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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 ins and outs of securely using loans to buy the car they want.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in clear reporting that helps readers easily get deals and make most informed decisions regarding their financial situation. He specializes in small business and auto loans.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with financial calculators and interactive tools that provide objective and unique content. We also allow users to conduct research and compare information at no cost - so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, 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 can affect the way and where products appear on the site, such as, for example, the order in which they may be displayed within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial deals that could be available to you.




Reviewer's disclosures Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertising company. The information, including rates and fees that are included in the review are accurate up to the date that the review was written. Check the data at the top of this page as well as the lender's website for the most recent information.








A glance 4.0 Rating: 4 stars out of 5
Bankrate Score

The Availability Rated: 4.3 stars out of 5
The Affordability Score: 2.8 stars out of five
The Customer Service Rating is 3.8 five stars of 5
Transparency Rating: 5 stars out of 5


Compare rates for auto loan rates

About Carputty Loan amounts Lines ranging from $25,000 to $250,000.
Min. credit score Unspecified
APR ranging from 7.14%-9.64%
Funds are available as soon as possible.



Carputty pros and cons Borrowers can finance for higher than usual amounts and enjoy fast cash-outs. Still, the product is not available in all states.

PROS Car buying support
Maximum loan amount loan amount
Preapproval

ConS APR High Minimum
Inconsistency in repayment terms





Carputty can be described as an online direct lender that offering unique line of credit funding process known as Flexline. With just one application, drivers can manage all their cars over the duration of their ownership directly through their line of credit. Carputty encourages its borrowers to manage their vehicle loans the way they would similar financial investments, and allows the flexibility to decide when to buy or sell.

Do you qualify? Carputty does not disclose any specific requirements for credit score or income, but to apply the applicant must be at or above 18 years of age, employed and a legal person in 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 vehicle that is to be used for financing 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 should not surpass 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, the LTV must not exceed 100 percent of MSRP. Our favorite things and dislike While the Flexline program allows for vehicle financing to be an easy process, Carputty might not be the best lender for all drivers. What we love about Car buying support. Carputty offers borrowers assistance in the car-buying process through the V3 tool that helps buyers decide when is the most suitable moment to purchase. Maximum loan amount. The loan amount is up to $150,000 per car, or $250,000 total -at the top end compared to traditional competitors. Preapproval. With the option of applying for , you'll have an idea of your monthly installment prior to signing on your loan. What 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 obtain better rates in other places. Uncertain terms for repayment. The balance is subject to 36-month term for repayment, however you can 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 via its chat function between 8 a.m. until 6 p.m. (EST) or via email 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 types provided Carputty provide auto loans for drivers looking to finance a brand new or used car, refinance an existing 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 to one hundred thousand dollars (provided you have that amount of credit to draw upon). The terms for repayment are complicated. If you're approved to use an LOC and you're given 24 months to start using it or it will be closed- but it remains active indefinitely if in use. The process of putting a balance on the LOC through the financing of a car starts a 36-month term. At month 20 it is possible to continue your current repayment program, refinance for a further 24 months (extending the repayment period to a total of) or pay off the loan early. The V3 valuation tool pioneered by Carputty assists in determining when the best time to sell or trade in your vehicle is based on the market information. Valuation can be conducted ahead of loan application on the Carputty website. This tracks and monitors vehicle value to ensure that at any point in ownership you can decide to sell your vehicle 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 high maximal loan value of $250,000 makes Carputty a strong option for those who are financing 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 your current vehicle loan could result in less monthly payments or higher rates. Take advantage of a to see if refinancing your loan could truly 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 leased vehicle, Carputty offers assistance and assistance throughout the entire process. Lease buyouts can allow you avoid expensive wear and tear charges and permit you to hold onto your current vehicle. How do you apply for a loan using Carputty It is possible to apply for an automobile loan through the Carputty site and get approval within a matter of minutes. By submitting a single application, you'll be granted the option of a flexible credit line that can be utilized at any time. When you first apply, you will undergo a soft credit check followed by a harder credit pull once the line of credit is finalized. The Atlanta-based lender can also run a credit pull that is soft every 45 days in order to check your credit. According to the site the interest rate you pay will be determined by your score on credit, not your vehicle details like year, make or model that is an outstanding advantage over traditional lenders. However, if you've got low credit scores, it's wise to that use other underwriting guidelines, not like Carputty. You can get funding as soon as the day you apply. Once you are accepted, you'll have the access to an online dashboard where you can manage the current loans or add new vehicles.
Application requirements Personal contact information Social Security number. Proof of employment


In contrast to other lenders, Carputty does not require car information until after the preapproval procedure has been completed. At that point you'll input your vehicle details such as, model, year, make and the license plate number on the Carputty dashboard.
Carputty FAQs
Is Carputty a reputable lender? Yes, Carputty has been certified by the Better Business Bureau since early 2022. The company plans to broaden its coverage throughout the state.



Can I obtain an auto loan using Carputty if I have poor credit? Carputty uses credit score as the main determinant for credit risk. Therefore, those with poor credit may not receive the best rates. Instead, consider looking at alternatives for .



How do I make a payment on my automobile loan by using Carputty? You can make or schedule payments online by logging in to your account and connecting to your payment method.



How Bankrate rates Carputty
Overall Score
4.0
The availability
4.3
While the lender boasts an impressive loan sum, they is only serving 32 states.
Affordability
2.8
The possibility of charges as well as high APR reduces an otherwise solid category.
Customer Experience
3.8
Carputty is only available Monday to Friday on an hourly basis.
Transparency
5.0
Ability to prequalify and rates and fees disclosure give Carputty an A+.


Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether the rates or fees readily available and the range of APR all affect lender scores. The scores are divided into four categories. The availability of loans and repayment options, dealership requirements and availability to state make up this category. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you'll need to shop and the availability of customer service, whether there's an app and autopay payment options are all accounted within this segment. Transparency: This section accounts for the availability of fees and rates and the availability of prequalification.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Look over the information at the top of this page, and the lender's site for the most recent information.




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 taking out loans to purchase a car.
Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of clear reporting that helps readers successfully land deals and make the best choices for their finances. He is a specialist in small business and auto loans.

















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