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Carmax
CarMax: 2023 Auto loan review Published 2023-01-01 00:00:00
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 to navigate the ways and pitfalls of using loans to buy an automobile.
Edited 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 manage their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and when products are featured on the site, such as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the vast array of companies or financial deals that may be open to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or approved by any advertiser. The information such as rates and charges that are included in the review is correct at the time when the review first appeared. Review the information on the right and the lender's website for the most up-to-date details.
A glance 4.0 Rating 4 stars out of 5
Bankrate Score
Available Rating: 4.3 stars out of 5
Affordability Rating: 3.4 stars out of five
Customers' Experience Score: 4.2 stars out of five
Transparency Rating: 4 5 stars.
Compare rates on auto loan rates
About CarMax Loan amount $500 to $100,000
Min. credit score not specified
APR from 3.45%
Funds will be available as early as the day you make your application
CarMax features CarMax serves as the one-stop-shop for drivers looking to purchase and finance their car all in one place.
PROS Loans for bad credit loans are available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
Limited inventory
In nine states, it is not available.
CarMax provides drivers throughout the nation who wish to purchase used vehicles. CarMax offers remote buying and provides drivers with the convenience of delivery of their vehicle and financing in one place. You can apply for a prequalification loan without affecting your credit score, and the majority of loan decisions are available within 5 seconds or less. With more than 230 brick and mortar stores all over the United States, CarMax is also a excellent option for those who prefer a personal experience.
Do you qualify? CarMax offers financing for used cars loans via its lending direct platform CarMax Auto Finance, or through one of its numerous partners. This means that requirements vary depending on the lender you are matched with. What we like and what don't like . Consider the advantages and drawbacks of the loan from CarMax before you submit an application. We like the Bad-credit loans are available. You don't require perfect credit to finance through CarMax. One-stop shop. You can purchase and finance used vehicles all in one place. Quick decision. Decisions on applications 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. We don't like limited availability of vehicles. You must purchase your vehicle through CarMax. No negotiation. Although CarMax claims to have no bargaining but that doesn't mean the price you receive will be the lowest available price. Not available in some states. CarMax does not have stores across nine states, including 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 support via chat function telephone call or an appointment in person. While phone support is only available Monday to Friday, from 8 a.m. to 10 p.m. ET and on Saturdays from 9 a.m. to 6 p.m. ET The app offers support 24 hours a day.
Auto loan types offered CarMax only provides used car loans for its automobiles. These loans can be via its direct financing division or one or more of their partners. This is very beneficial for drivers interested in comparing various loan options, specifically because these lenders all cater to a wide range of credit scores to give the greatest likelihood of finding the perfect suit.
CarMax has partnered with Ally Auto America, a subsidiary of CarMax. credit acceptance Capital One Chase Exeter Santander Westlake Financial Services
How do you apply for a loan with CarMax It is simple with CarMax. You can either find an automobile from their online inventory -- searching by the type, brand, or ZIP code -- you can also apply to finance prior to you buy. Whatever you choose, take advantage of the CarMax car payment calculator tool to calculate the cost of your monthly payments. If you're considering trading in your vehicle, CarMax lets you see possible offers in person or on the internet. If you want to prequalify first you can submit an application for a specific car or for a dollar amount in general. You'll then be matched with an lender through one of its partners, or its in-house solution, CarMax Auto Finance.
Application requirements: A Social Security or credit score. Valid driver's license Amount you want to finance. Contact information and name Home address Employment and income Co-applicant if applicable. down payment
CarMax FAQs
What do I do to receive my vehicle? It is possible to deliver it directly to your residence or via an express pickup at your closest CarMax.
What if there's something wrong with my car? CarMax provides a service that allows you to return the vehicle for up to 30 days or 1500 miles if the vehicle does not satisfy your needs.
What is CarMax's Three-day Payoff Program? The Three-Day Payoff program from CarMax allows you to get a new loan within three days of signing if you discover a better financing option elsewhere.
What rates do Bankrate offer? CarMax
Overall score
4
Accessibility
4.3
CarMax scores high for its payment options and state availability but restricts drivers to shop only at dealerships that are part of the network.
Affordability
3.4
CarMax offers a competitive minimum APR but has unannounced charges.
Customer experience
4.2
The website is easy to navigate and includes a chat functionality on its mobile app, CarMax ranks high for overall customer support.
Transparency
4
Fees and rates are not publicized, but prequalification is possible.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are available and the APR range all affect lender scores. These scores are split in four different categories. Accessibility: Loan amounts as well as repayment options, dealer requirements and availability to state are a part of this section. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you have to shop, the customer service availability, whether there's an app or autopay option are accounted for in this section. Transparency: This section accounts for the availability of fees and rates and whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com 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 are accurate up to the date that the review was written. Check the data on the right, and the lender's site for the most current 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.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to manage their finances by providing precise, well-researched and well-written information that dissects complicated subjects into digestible pieces.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and services or for you clicking certain links posted on our site. This compensation could impact how, where and when products are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage and home equity products, as well as other home lending products. Other factors, like our own proprietary website rules and whether the product is available within the area you reside in or is within your self-selected credit score range may also influence the manner in which products appear on this site. We strive to offer an array of offers, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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