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Carmax
CarMax 2023 auto loan review published 2023-01-01 at 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied data that breaks otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn 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 example, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial deals that may be accessible to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been evaluated 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 information on the right, and the lender's site for the most current details.
A glance 4.0 Rating 4 stars out five
Bankrate Score
Availability Rating: 4.3 stars out of 5
Affordability Rating: 3.4 stars out of 5
Customers' Experience Score: 4.2 five stars of five
Transparency Rating 4 stars out of 5
Compare rates on auto loan rates
The CarMax loan amount $500 to $100,000
Min. credit score not specified
APR starting at 3.45%
Funds will be available as early as the day you make your application
CarMax offers CarMax serves as the one-stop-shop for drivers looking to purchase and finance their car all in one location.
PROS Credit with bad credit loans available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
Limited inventory
Unavailable in nine states
CarMax serves drivers across the country who want to buy used cars. It allows remote purchase, providing drivers with the convenience of delivery of their vehicle and financing on one website. It is possible to prequalify for a loan without any impact on your credit, and most loan decision-making is available within five seconds or less. With more than 230 brick and mortar stores across the country, CarMax is also a good option for those who prefer an in-person experience.
Do you qualify? CarMax provides financing for used automobile loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that requirements vary according to the lender you are matched to. What we like and what do not like Think about the advantages and drawbacks of a loan from CarMax before submitting an application. What we like about Bad-credit loans available. You don't need perfect credit to finance through CarMax. One-stop shop. You can purchase and finance used vehicles all in one spot. Quick decision. Application decisions can take as little as five minutes. If you discover an offer that is better than the one you received it is possible to use CarMax's Three-day Payoff Program. What we don't like Limited car inventory. You must purchase your vehicle through CarMax. No negotiation. Although CarMax claims to have no bargaining but that doesn't mean what you are offered will be the cheapest price. Unavailable in some states. CarMax has no stores in nine states: Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. How do I contact CarMax CarMax boasts an easy-to-navigate website and customer service that is accessible via chat feature and phone calls or by an appointments in person. Phone support is available Monday to Friday between 8 a.m. until 10 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET, its app provides assistance 24/7.
Auto loan types offered CarMax only provides used car loans for its vehicles. These loans can be through its direct financing arm or one partner. This is very beneficial for drivers interested in comparing different loan options, particularly because these lenders are all suited to a wide range of credit scores to give the best likelihood of finding the perfect fit.
CarMax is a partner of Ally Auto American. Credit Acceptance Capital One Chase Exeter Santander Westlake Financial Services
How to apply for an loan with CarMax The online application process is easy with CarMax. You can either locate a vehicle from its online inventory -- looking for a specific type, brand, style or ZIP code -- you can also apply to finance before you go shopping. Either way, take advantage of the CarMax payment calculator tool to calculate your possible monthly costs. And if you are trading in your vehicle, CarMax lets you see possible offers in person or on the internet. If you'd like to prequalify first you can submit an application for a specific vehicle or for a dollar amount in general. You'll then be matched with an lender from one of CarMax's partners, or its own option, CarMax Auto Finance.
The information you need to submit for an application is required. The Social Security Number of your credit score Valid driver's licence Amount you'd like to finance Name and contact information Residence address, income and employment Co-applicant if applicable. Down payment
CarMax FAQs
What do I do to receive my car? It is possible to deliver it directly to your residence or via express pick up at your closest CarMax.
What happens if I have something wrong with my car? CarMax provides a service that allows you to return the vehicle within 30 days or 1,500 miles in the event that the vehicle doesn't satisfy your needs.
What is CarMax's Three Day Payoff Program? CarMax's Three-Day Payment program permits you to get a new financing within the first 3 days of signing if discover a better financing option elsewhere.
What are the rates of Bankrate? CarMax
Overall score
4
The availability
4.3
CarMax has a high rating for its state availability and repayment options however, it limits customers to shopping only at network dealerships.
Affordability
3.4
CarMax has a competitive minimum APR but does not disclose costs.
Customer experience
4.2
With an easy-to-use website and chat function on its application, CarMax ranks high for overall customer service.
Transparency
4
Rates and fees are not publicized, but prequalification is possible.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether rates and fees are available and APR range all influence lender scores. These scores are split into 4 categories. Availability: Loan amounts as well as repayment options, dealer requirements, and availability in the state all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you're required to spend shopping, customer service availability, whether there's an app and autopay availability are all covered within this category. Transparency: This section accounts for the availability of fees and rates as well as whether or not prequalification is offered.
Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or acknowledged by any advertising company. The information, including rates and fees that are included in the review is accurate at the time of the review. Review the data on the right, and the lender's site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing concise, well-researched, and clear information that breaks down complex topics into manageable bites.
Auto loans editor
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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 for you clicking certain links posted on our website. Therefore, this compensation may impact how, where and in what order items are listed, except where prohibited by law. This is the case for our mortgage or home equity, and other home loan products. Other factors, like our own proprietary website rules and whether a product is offered in your region or within your personal credit score may also influence the manner in which products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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