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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 in navigating the details of borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched facts that break down complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products are featured on this site, including the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does affect the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertising company. The information, including rates and fees provided in the review is correct up to the date of the review. Look over the information on the right as well as the lender's website to find the most current information.
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 5 stars.
Compare rates on auto loan rates
Concerning CarMax Loan amounts $500 to $100,000
Min. credit score Not specified
APR as low as 3.45%
Funds are available as soon as the day that you apply
CarMax provides CarMax provides a one-stop shop for drivers seeking to finance or purchase their car all in one place.
PROS Loans for bad credit loans are available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
Inventory is limited
In nine states, it is not available.
CarMax offers drivers across the country who wish to purchase pre-owned vehicles. It offers remote purchasing, providing drivers with the convenience of delivery of their vehicle and financing in one place. You can prequalify for a loan without affecting your credit score, and the majority of loan decision-making is available in five seconds or less. With more than 230 brick-and-mortar locations all over the United States, CarMax is also a great option if you prefer an in-person experience.
Do you qualify? CarMax provides financing for used cars loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that the requirements differ based on which lender you're matched to. What we like and what don't like Consider the benefits and disadvantages of an loan with CarMax before you submit an application. We like the Bad-credit loans are available. You don't need perfect credit to get financing through CarMax. One-stop shop. You can buy and finance used vehicles all in one spot. Quick decision. Application decisions can take less than five minutes. If you discover an offer that is better than the one you received, you can use the Three-day Payoff Program offered by CarMax. What we don't like Limited vehicle inventory. You must purchase your vehicle through CarMax. No negotiation. While CarMax claims to have no bargaining, it does not mean the price you're offered will be the lowest available price. Unavailable in some states. CarMax does not have store locations across nine states, including Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. How to contact CarMax CarMax boasts an easy-to-navigate website and customer service via chat telephone call or an appointments in person. Support for phones is available Monday to Friday between 8 a.m. until 10 p.m. ET and Saturday from 9 a.m. until 6 p.m. ET The app offers support 24 hours a day.
Auto loan types offered CarMax only provides used auto loans for its vehicles. These loans may be made through its direct financing arm or through one partner. This is extremely beneficial for those who are interested in comparing different loan options, especially because these lenders all cater to a wide range of credit profiles to give you a better chance of finding a good 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 the loan with CarMax This online process of applying for a loan is easy with CarMax. You can either find a vehicle from its online inventory by looking for a specific type, brand, style or ZIP code and then apply for financing before you go shopping. Either way, take advantage of the CarMax car payment calculator to estimate the cost of your monthly payments. If you're considering trading in your vehicle, CarMax lets you see possible offers in person or via the web. If you'd like to be prequalified first, you can apply for a specific car or a broad dollar amount. You will then be matched with an lender through one of its partners, or its own option, CarMax Auto Finance.
Application requirements: Credit score Social Security number. Valid driver's license Amount you want to finance. Name and contact details. Home address Employment and income Co-applicant, if appropriate down payment
CarMax FAQs
What do I do to receive my vehicle? It is possible to deliver it directly to your residence or via express pick up at your closest CarMax.
What if there is something wrong with my car? CarMax provides a service that lets you return the vehicle for 30 days or 1,500 miles in the event that the vehicle does not satisfy your requirements.
What is CarMax's Three-Day Payoff Program? CarMax's Three-Day Payoff program allows you to replace your initial financing within the first 3 days after signing, if you find better financing elsewhere.
What are the rates of Bankrate? CarMax
Overall score
4
Accessibility
4.3
CarMax has a high rating for its state-of-the-art financing and state availability but restricts drivers to shop only at network dealerships.
Affordability
3.4
CarMax provides an affordable minimum APR, but has undisclosed costs.
Customer experience
4.2
The website is easy to navigate and includes a chat function on its application, CarMax ranks high for overall customer service.
Transparency
4
Fees and rates are not disclosed but prequalification is available.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, rates and fees are available and the range of APR all impact 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 make up this category. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you have to spend shopping, customer service availability, whether there's an app and autopay availability are accounted for by this segment. Transparency: This category accounts for the availability of fees and rates as well as the availability of prequalification.
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 checked or accepted by any advertiser. The information that is included, including rates and fees, presented in the review are accurate at the time when the review first appeared. Review the data in the upper right hand corner of the page as well as the lender's website for the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to control their finances through providing precise, well-researched and well-written information that dissects complicated topics into bite-sized pieces.
Auto loans editor
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