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Carputty: 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 with the ways and pitfalls of using loans to buy a car.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers easily land deals and make the best choices for their money. 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 interactive tools and financial calculators that provide objective and unique content, by enabling users to conduct research and compare information for free – so that you can 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 offers that appear on this website come from companies that pay us. This compensation can affect the way and where products are displayed on this site, including for instance, 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, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offers that may be available to you.

About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or accepted by any advertiser. The information, including rates and fees that are included in the review is accurate up to the date that the review was written. Review the data on the right, and the lender’s website to find the most up-to-date details.

A glance 4.0 Rating 4 stars out five

Score of the Bankrate

Available Rated: 4.3 stars out of 5

The Affordability Score: 2.8 stars out of 5

The Customer Service Rating is 3.8 five stars of five

Transparency Rating 5 stars out of 5

Check 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 are available as soon as possible.

Carputty pros and cons Borrowers are able to finance higher than normal amounts and benefit from fast cash-outs. But, it isn’t offered in every state.

PROS Car purchasing assistance

High maximum loan amount


ConS APR High Minimum

Confusing repayment terms

Carputty is an online direct lender that offering unique line of credit funding process called Flexline. With only one application, drivers can manage all their cars over the entire lifetime of ownership directly through this line of credit. Carputty allows its customers to manage their vehicle loans in the same way as they manage other financial assets, allowing the flexibility to decide when to buy or sell.

Do you qualify? Carputty doesn’t provide specific criteria for credit score or income However, in order to apply, borrowers must be at or above 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 year less than 8 years prior to the date of application and have fewer than 85,000 miles. Loan-to-value. If you are buying used vehicles The LTV should not surpass 110 percent (for used vehicles in the current year the figure is calculated by 90 per cent of the MSRP). For new vehicles that are brand new, the LTV should not surpass 100 percent MSRP. We like it and don’t like While the Flexline program allows for vehicle financing to be a seamless process, Carputty might not be the best lender for all drivers. What we like Car buying assistance. Carputty offers borrowers assistance in the process of buying a car through the V3 tool which helps buyers decide when is the most suitable time to buy. Maximum loan amount. Borrowers can finance for as much as $150,000 per vehicle, or $250,000 total -which is higher when compared to conventional competitors. Preapproval. With the option of applying for , you will get an idea of your monthly payments prior to signing to sign off on the loan. What we don’t like High minimum APR. A start-up APR of 7.14 percent may be a bit high. Those with excellent credit may get better rates in other places. The terms of repayment are confusing. Your balance is subject to period of 36 months for repayment, however, you can extend it by a set amount or pay it off early but none of these options are clearly explained on Carputty’s website. How to contact Carputty Carputty provides customer support Monday through Friday via chat on its site between 8 a.m. until 6 p.m. ET or by email via email at help@carputty.com. Apart from the chat function, Carputty has a fairly extensive FAQ section that provides details of the process of applying and financing. The types of auto loan forms provided Carputty offers auto loans for drivers looking to finance a new or used car, refinance an existing loan or undergo an lease buyout. Lines of credit vary from $25,000 to $250,000. Individual advances could range from $10,000 and one hundred thousand dollars (provided you have that much credit available to you). The terms for repayment are difficult to understand. If you’re approved to use a line of credit, you have 24 months to start using it or it will expire — but it remains active indefinitely if in use. In the event that you have a balance due on the LOC by funding a vehicle begins a 36-month period. After the 20th month you will have the option to continue your current repayment program or refinance it for another 24 months (extending the term of your repayment) or pay off the loan in advance. The V3 valuation tool developed by Carputty assists in determining when the best time to sell or trade in your car will be dependent on market data. Valuation can be run ahead of loan application directly on the Carputty site. It tracks and monitors the vehicle’s value, so that at any time during ownership you can 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 highest maximal loan value of $250,000 makes Carputty an ideal choice for those financing 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 your current vehicle loan will result in less monthly payments or better rates. Make use of this opportunity 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 interested in buying your vehicle that you lease, Carputty offers assistance and assistance throughout the process. A lease buyout can help you avoid expensive wear and tear charges and permit you to retain your current vehicle. How do you apply for an auto loan with Carputty It is possible to apply for an automobile loan directly through the Carputty site and get approval in a matter of minutes. With just one application, you’ll be granted access to a line of credit that can be used at any point. When you first apply you’ll have to go through an initial soft credit pull, and then a hard credit pull once the line of credit is completed. The Atlanta-based lender may also perform a credit pull that is soft every 45 days in order to keep track of your credit. According to the site, the rate you receive will be based on the credit score of yours, and not on vehicle details like the year, model or year of manufacture this is a distinctive feature compared to traditional lenders. But if you have poor credit, it is recommended to use different underwriting criteria, unlike Carputty. The funds will be available on the day you apply. Once you are accepted, you’ll have the access to an online dashboard on which you will be able to manage your current loans or add new vehicles.

Application requirements Contact information for Social Security number Proof of employment

Unlike many other lenders Carputty does not require vehicle information until after the preapproval process has been completed. At that point, you will input information about your vehicle, such as model, make, year and license plate number into your Carputty dashboard.

Carputty FAQs

Is Carputty a reputable lender? Sure, Carputty has been certified by the Better Business Bureau since early 2022 and aims to expand its coverage throughout the state.

Do I qualify for an auto loan using Carputty even if I have bad credit? Carputty makes credit score the main determinant for risk so those with poor credit aren’t likely to get the most competitive rates. Instead, consider looking at options for .

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

What rates does Bankrate charge Carputty

Overall Score




While the lender boasts a high loan amount, it has only 32 state clients.



The risk of fees as well as high APR decreases the overall strength of this category.

Customer Experience


Carputty only offers support Monday to Friday on a range of hours.



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. Acceptance criteria, rates and fees are offered and the APR range are all factors that affect lender scores. These scores are broken up in four different categories. The availability of loans as well as repayment options, dealer requirements, and availability in the state all make up this category. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you’ll have to wait to buy for, the customer service hours and whether or not there’s an app and autopay availability are accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees along with the availability of prequalification.

Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information such as rates and charges that are included in the review is correct at the time that the review was written. Review 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 has a specialization in helping readers in navigating the ways and pitfalls of borrowing money to purchase the car they want.

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 get deals and make best decisions for their financials. He specializes in auto and small business loans.



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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our site. So, this compensation can influence the manner, place and in what order products are listed, except where prohibited by law for our credit, mortgage, and other home lending products. Other elements, such as our own rules for our website and whether the product is offered in your area or at your self-selected credit score range may also influence the manner in which products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |


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