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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 specializes in assisting readers to navigate the ins and outs of securely taking out loans to purchase the car they want.
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 committed to helping readers gain the confidence to manage their finances by providing precise, well-studied data that breaks complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you financial calculators and interactive tools that provide objective and unique content, by enabling users to conduct research and compare information 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 Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on the site, such as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial offerings that could be available to you.
About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the opinions of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges provided in the review is correct as of the date that the review was written. Look over the information on the right and the lender’s website to find the most up-to-date information.
A glance 4.0 Rating 4 stars out of 5
Bankrate Score
Availability Rating: 4.3 stars out of 5
Cost of Affordability: 3.4 stars out of 5
Customers’ Experience Score: 4.2 five stars of five
Transparency Rating 4 5 stars.
Check rates on auto loan rates
The CarMax loan amount $500 to $100,000
Min. credit score Unspecified
APR starting at 3.45%
Funds available in As soon as the day you make your application
CarMax features CarMax serves as the one-stop-shop for drivers who want to finance and purchase their vehicle at one time.
PROS Loans for bad credit loans available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
Limited inventory
Unavailable in nine states
CarMax offers drivers across the country who wish to buy used cars. It offers remote purchasing and provides drivers with the ease of vehicle delivery and financing all in one place. You can apply for a prequalification loan without affecting your credit, and most loan decisions are available within five minutes or less. With more than 230 brick-and-mortar locations all over the United States, CarMax is also a good option for those who prefer to do business in person.
Do you qualify? CarMax provides financing for pre-owned cars loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that requirements vary depending on the lender you are matched with. What we love and what don’t like . Consider the advantages and disadvantages of a loan through CarMax before submitting an application. What we like Bad-credit loans are available. You don’t require perfect credit to get financing through CarMax. One-stop shop. You can purchase and finance used vehicles all in one place. Quick decision. The decision to apply can be less than five minutes. And if you find a better offer later it is possible to use CarMax’s three-day payoff program. We don’t like limited car inventory. You have to purchase your car through CarMax. No negotiation. Although CarMax claims to have no bargaining, it does not mean what you are offered is the lowest price. Not available in some states. CarMax has no 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 and phone calls or by an appointments in person. Phone support is available Monday through Friday between 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. until 6 p.m. ET The app offers assistance 24/7.
Auto loan kinds offered CarMax only provides used auto loans for its vehicles. These loans can be via its direct financing division or one or more of their partners. This is very beneficial for people who want to compare different loan options, particularly because these lenders are all suited to a wide range of credit profile types to offer the best likelihood of finding the perfect suit.
CarMax partners Ally Auto American credit acceptance Capital One Chase Exeter Santander Westlake Financial Services
How to apply for the loan through CarMax It is simple with CarMax. You can either find an automobile from their online inventory — looking for a specific type, brand, style or ZIP code and then apply for financing prior to you shop. In either case, make use 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 the potential deals in person or online. If you’d like to be prequalified first you can submit an application for a specific car or for a dollar amount in general. You will then be matched with an lender from one of CarMax’s partners or its own option, CarMax Auto Finance.
Required application information Credit score Social Security number. 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
How can I get my car? It can be delivered direct to your home or through an express pickup at the nearest CarMax.
What if there’s something wrong with my car? CarMax offers a program which allows you to return the vehicle for 30 days or 1500 miles if the vehicle doesn’t satisfy your requirements.
What is CarMax’s Three-day Payoff Program? The Three-Day Payoff program from CarMax allows you to swap out your original financing within the first 3 days after signing, if you locate a better deal elsewhere.
What are the rates of Bankrate? CarMax
Overall score
4
The availability
4.3
CarMax is a top choice for state-of-the-art financing and state availability however, it limits customers to shopping only at network dealerships.
Affordability
3.4
CarMax has an affordable minimum APR, but does not disclose costs.
Customer experience
4.2
With an easy-to-use website and chat function on its app, CarMax ranks high for overall customer service.
Transparency
4
Fees and rates are not publicized, but prequalification is possible.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and the range of APR all impact lender scores. These scores are split in four different categories. The availability of loans as well as repayment options, dealer requirements and availability to state are a part of this category. Affordability: This section contains APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you’ll need to shop, the customer service availability, and whether there’s an app and autopay availability are accounted for within this category. Transparency: This category accounts for the accessibility of rates and fees along with the availability of prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Review the data in the upper right hand corner of the page as well as the lender’s site for the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase the car they want.
Edited by 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 to manage their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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