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Carputty: 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 specializes in assisting readers with the ways and pitfalls of borrowing money to purchase a car.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of transparent reporting that allows readers to successfully find deals and make the most informed decisions regarding their finances. He specializes 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 better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for free – so that you can 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 deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.

About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information such as rates and charges provided in the review is accurate at the time when the review first appeared. Check the data at the top of this page, and the lender’s website to find the most up-to-date details.

At a glance 4.0 Rating 4 stars out five

Score at the Bankrate

The Availability Rating: 4.3 stars out of 5

Affordability Rating: 2.8 stars out of 5

The Customer Service Rating is 3.8 five stars of 5

Transparency Rating 5-stars out of 5.

Find out about rates for auto loan rates

Carputty Loan Lines from $25,000-$250,000

Min. credit score Unspecified

APR ranging from 7.14%-9.64 percent

Funds available in As soon as possible.

The pros and cons of using Carputty are that Borrowers may borrow for greater than typical amounts, and also benefit from quick financing. Still, the product is not available in every state.

PROS Car buying assistance

Maximum amount of loan loan amount


ConS APR High Minimum

Confusing repayment terms

Carputty can be described as an online direct lender that offering unique line of credit loan process known as Flexline. Through a single application, users can manage all of their vehicles over the whole life of ownership through this line of credit. Carputty allows its customers to manage their car loans like they would any other asset in the financial market, which allows the flexibility to decide when to purchase or sell.

Do you qualify? Carputty does not provide particular requirements for income or credit score However, in order to apply the applicant must be 18 years of age employed and a citizen of the United States. Residency. You must be a resident 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 be a model year less than 8 years prior to the application and must have less than 85,000 miles. Loan-to-value. For those purchasing used vehicles, the LTV must 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 it is required that the LTV must not be more than 100 percent of the MSRP. We like it and what do not like Flexline program makes vehicle financing effortless, Carputty might not be the best lender for every driver. We like the Car-buying support. Carputty offers borrowers assistance in the buying process by using the V3 tool that helps buyers determine the best time to buy. Maximum loan amount. Borrowers can finance for 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 will have an idea of your monthly payment before signing off to sign off on the loan. What we don’t like High minimum APR. A starting APR of 7.14 percent may be a bit too high. For those with great credit, they may find cheaper rates at other banks. The terms of repayment are confusing. Your balance has a 36-month term for repayment, however there is the option of extending it by a set amount or repay it early — none of which are spelled out on Carputty’s website. How to contact Carputty Carputty provides customer support every day of the week via chat on its site from 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 in-depth FAQ section that outlines the process of applying and financing. The types of auto loan types offered Carputty provides auto loans for people who wish to finance a brand new or used car, to refinance an old loan or undergo an lease buyout. Lines of credit vary from $25,000 to $250,000. Individual advances can range between $10,000 to one hundred thousand dollars (provided you have the credit to draw upon). Repayment terms are a bit complicated. After you’ve been approved for an LOC that you can use for 24 months, you’ll have to begin using it or it will be closedand it’s in effect for a long time if it is in use. In the event that you have a balance due on the LOC by financing a vehicle begins a 36-month period. At month 20 you will have the option to maintain your current repayment program and refinance for an additional 24 months (extending the term of your repayment) or repay the loan in advance. The V3 appraisal tool, developed by Carputty assists in determining when the time to sell your car is due dependent on market data. 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 auto loans

Loan quick facts Amounts: $10,000-$150,000/car Terms: See above APR: 7.14%-9.64%

The maximum loan value of $250,000 makes Carputty a strong option for those who are financing an expensive new vehicle or multiple 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 will result in a lower monthly payment or higher rates. Take advantage of a to see if refinancing your 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’re considering purchasing your leased vehicle, Carputty offers assistance and assistance throughout the entire process. A lease buyout can help you avoid costly wear and tear costs and let you keep your current car. How to apply for an auto loan with Carputty It is possible to apply for an automobile loan through the Carputty site and get approval within a matter of minutes. With just one application, you’ll be granted access to a line of credit that can be utilized at any time. For the initial application you’ll be subject to a soft credit check followed by a hard credit pull once the line of credit is finalized. The Atlanta-based lender may also perform a credit pull that is soft every 45 days to monitor your credit. According to the website the rates you are offered will be determined by your score on credit, not your vehicle information like year, make or model, which is a stand-out advantage over traditional lenders. However, if you’ve got poor credit, it is advised to apply other underwriting criteria, unlike Carputty. Funding can become available as soon as the day you apply. After approval, you’ll gain an access point to your secure account from which you will be able to manage your the current loans or purchase new vehicles.

Information required for application Contact information and Social Security number. Proof of employment

Unlike many other lenders Carputty does not require car details until the preapproval process is 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? Absolutely, Carputty has been certified by Better Business Bureau since early 2022. It plans to increase its coverage throughout the state.

Can I obtain an auto loan with Carputty if I have poor credit? Carputty makes credit score the main factor in determining the risk, so people with low credit might not get the best rates. Instead, look into the options available to .

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

What are the rates of Bankrate? Carputty

Overall Score


The availability


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



The possibility of fees as well as high APR decreases an otherwise strong category.

Customer Experience


Carputty is only available Monday to Friday , and on various hours.



Ability to prequalify and rates and fees disclosure give Carputty a perfect score.

Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether charges and rates are available and APR range all influence lender scores. These scores are split into four categories. Accessibility: Loan amounts, repayment options, dealership requirements, and availability in the state all are a part of this section. Affordability: This section houses 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 as well as whether an app is available and autopay payment options are all accounted for in this section. Transparency: This category is responsible for the availability of rates and fees as well as whether or not prequalification is offered.

Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been evaluated or acknowledged by any advertising company. The information such as rates and charges provided in the review is accurate at the time 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 information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase an automobile.

Edited by 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 easily find deals and make the best decisions for their financials. He is a specialist in small and auto loans.



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