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Carputty 2023 auto loan review. Published 2023-01-26 at 15:27:17.
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy the car they want.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values clear reporting that 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 smarter financial decisions by offering financial calculators and interactive tools that provide objective and unique content. We also allow you to conduct your own research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers including, 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 are provided by companies that compensate us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. However, this compensation will affect the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offerings that could be available to you.




Reviewer's disclosures: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees provided in the review is correct up to the date of the review. Check the data in the upper right hand corner of the page as well as the lender's website to find the most current details.








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

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


Find out about auto loan rates

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



Carputty pros and cons Borrowers are able to finance higher than normal amounts and enjoy fast financing. Still, the product is not available in all states.

PROS Car buying assistance
Maximum loan amount loan amount
Preapproval

CONS High minimum APR
Confusion about repayment terms





Carputty is an internet-based direct lender that offering unique line of credit funding procedure known as Flexline. With only 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 vehicle loans the way they would other financial assets, which allows the flexibility to decide when to buy or sell.

Do you qualify? Carputty doesn't provide specific requirements for income or credit score, but to apply, borrowers must be at least 18 years of age, employed and a legal 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 vehicle that is to be used for financing must have a model that is less than eight years old prior to the time of the application, and must have less than 85,000 miles. Loan-to-value. For those purchasing used vehicles The LTV must not exceed 110 percent (for used vehicles that are in the current year the figure is calculated as 90 percent of MSRP). For new vehicles it is required that the LTV cannot surpass 100 percent MSRP. What we like and what do not like Flexline program allows for vehicle financing to be effortless, Carputty might not be the ideal lender for every driver. What we like Car buying support. Carputty offers borrowers assistance in the buying process by using the V3 tool, which assists buyers determine the best time to purchase. High maximum loan amount. Creditors can borrow as much as $150,000 per vehicle or $250,000 for the entire amountwhich is higher when compared to conventional competitors. Preapproval. With the option to apply for , you can get an idea of your monthly payments prior to signing for your loan. What we don't like High minimum APR. An APR starting at 7.14 percent can be too high. People with good credit might get cheaper rates at other banks. The terms of repayment are confusing. The balance is subject to 36-month repayment terms, but there are options to extend it by a set amount or repay it early and none of those options are clearly explained on Carputty's website. How can you contact Carputty Carputty provides customer support Monday through Friday through its chat feature on its website from 8 a.m. until 6 p.m. (EST) or via email at help@carputty.com. Apart from the chat function, Carputty has a fairly detailed FAQ section which outlines the process of applying and financing. Auto loan forms are available. Carputty provides auto loans for drivers looking to finance a brand new or used car, or refinance an existing loan or even an lease buyout. The credit lines are available from $25,000 up to $250,000. Individual advances can range between $10,000 to $150,000 (provided you have the credit in your account). Terms for repayments are complex. After you've been approved for a line of credit, you have 24 months to start using it or it will be closedhowever, it will remain open for use indefinitely. The process of putting a balance on the LOC by funding a vehicle starts a 36-month term. After the 20th month you will have the option to keep your current repayment schedule and refinance for an additional one year (extending the repayment period to a total of) or repay the loan early. The V3 appraisal tool, developed by Carputty helps to predict when the best time to sell or trade in your vehicle is, based on market data. Valuation can be conducted before loan application directly through the Carputty site. It tracks and monitors the vehicle's value, so that at any time during ownership, you are able to decide to sell your car based on the market's trends. Used and new auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


The maximal loan sum of $250,000 makes Carputty an ideal option for people who want to finance an expensive new car 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 the current car loan could result in a lower monthly payment or higher rates. Utilize a refinancing program to determine if refinancing your loan could truly 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 considering purchasing your lease-owned vehicle, Carputty offers assistance and support throughout the entire process. A lease buyout could help you to avoid steep wear and tear charges and let you retain your current vehicle. How to apply for an auto loan using Carputty You can apply for an auto loan through the Carputty site and get approval within a matter of minutes. Through only one application you'll have the option of a flexible credit line that can be used at any time. When you first apply you'll be subject to a soft credit pull and then a hard credit pull when the line of credit is completed. The Atlanta-based lender will also conduct a credit pull that is soft every 45 days in order to monitor your credit. According to the website, the rate you receive will be based on your credit score, not vehicle information like the year, model or year of manufacture, which is a stand-out feature compared to traditional lenders. But if you have poor credit, it is wise to that use other underwriting criteria, unlike Carputty. Funding can become available on the day you apply. Once you are accepted, you'll have the access to an online dashboard where you will be able to manage your current loans or purchase 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. Once that is done, you will input information about your vehicle, such as model, make, year and license plate number onto Carputty's dashboard. Carputty dashboard.
Carputty FAQs
Is Carputty a reliable lender? Yes, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.



Can I get an auto loan with Carputty if I have poor credit? Carputty utilizes credit scores as the primary determinant of the risk, so people with low credit aren't likely to get the most competitive rates. Instead, consider looking at options for .



How do I pay off my auto loan using Carputty? You can make or schedule a payment online by signing in to your account and connecting to your payment method.



What rates does Bankrate charge Carputty
Overall Score
4.0
The availability
4.3
Although the lender boasts a high loan sum, they currently only serves 32 states.
Affordability
2.8
The possibility of fees as well as high APR reduces the overall strength of this category.
Customer Experience
3.8
Carputty is only available Monday to Friday on a range of hours.
Transparency
5.0
Ability to prequalify and fees and rates disclosure gives Carputty an A+.


Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether the rates or fees readily available and the range of APR all affect lender scores. The scores are divided into 4 categories. Availability: Loan amounts and repayment options, dealership requirements, and availability in the state all make up this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you'll need to shop, customer service availability as well as whether an app is available and autopay availability are accounted within this segment. Transparency: This category is responsible for the accessibility of rates and fees as well as whether or not prequalification is offered.
Disclaimer 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 such as rates and charges that are included in the review are accurate at the time that the review was written. 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 has a specialization in helping readers in navigating the ins and outs of securely taking out loans to purchase a car.
Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in transparent reporting that allows readers to easily land deals and make the best choices for their finances. He is a specialist in small and auto loans.

















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