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Carputty: the 2023 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 is a specialist in helping readers in navigating the details of using loans to buy the car they want.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers confidently get deals and make best choices for their finances. 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 choices by offering interactive financial calculators and tools that provide objective and unique content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation may impact how and where products are displayed on this website, for example, for example, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the universe of companies or financial offerings that could be open to you.




About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the views of the reviewer. They have not been reviewed or accepted by any advertiser. The information such as rates and charges provided in the review is accurate up to the date when the review first appeared. Check the data at the top of this page as well as the lender's site for the most up-to-date details.








At a glance 4.0 Rating: 4 stars out five
Bankrate Score

The Availability Rating: 4.3 stars out of 5
Cost of Affordability: 2.8 stars out of five
The Customer Service Rating is 3.8 5 stars from five
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 in As soon as possible.



Pros and Cons of Carputty Borrowers can borrow for greater than typical amounts and enjoy fast funding. Still, the product isn't offered in all states.

PROS Car purchasing support
High maximum 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 called Flexline. With just one application, customers can control all of their vehicles over the entire lifetime of ownership using this line of credit. Carputty encourages its borrowers to manage their car loans the way they would similar financial investments, which allows for flexibility in when to purchase or sell.

Do you qualify? Carputty doesn't provide specific requirements for income or credit score however, to be eligible the applicant must be at or above 18 years of age employed, and a legal citizen of the United States. Residency. You must reside 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 to be financed must have a model year less than eight years prior to the application and have fewer than 85,000 miles. Loan-to-value. For those purchasing used vehicles the LTV cannot exceed 110 percent (for used vehicles that are in the current year, the value is defined as 90 percent of MSRP). For new vehicles, the LTV should not be more than 100 percent of the MSRP. Our favorite things and what do not like Flexline program allows for vehicle financing to be effortless, Carputty might not be the best lender for all drivers. We like the Car-buying support. Carputty provides borrowers with assistance during the car-buying process through the V3 tool that helps buyers determine the best moment to purchase. The maximum loan amount. Borrowers can finance for as much as $150,000 per vehicle, or $250,000 total -at the top end when compared to conventional competitors. Preapproval. With the option of applying for , you will get an idea of your monthly installment prior to signing on your loan. What we do not like about high minimum APR. An APR starting at 7.14 percent may be a bit steep. People with good credit might get better rates in other places. Uncertain terms for repayment. Your balance is subject to 36-month term for repayment, however you can extend the amount by a certain amount or pay it off early -- none of which are clearly explained on Carputty's website. How to contact Carputty Carputty provides customer support every day of the week via chat on its site between 8 a.m. until 6 p.m. EST or over email via email at help@carputty.com. Apart from the chat function, Carputty has a fairly extensive FAQ section that provides details of the application and financing process. The types of auto loan forms offered Carputty provides auto loans for people who wish to finance a brand new or used vehicle, to refinance an old loan or undergo a lease buyout. Lines of credit range from $25,000 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 complicated. Once you're approved for an LOC, you have 24 months to start using it or it will expire -however, it will remain active indefinitely if in use. The process of putting a balance on the LOC through the financing of a car begins a 36-month period. After the 20th month it is possible to maintain your current repayment program and refinance for an additional 24 months (extending the total repayment term) or pay off the loan early. The V3 valuation tool pioneered by Carputty helps to predict when the time to sell your vehicle is based on the market information. Valuation can be run ahead of loan application directly on the Carputty website. This monitors and tracks the vehicle's value so that anytime during ownership you can decide to sell your vehicle based on market trends. Used and new auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


The highest limit loan sum of $250,000 is what makes Carputty an excellent choice for those 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 the current car loan could result in less monthly payments or higher rates. Utilize a refinancing program check to see if refinancing a loan can 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 are interested in purchasing your leased vehicle, Carputty offers assistance and support throughout the entire process. Lease buyouts can allow you avoid expensive wear and tear charges and allow you to hold onto your current vehicle. How do you apply for an auto loan with Carputty You can apply for an auto loan through the Carputty website and be approved in a matter of minutes. With just one application, you will be provided the option of a flexible credit line that can be used at any time. When you first apply you'll be subject to an initial soft credit pull, and then a hard credit pull when the line of credit is completed. The Atlanta-based lender will also conduct a soft credit pull every 45 days in order to keep track of your credit. According to the website the rates you are offered will be determined by your credit score, not vehicle information like year, make or model, which is a stand-out characteristic when compared with traditional lenders. However, if you've got poor credit, it is wise to that use other underwriting guidelines, not like Carputty. You can get funding within the same day you submit your application. After approval, you'll gain access to a secure dashboard where you can manage the current loans or purchase new vehicles.
Application requirements Contact information and Social Security number. Proof of employment


Unlike many other lenders Carputty does not require car information until after the preapproval process is completed. At that point you'll need to input the information about your vehicle, such as model, make, year and license plate number into Carputty's dashboard. Carputty dashboard.
Carputty FAQs
Are Carputty reliable lender? Sure, Carputty has been certified by Better Business Bureau since early 2022. It plans to increase its state-wide coverage.



Can I get an auto loan through Carputty even if I have bad credit? Carputty makes credit score the primary determinant of risk so those with poor credit aren't likely to get the most competitive rates. Instead, check out the options available to .



How do I make a payment on my automobile loan by using Carputty? You can make or schedule a payment online by signing into your account and linking to your payment method.



What are the rates of Bankrate? Carputty
Overall Score
4.0
The availability
4.3
While the lender boasts a large loan sum, they currently only serves 32 states.
Affordability
2.8
The risk of charges or a high-minimum APR diminishes an otherwise strong category.
Customer Experience
3.8
Carputty is only available from Monday through Friday during an hourly basis.
Transparency
5.0
Ability to prequalify , as well as rate and fee disclosures give Carputty a perfect score.


Methodology Bankrate considers 18 data points when selecting top auto loans. Criteria for acceptance, whether the rates or fees offered and APR range all influence lender scores. The scores are divided into 4 categories. The availability of loans and repayment options, dealership requirements, and availability in the state all make up this section. Accessibility: This section includes APR ranges as well as acceptance criteria, fees and discounts. Customer experience: The length of time you'll need to shop for, the customer service hours as well as whether an app is available and autopay availability are accounted for in this section. Transparency: This category is responsible for the availability of rates and fees and whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges, presented in the review are accurate at the time of the review. Check the data on the right as well as the lender's website to find the most up-to-date information.




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 a car.
Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values the clarity of his reporting, which helps readers easily get deals and make best decisions for their financials. He is a specialist in small business and auto loans.

















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