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CarMax 2022 Auto Loan Review
2022-05-24 11:56:00 Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Advertiser Disclosure Advertiser Disclosure
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All reviews are prepared by 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 is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. About CarMax
Moneybag Loan amount $500 to $100,000 Credit Good Min. credit score Not specified Rates APR from 3.45% Funds available in As soon as the day you apply CarMax features
CarMax serves as a one-stop shop for drivers looking to purchase and finance their vehicle all in one place. PROS
Bad credit loans available Convenient shopping Fast financing decision CONS
Prices are nonnegotiable Limited inventory Unavailable in nine states CarMax serves drivers across the country who want to purchase used vehicles. It has recently dove into the remote purchase space, providing drivers with the ease of vehicle delivery and financing all on one site. CarMax offers prequalification with no credit impact. Most loan decisions are available in five minutes or less. And with over 230 brick-and-mortar stores across the U.S., CarMax serves as a great option for those who prefer an in-person experience. Pros and cons of CarMax auto loans
Consider the benefits and drawbacks of a loan with CarMax prior to submitting an application. Pros
You don't need perfect credit to finance through CarMax. You can purchase and finance a used vehicle all in one place. Application decisions can take as little as five minutes. Cons
You must purchase your vehicle through CarMax. While CarMax boasts no haggling, it does not mean what you are offered will be the lowest available price. CarMax isn't available in nine states. Who is CarMax best for
Financing through CarMax is best for drivers interested in buying and financing a used vehicle all in one place. The price displayed will also be the cost that you will walk away with so if you want to avoid negotiation, CarMax could be right for you. But CarMax does not disclose its rates and encourages you to put down a down payment, which means that if you do not have strong credit you might end up paying more than you might elsewhere. So, while CarMax is a convenient way to buy used, you may be able to find more competitive rates by shopping around yourself. Types of auto loans offered
CarMax offers financing for used car loans through its direct lending platform, CarMax Auto Finance, or via one of its many partners: Ally Auto. American Credit Acceptance. Capital One. Chase. Exeter. Santander. Westlake Financial Services. This is very beneficial for drivers interested in comparing different loan options. Especially because these lenders all cater to a range of different credit profiles, so you have a better chance of finding a good fit. Interest rates and terms
Rates vary depending on the lender but the terms offered range from 24 to 72 months. CarMax offers prequalification with a soft credit check, where you can shop available vehicles. A hard credit pull will occur following loan choice. How to apply for a loan with CarMax
The online application process is fairly simple with CarMax and begins with choosing your vehicle from its online inventory. This can be done through type, brand, style or ZIP code. Take advantage of the CarMax car payment calculator tool, which will give you a strong idea of the monthly cost. It is recommended you start your process by applying for prequalification, this can be done either by vehicle or dollar amount. You will then be matched with a lender from one of CarMax's partners or its in-house option - CarMax Auto Finance. If you are trading in your vehicle you can do this directly through CarMax in person or online. After setting your sights on a vehicle and arranging for financing you determine how you want to receive your vehicle. It can be delivered directly to your home or through express pick up at your closest CarMax. CarMax offers a program which lets you return the vehicle for up to 30 days or 1,500 miles if the vehicle isn't a fit. Along with this, if you find better financing elsewhere, CarMax's Three-Day Payoff program allows you to replace your initial financing within the first three days of signing. Auto loan requirements
While requirements vary by lender consider preparing the following information prior to applying: Credit score. Social Securty number. Valid driver's license. Amount you want to finance. Name and contact information. Home address. Employment and income. Co-applicant, if applicable. Down payment. Customer service
CarMax boasts an easy-to-navigate website and customer service via chat function, phone call or in-person appointment. While phone support is only available Monday to Friday from 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET, its app provides assistance 24/7. How Bankrate rates CarMax
Overall score 4.0 Availability 4.3 Affordability 3.4 Customer experience 4.2 Transparency 4.0 Written by Rebecca Betterton Auto Loans Reporter Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.