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Carmax

CarMax: 2023 Auto loan review published 2023-01-01 at 00:00:00

Authored 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 ways and pitfalls of borrowing money to purchase an automobile.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched and well-documented data that breaks complicated topics into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you financial calculators and interactive tools that provide objective and unique content. This allows users to conduct research and review information for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including 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 that compensate us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they 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 products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that may be open to you.

About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review are accurate up to the date that the review was written. Check the data on the right and the lender’s website for the most current information.

At a glance 4.0 Rating: 4 stars out five

Bankrate Score

Availability Rating: 4.3 stars out of 5

The Affordability Score: 3.4 stars out of 5

Customers’ Experience Score: 4.2 5 stars from 5

Transparency Rating 4 5 stars.

Find out about rates for auto loan rates

About CarMax Loan amount of $500 to $100,000

Min. credit score Unspecified

APR as low as 3.45%

Funds available in As soon as the day that you apply

CarMax offers CarMax is a one-stop shop for drivers who want to finance and purchase their car all in one location.

PROS Credit with bad credit loans available

Convenient shopping

Fast financing decision

CONS Prices are nonnegotiable

Limited inventory

Unavailable in nine states

CarMax offers drivers across the nation who wish to purchase used vehicles. It allows remote purchase and provides drivers with the ease of vehicle delivery and financing all in one place. You can apply for a prequalification loan without any impact on your credit, and many loan approvals are made within 5 to five minutes. With more than 230 brick and mortar stores all over the United States, CarMax is also a excellent option for those who prefer an in-person experience.

Do you qualify? CarMax provides financing for pre-owned automobile loans via its lending direct platform CarMax Auto Finance, or through one of its numerous partners. This means that requirements vary based on which lender you’re paired with. What we like and what we do not like Think about the advantages and disadvantages of the loan from CarMax prior to submitting an application. What we like Bad-credit loans are available. You don’t need perfect credit to finance through CarMax. One-stop shop. You can buy and finance an used car all in one location. Quick decision. Decisions on applications can take as little as five minutes. If you discover a better offer later then you can take advantage of CarMax’s three-day payoff program. What we don’t like Limited vehicle inventory. You must purchase your vehicle through CarMax. No negotiation. Although CarMax advertises that they do not haggle however, this does not mean that the price you’re offered will be the lowest available price. Not available in some states. CarMax does not have stores within nine states: Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. Contact information for CarMax CarMax boasts an easy-to-navigate website, and customer support via chat and phone calls or by an appointments in person. Support for phones is accessible Monday through Friday between 8 a.m. to 10 p.m. ET and Saturday between 9 a.m. to 6 p.m. ET Its app provides support 24 hours a day.

Auto loan types available CarMax only offers used auto loans for its vehicles. These loans can be directly financed by its direct financing arm or through one or more of their partners. This is very beneficial for drivers interested in comparing various loan options, especially because these lenders are all suited to a variety of credit profiles to give the best chances of finding a suitable suit.

CarMax partners Ally Auto American and Ally Auto American for Credit Acceptance Capital One Chase Exeter Santander Westlake Financial Services

How do you apply for the loan with CarMax The online application process is fairly easy with CarMax. You can choose to search for an automobile from their online inventory by search by the type, brand, or ZIP code — or apply for financing before you buy. Either way, take advantage of the CarMax payment calculator to estimate your possible monthly costs. And if you are trading your car, CarMax lets you see possible offers in person or online. If you’d like to prequalify first, you can apply for a specific car or a general dollar amount. You’ll then be connected to a lender through one of its partners or its own option, CarMax Auto Finance.

Application requirements: A Social Security or credit score. Valid driver’s license Amount you want to finance Name and contact information Home address Employment and income Co-applicant, if appropriate Down payment

FAQs for CarMax

How can I get my vehicle? It can be delivered direct to your home or through an express pickup at your local CarMax.

What if there is something wrong with my car? CarMax has a program that lets you return the vehicle for up to 30 days or 1,500 miles if the vehicle doesn’t meet your needs.

What is CarMax’s Three-Day Payoff Program? CarMax’s Three-Day Payment program permits you to swap out your original loan within three days of signing if you find better financing elsewhere.

What rates do Bankrate offer? CarMax

Overall score

4

Availability

4.3

CarMax is a top choice for state-of-the-art financing and state availability but restricts drivers to shop only at network dealerships.

Affordability

3.4

CarMax provides an APR that is competitive, however it has undisclosed charges.

Customer experience

4.2

With an easy-to-use website and chat functionality on its mobile application, CarMax ranks high for overall customer service.

Transparency

4

The rates and fees aren’t made public, however prequalification is available.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are offered and the range of APR all impact lender scores. These scores are split into four categories. The availability of loans and repayment options, dealership requirements and availability to state are a part of this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you’ll need to shop, the customer service availability, whether there’s an app or autopay option are all covered within this category. Transparency: This section accounts for the availability of fees and rates and whether or not prequalification is offered.

Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not checked or approved by any advertiser. The information, including rates and fees, presented in the review is correct as of the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender’s site for the most current information.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers feel confident to manage their finances with precise, well-researched and well-written information that breaks down complicated topics into bite-sized 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 by you clicking on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products are displayed within the categories of listing, except where prohibited by law for our mortgage, home equity and other products for home loans. Other elements, like our own website rules and whether or not a product is available within your region or within your self-selected credit score range can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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