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Carputty 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 is a specialist in helping readers in navigating the details of taking out loans to purchase a car.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in the clarity of his reporting, which helps readers successfully find deals and make the most informed decisions regarding their money. He specializes in small and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing objective and original content. This allows users to conduct research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they be displayed within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home lending products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not include the vast array of companies or financial offerings that could be available 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 approved by any advertiser. The information, including rates and fees, presented in the review is correct at the time when the review first appeared. Look over the information at the top of this page, and the lender’s website to find the most recent information.

At a glance 4.0 Rating 4 stars out of 5

Score at the Bankrate

Availability Rated: 4.3 stars out of 5

Affordability Rating: 2.8 stars out of five

The Customer Service Rating is 3.8 stars out of five

Transparency Rating 5 stars out of 5

Check rates for auto loan rates

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

Min. credit score not specified

APR from 7.14%-9.64%

Funds are available as soon as the next day.

Pros and Cons of Carputty Borrowers can finance higher than normal amounts and benefit from fast cash-outs. However, the product is not available in every state.

PROS Car purchasing support

Maximum loan amount loan amount



Inconsistency in repayment terms

Carputty is an online direct lender that offering unique line of credit funding process called Flexline. With only one application, customers can control all their cars over the duration of their ownership using this line of credit. Carputty encourages its borrowers to manage their car loans like they would any other asset in the financial market, allowing for flexibility when it comes to purchase or sell.

Do you qualify? Carputty does not disclose any specific requirements regarding income or credit score however, to be eligible applicants must be at or above 18 years old, employed and a legal citizen 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 be a model year less than 8 years prior to the time of the application, and be less 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 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 don’t like While the Flexline program allows for vehicle financing to be effortless, Carputty might not be the best lender for all drivers. What we love about Car buying assistance. Carputty offers borrowers assistance in the process of buying a car through the V3 tool that helps buyers to determine the ideal time to buy. The maximum loan amount. The loan amount is up to $150,000 per vehicle or $250,000 for the entire amount- on the higher end when compared to conventional competitors. Preapproval. With the option of applying for , you’ll have an idea of your monthly installment prior to signing on your loan. What we do not like about high minimum APR. A start-up APR of 7.14 percent is a bit high. For those with great credit, they may obtain cheaper rates at other banks. The terms of repayment are confusing. Your balance has a 36-month repayment terms, but you can extend it by a specific amount or pay it off early — none of which are clearly explained on Carputty’s website. How to contact Carputty Carputty provides customer support Monday through Friday via its chat function from 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 process of applying and financing. Auto loan forms offered Carputty provides auto loans for people who wish to finance a brand new or used car, consolidate an existing loan or even a lease buyout. Credit lines can range from $25,000 to $250,000. Individual advances can range between $10,000 and $150,000 (provided you have that much credit to draw upon). Repayment terms are a bit complex. If you’re approved to use the line of credit, you have 24 months to begin using it or it will close -and it’s open for use indefinitely. In the event that you have a balance due on the LOC through the financing of a car starts a 36-month term. After the 20th month you will have the option to maintain the current repayment plan or refinance it for another 24 months (extending the total repayment term) or pay off the loan early. The V3 valuation tool developed by Carputty assists in determining when the or sell your car will be, based on market data. The valuation can be performed prior to loan application directly on the Carputty site. This monitors and tracks the vehicle’s value, so that at any time during ownership you can decide to sell your vehicle based on the market’s trends. New and used auto loans

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

The highest maximal loan sum of $250,000 makes Carputty an ideal 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 your current vehicle loan will result in less monthly payments or better rates. Utilize a refinancing program to determine if refinancing your loan could truly help you save 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 entire process. A lease buyout can help you avoid expensive wear and tear fees and let you retain your current vehicle. How to apply for a loan through Carputty It is possible to apply for an automobile loan directly on the Carputty site with approval likely within a matter of minutes. By submitting a single application, you’ll be granted the option of a flexible line of credit that can be utilized at any time. When you first apply you’ll be subject to a soft credit pull and then a hard credit pull when the credit line is finalized. 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 the credit score of yours, and not vehicle details like the year, make or model, which is a stand-out characteristic when compared with traditional lenders. If you’re not able to get credit due to poor credit, it is recommended to use different underwriting criteria, unlike Carputty. Funding can become available as soon as the day you submit your application. After approval, you’ll gain the access to an online dashboard from which you can manage the current loans or even add vehicles.

Required application information Contact information for Social Security number Proof of employment

Contrary to many other lenders, Carputty does not require car information until after the preapproval process has been completed. After that you’ll input your car details like model, make, year and the license plate number on Carputty’s dashboard. Carputty dashboard.

Carputty FAQs

Are Carputty reliable lender? Sure, Carputty has been certified by Better Business Bureau since early 2022 and aims to expand its state-wide coverage.

Do I qualify for an auto loan through Carputty if I have poor credit? Carputty makes credit score the primary determinant of the risk, so people with low credit aren’t likely to get the most competitive rates. Instead, look into the options available to .

How do I pay off my auto loan with Carputty? You can pay or schedule a payment online by signing into your account and linking your payment method.

How Bankrate rates Carputty

Overall Score


The availability


Although the lender boasts a large loan sum, they is only serving 32 states.



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

Customer Experience


Carputty is only available Monday to Friday on an hourly basis.



Ability to prequalify and rates and fees disclosure 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 into four categories. Availability: Loan amounts and repayment options, dealership requirements and state availability all make up this category. Affordability: This section houses APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you’ll have to wait to buy and the availability of customer service and whether or not there’s an app and autopay availability are accounted within this segment. Transparency: This section accounts for the availability of rates and fees along with whether or not prequalification is offered.

Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate up to the date when the review first appeared. Review the information in the upper right hand corner of the page as well as the lender’s website 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 taking out loans 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 successfully get deals and make best decisions for their financials. He specializes in small business and auto loans.



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