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Carputty is best suited for those who desire flexibility and a straightforward process when financing vehicles. Instead of having to repeat the same long process of getting a new auto loan every time you buy a vehicle, you can have a single credit line for every vehicle you purchase going forward.
You apply once, and when you have the line of credit, you can pull from it at any time for your next auto financing need, as long as you have an available balance. It is also a good choice for those who are planning to purchase multiple vehicles or want to be prepared ahead of time for future purchases.
Carputty Flexline offers you a flexible line of credit to finance one or more vehicles. The line of credit will stay open and can be used as long as it is active. If the line is inactive for two years straight, it will be terminated.
The member dashboard makes it easy to add a vehicle to your Flexline, and you will be guided through the whole process, from uploading necessary documents to transferring the title. Carputty features a valuation tool that uses over a million data points to help you anticipate changes in your car’s value when buying or selling. Other features of Carputty include:
Applying is straightforward, can be done 100% online, and will only take a few minutes. You’ll first be asked to answer a few questions such as whether you are applying as an individual or a company and what you are looking to do with the Flexline (and when).
Next, you will be asked to provide personal information like email address, name, address, social security number, and date of birth.
You will also need to link your bank account or upload bank statements to provide information about your income and expenses. The company will do a soft credit pull during the process to determine pre-approval. If you are approved and decide to accept the Flexline and the offer that the company has made, a hard credit pull will take place and your account will be opened.
Carputty offers an auto-specific line of credit between $25,000 and $250,000 for you to buy new or used vehicles, buy out leases, or refinance loans. Its APR as of April 2023 ranges from 6.86% - 9.86%, depending on your credit, income, debts, and payment history.
The interest rate for the line of credit is variable and will change monthly, but each vehicle you buy will have its rate locked for the entire 63-month term.
Carputty is very clear about the main member and vehicle eligibility requirements.
Member eligibility requirements
Vehicle eligibility requirements
Also, you need to withdraw a minimum of $10,000 for each vehicle you have on the line of credit, and no more than $150,000 per vehicle.
Carputty offers a 63-month term on each vehicle you purchase or refinance. Terms can be adjusted after 30 months.
The company uses security measures that comply with federal law in order to protect your information and data. This includes computer safeguards and secured files/buildings.The company makes its privacy policy available online. It goes over what information the company collects and shares, what it uses the information for, and more.
Carputty offers customer support via live chat, over the phone, or through email. The company also has a FAQ section that covers many questions you might have.
Email: help@carputty.com
Phone: (888) 598-2660
Fax: fax@carputty.com or (404) 998-8044
| Carputty | PenFed | Auto Credit Express | |
| APR | 6.86% - 9.86% | From 5.24% | Varies |
| Minimum credit score | 680 | 610 | No minimum credit score required |
| Loan amounts | $25,000 to $250,000 | Up to $150,000 | Varies |
| Loan term | 63 months | 24 to 84 months | Varies |
| Best for | Those who want a clear and straightforward way to finance flexibly | Those looking for the best rates and different terms | Those with low or no credit looking to borrow for a vehicle purchase |
Carputty offers a unique way to finance vehicles with its auto line of credit. The application process is fast and 100% online, you can finance multiple vehicles at once, and you get instant access to the funds you need for your next purchase. This credit line can also be used for refinancing and lease buyouts, and only a single hard credit pull is required.
3565 Piedmont Road NE, Two Piedmont Center, Suite 225, Atlanta, GA 30305, United States
Information was taken from the Carputty website, as well as a live chat with an agent, to help create this review.
