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

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase the car they want.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of the clarity of his reporting, which helps readers confidently land 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 aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content. This allows you to conduct your own research and compare information at no cost and help you make sound 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 offers that appear on this website come from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as for instance, the order in which they may be displayed within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.




Reviewer's disclosures The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information, including rates and fees provided in the review are 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 current information.








A glance 4.0 Rating: 4 stars out five
Score at the Bankrate

The Availability Rated: 4.3 stars out of 5
Affordability Rating: 2.8 stars out of 5
Customer Experience Rating: 3.8 stars out of 5
Transparency Rating: 5 stars out of 5


Check 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 percent
Funds available in As soon as the same day



Pros and Cons of Carputty Borrowers may finance for higher than usual amounts, and also benefit from quick financing. But, it isn't available in every state.

PROS Car purchasing support
High maximum loan amount
Preapproval

HIGH MINIMUM APR CONS
Confusing repayment terms





Carputty can be described as an online direct lender that offering unique line of credit funding process called Flexline. Through a single application, customers can control all of their vehicles for the duration of their ownership directly through the line of credit. Carputty encourages its borrowers to manage their car loans in the same way as they manage similar financial investments, which allows the flexibility to decide when to purchase or sell.

Do you qualify? Carputty does not disclose any specific requirements for income or credit score, but to apply the applicant 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 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 that is less than eight years old prior to the time of the application, and have fewer than 85,000 miles. Loan-to-value. If you are buying used vehicles the LTV should not be more than 110 percent (for used vehicles that are in the current year, the value is defined by 90 per cent of the MSRP). For new vehicles, the LTV should not exceed 100 percent of MSRP. We like it and what dislike While the Flexline program allows for vehicle financing to be a seamless process, Carputty might not be the most suitable lender for every driver. What we like Car buying assistance. Carputty offers borrowers assistance in the buying process by using the V3 tool that helps buyers decide when is the most suitable moment to purchase. The maximum loan amount. Creditors can borrow up to $150,000 per car or $250,000 for the entire amount- on the higher end compared to traditional competitors. Preapproval. With the option of applying for , you'll have an idea of your monthly installment prior to signing to sign off on the loan. 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 lower rates elsewhere. Uncertain terms for repayment. Your balance has a period of 36 months for repayment, however, you can extend it by a set amount or pay it off early and none of those options are clearly explained on Carputty's website. How can you contact Carputty Carputty provides customer support every day of the week via its chat function between 8 a.m. until 6 p.m. EST or over email at help@carputty.com. In addition to the chat feature, Carputty has a fairly in-depth FAQ section that outlines the application and financing process. Auto loan forms provided Carputty provides auto loans for those who want to finance a brand new or used car, consolidate an existing loan or even the process of a lease buyout. Lines of credit vary from $25,000 to $250,000. Individual advances can range between $10,000 to 150,000 (provided you have the credit available to you). Repayment terms are a bit difficult to understand. After you've been approved for the line of credit and you're given 24 months to begin using it or it will expire -and it's active indefinitely if in use. The process of putting a balance on the LOC by funding a vehicle will begin a term of 36 months. After the 20th month, you have the option to continue the current repayment plan or refinance it for another 24 months (extending the term of your repayment) or repay the loan early. The V3 appraisal tool, developed by Carputty helps to predict when the time to sell your car is due based on the market information. Valuation can be conducted ahead of loan application on the Carputty website. It tracks and monitors the vehicle's value to ensure that at any point in ownership, you are able to decide to sell your car based on market trends. New and used auto loans
Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%


The limit loan value of $250,000 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. Take advantage of a check to see if refinancing a loan will really 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 buying your vehicle that you lease, Carputty offers assistance and support throughout the process. A lease buyout can help you avoid expensive wear and tear fees and allow you to keep your current car. How do you apply for an auto loan through Carputty The application for an auto loan through the Carputty site with approval likely within a matter of minutes. By submitting a single application, you'll be granted access to a flexible credit line that can be utilized at any time. When you first apply, you will undergo a soft credit pull followed by a hard credit pull once the credit line is finalized. The Atlanta-based lender can also run a soft credit pull every 45 days to monitor your credit. According to the site, the rate you receive will be based on your score on credit, not on vehicle information such as year, make or model this is a distinctive advantage over traditional lenders. If you're not able to get credit due to bad credit, it's recommended to use different underwriting criteria, not unlike Carputty. You can get funding within the same day you apply. Once you are accepted, you'll have an access point to your secure account on which you can monitor your the current loans or purchase new vehicles.
Application requirements Contact information for Social Security number. Proof of employment


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



Can I obtain an auto loan through Carputty if I have poor credit? Carputty makes credit score the primary determinant of credit risk. Therefore, 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 an online payment by logging in to your account and linking to your payment method.



How Bankrate rates Carputty
Overall Score
4.0
Accessibility
4.3
While the lender boasts a high loan amount, it currently only serves 32 states.
Affordability
2.8
The potential for fees and high minimum APR decreases the overall strength of this category.
Customer Experience
3.8
Carputty is only available from Monday through Friday during an hourly basis.
Transparency
5.0
The ability to prequalify applicants and provide rate and fee disclosures give Carputty an excellent score.


Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, charges and rates are offered and the range of APR all affect lender scores. These scores are split in four different categories. Availability: Loan amounts as well as repayment options, dealer requirements and availability to state make up this category. 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 and whether or not there's an app and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the availability of fees and rates as well as the availability of prequalification.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review are accurate at the time when the review first appeared. Review the information at the top of this page as well as the lender's site for the most current information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely using loans to buy an automobile.
Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in the clarity of his reporting, which helps readers successfully land deals and make the most appropriate choices regarding their finances. He is a specialist in small business and auto loans.

















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