Putting a balance on the LOC by financing a vehicle starts a 36-month term. At month 20 it is possible to keep the current repayment plan or refinance it for another one year (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 dependent on market data. Valuation can be conducted ahead of loan application directly on the Carputty site. It tracks and monitors the vehicle's value to ensure that at any point in ownership you can 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 maximal loan amount of $250,000 is what makes Carputty a strong choice for those financing an expensive new vehicle 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 less monthly payments or better rates. Make use of this opportunity to see if refinancing your loan will really reduce your expenses. Lease buyout
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


If you're considering purchasing your lease-owned vehicle, Carputty offers assistance and assistance throughout the process. Lease buyouts can allow you avoid costly wear and tear costs and let you retain your current vehicle. How to apply for a loan through Carputty You can apply for an auto loan directly on the Carputty site and get approval in a matter of minutes. Through only one application you'll have the option of a flexible line of credit that can be utilized at any time. In the initial application you'll be subject to an initial soft credit pull, followed by a hard credit pull once the credit line is completed. The Atlanta-based lender will also conduct an annual soft credit pull of 45 days to keep track of your credit. According to the website the interest rate you pay is based on the credit score of yours, and not on vehicle information such as the year, make or model this is a distinctive characteristic when compared with traditional lenders. If you're not able to get credit due to bad credit, it's advised to apply other underwriting criteria, unlike Carputty. You can get funding on the day you apply. Once accepted you will gain the access to an online dashboard where you can monitor your the current loans or add new vehicles.
Application requirements Personal contact information Social Security number. Proof of employment


Unlike many other lenders Carputty doesn't require any vehicle information until after the preapproval process has been completed. At that point you'll need to input the information about your vehicle, such as model, year, make and the license plate number on the Carputty dashboard.
Carputty FAQs
Are Carputty reliable lender? Yes, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.



Can I get an auto loan using Carputty if I have poor credit? Carputty makes credit score the primary determinant of credit risk. Therefore, those with poor credit might not get the most competitive rates. Instead, consider looking at alternatives for .



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



What are the rates of Bankrate? Carputty
Overall Score
4.0
Availability
4.3
Although the lender boasts a high loan sum, they has only 32 state clients.
Affordability
2.8
The potential for charges or a high-minimum APR diminishes 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 an excellent score.


Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, the rates or fees available and the range of APR all affect lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements and state availability all are a part of this category. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you have to shop and the availability of customer service and whether or not there's an app and availability of autopay are all taken care for in this section. Transparency: This category is responsible for the availability of rates and fees along with whether prequalification is available.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or accepted by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date when the review first appeared. Look over the information at the top of this page as well as the lender's website for the most up-to-date information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.
Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers easily get deals and make best decisions for their financials. He specializes in small business and auto loans.

















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