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Carvana
Carvana: 2023 Auto Loan Review Published 2022-05-25 07:00:00
Written by Allison Martin Written by
Allison Martin's work started over 10 years ago as a digital content strategist. She's been featured in a variety of top financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear 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 for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our loans, mortgages, and other home lending products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not include the universe of companies or financial deals that may be accessible to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is correct at the time when the review first appeared. Look over the information on the right and the lender's website for the most current information.
At a glance 4.2 rating: 4.2 stars out of five
Bankrate Score
Available Rating: 3.8 stars out of 5
The Affordability Score: 3.6 stars out of five
The Customer Service Rating is 4.8 stars out of 5
A rating of transparency: 4.5 stars out of five
Check auto loan rates
About Carvana The amount of the loan is not specified.
Min. credit score not specified
APR from 6.85%
Funds are available as soon as one day
Carvana features Here's a quick review of what Carvana has to offer.
PROS Good credit not required
Money-back guarantee
One-stop-shop
CONS Limited to Carvana inventory
Down payment
Not available in all states
Carvana provides auto loans to all types of borrowers. They are available to those who wish to buy a car on Carvana's website , and then have it delivered to their doorsteps or through the "car vending machine" in their local area. It's not necessary to have perfect credit to qualify for credit, and you are able to view possible loan offers with no impact of your credit rating.
Pros and pros and Carvana auto loans Pros Good credit not necessary. You could be qualified for financing if you earn at least $4,000 annually and do not have any active bankruptcies -- even the credit score of yours is low. Money-back guarantee. You'll have seven days to return your vehicle and then walk away from the loan agreement without facing negative consequences. One-stop shop. Carvana simplifies the process from start to end by providing you with the ability to search to hire a driver, organize financing and have your vehicle delivered, all from one spot.
Cons Limited to Carvana inventory. Carvana auto loans are only available for cars that are available for sale on Carvana's website. A down payment. You may have to make a non-negotiable down payment for a new car. It is not available in all states. Carvana does not provide auto loans for customers living in Alaska or Hawaii.
Who are Carvana ideal for? Carvana is a suitable option when you're looking for your next vehicle at the convenience of your home , and then manage finance online. It's also best for individuals who don't have great or excellent credit but need an auto loan with a reasonable interest rate and an affordable monthly payment. Carvana also allows direct vehicle purchases for new or used vehicles in your area. If you are just getting started on your car buying journey, Carvana can be a excellent place to begin. Different types of auto loans offered You can use an institution like a credit union or bank to finance your used or new automobile purchase or make it easier with the financing offered by Carvana. Auto loans to purchase cars Carvana offers auto loan financing for both new and used vehicles that are purchased through their platform. The loan is available to those of all credit types and with rates as lower at 6.85 percent. Additionally are the loan terms are flexible, and you can be approved for financing and finalize your loan the same day. Rates and terms Carvana analyzes your credit score as well as your income and the vehicle's purchase cost to determine the interest rate you will pay and the loan period you're eligible for. The rate for the first month will be 6.85 percent, with terms from 12 to 72 months. Carvana is now able to include the co-signer Carvana recently announced the possibility for customers to sign off on car financing in the 36 states in which it operates with the intention to expand further. An auto loan co-signer has equal legal responsibility to pay off the car without having full ownership and can serve to achieve lower rates. It's a great option for younger drivers who are still trying to build their credit score, according to Matt Dundas, Carvana's director of finance. With both and vehicle prices more expensive than usual the co-signer's involvement can be beneficial . Dundas shares that "It's not uncommon to observe the inclusion of a co-signer cut monthly payments by over $100 per month, or the down payment by more than 1,000 dollars." This makes it possible to pay for a more expensive vehicle. But, co-signing is still a significant commitment, so before signing off consider the associated risks. How do I apply for a loan using Carvana You can get prequalified on an auto loan with Carvana through its website. It only takes two minutes of your time and will not affect your score on credit. If the two match, you'll be able to see the actual loan terms and monthly installments for the cars that are available on the platform. To prequalify you will need to provide your name and contact information. Residence address. Birthdate. Employment details. Annual income. If you plan to sign off on financing with the help of a co-signer fill in their details on the first page of the application. The co-signer should also be present at the time of vehicle pickup or delivery. Car loan refinancing conditions Carvana offers only the following qualification requirements You must be at least 18 . Have no active bankruptcies. Make at least $4,000 per year. You'll need documents, such as recent utility bills, loan statement or lease agreement, for address verification. Carvana will also verify your earnings using the two most recent consecutive pay stubs, three most recent bank statements, or Plaid. Customer support Carvana provides extensive customer support that extends past normal business hours to ensure that your purchase is as easy as possible. Support is available online and by telephone from 8 a.m. to 10 p.m. ET. You can also text with live support from 9 a.m. until 8 p.m. ET seven days a week.
What rates does Bankrate charge? Carvana Overall Score
4.2
The availability
3.8
Carvana requires you use its marketplace if you want to avail its financing. It also doesn't offer more than used and new car loans.
Affordability
3.6
The minimum APR is 6.85 percent is a bit average It also charges regular NSF or late fee. However, its acceptance criteria can be more flexible than other lenders.
Customer Experience
4.8
Carvana provides customer support seven days all week. It also offers a huge time frame for shopping -- 45 days -- and full online access.
Transparency
4.5
While it allows prequalification and clearly lists all charges, Carvana doesn't specify the maximum APR offered.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender's website for the most current details.
Written by
Allison Martin
Allison Martin's work started over 10 years prior to that as a digital content strategist. Since then, she's published in numerous prestigious financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
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