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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 in navigating the ins and outs of securely 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 from late 2021. They are committed to helping readers gain confidence to control their finances by providing precise, well-studied facts that break down complex topics into manageable bites.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive financial calculators and 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 products that appear on this site are from companies who pay us. This compensation may impact how and where products appear on this site, including the order in which they may be displayed within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be available to you.




About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertiser. The information, including rates and fees that are included in the review is correct at the time of the review. Review the information at the top of this page as well as the lender's website for the most current details.








A glance 4.0 Rating: 4 stars out of 5
Bankrate Score

Available Rating: 4.3 stars out of 5
Cost of Affordability: 3.4 stars out of 5
Customer Experience Rating: 4.2 stars out of 5
Transparency Rating 4 stars out of 5


Compare auto loan rates

Concerning CarMax Loan amounts of $500 to $100,000
Min. credit score not specified
APR starting at 3.45%
Funds are available as soon as the day you make your application



CarMax provides CarMax is an all-in-one shop for motorists looking to purchase and finance their vehicle all in one place.
PROS Loans for bad credit loans available
Convenient shopping
Fast financing decision

CONS Prices are nonnegotiable
Inventory is limited
In nine states, it is not available.





CarMax offers drivers across the nation who wish to purchase used vehicles. It offers remote purchasing, providing drivers with the convenience of delivery of their vehicle and financing on one website. You can apply for a prequalification loan with no impact to your credit, and most loan decision-making is available within 5 to five minutes. With more than 230 brick and mortar stores throughout the nation, CarMax is also a excellent option for those who prefer a personal 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 many partners. The requirements for obtaining a loan will differ depending on the lender you're matched with. What we love and what do not like Think about the advantages and disadvantages of an loan through CarMax before you submit an application. What we like Bad-credit loans available. There is no need for perfect credit to get financing through CarMax. One-stop shop. You can finance and purchase an used car all in one place. Quick decision. Application decisions can take just five minutes. And if you find a better offer later it is possible to use CarMax's three-day payoff program. What we don't like Limited availability of vehicles. You have to purchase your car through CarMax. No negotiation. While CarMax boasts no haggling but that doesn't mean what you are offered is the lowest price. Unavailable in some states. CarMax does not have stores in nine states: 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 support via chat feature, phone call or in-person appointment. While phone support is only available Monday through Friday, from 8 a.m. to 10 p.m. ET and on Saturdays between 9 a.m. until 6 p.m. ET Its app provides support 24 hours a day.
Auto loan kinds offered CarMax only offers used auto loans for its automobiles. These loans may be made via its direct financing division or one of its partners. This is extremely beneficial for those who are interested in comparing different loan options, particularly because these lenders all cater to a wide range of credit profiles to give you a better chances of finding a suitable fit.

CarMax has partnered with Ally Auto America, a subsidiary of CarMax. credit acceptance Capital One Chase Exeter Santander Westlake Financial Services


How to apply for the loan using CarMax This online process of applying for a loan is easy for CarMax. You can choose to search for the vehicle you want from its online inventory -- looking for a specific kind, brand, or ZIP code -- or apply for financing prior to you shop. Either way, take advantage of the CarMax payment calculator tool 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 want to prequalify first you can submit an application for a specific car or for a dollar amount in general. Then, you will be matched to a lender via one of the CarMax's partner companies or its in-house solution, CarMax Auto Finance.
Application requirements: The Social Security Number of your credit score. Valid driver's licence Amount you'd like to finance Name and contact information Home address Employment and income Co-applicant if applicable. down payment


CarMax FAQs
How can I get my car? It can be delivered directly to your residence or via an express pickup at your closest CarMax.



What if there is any issue with my vehicle? CarMax has a program that allows you to return the vehicle within 30 days or 1500 miles if the vehicle does not meet your needs.



What is CarMax's Three-day Payoff Program? The Three-Day Payoff program from CarMax allows you to get a new financing within the first three days after signing, if you locate a better deal elsewhere.



How Bankrate rates CarMax
Overall score
4
Accessibility
4.3
CarMax has a high rating for its state-of-the-art financing and state availability however, it limits customers to shopping exclusively at its network dealers.
Affordability
3.4
CarMax has an affordable minimum APR, but has unannounced fees.
Customer experience
4.2
Its website is user-friendly and has a chat function on its app, CarMax ranks high for overall customer support.
Transparency
4
Rates and fees are not publicized, but prequalification is possible.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether fees and rates are offered and the APR range all affect lender scores. These scores are split in four different categories. The availability of loans, repayment options, dealership requirements and state availability all contribute to this category. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you'll need to shop, the customer service accessibility, whether you have an app or autopay option are all covered in this section. Transparency: This section accounts for the accessibility of rates and fees as well as whether prequalification is available.
Editorial disclosure Reviewers are supervised 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, including rates and fees, presented in the review is correct up to the date when the review first appeared. Review the data at the top of this page 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 has a specialization in helping readers in navigating the ways and pitfalls of using loans to buy 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 passionate about helping readers gain the confidence to control their finances through providing concise, well-researched, and clear 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 receive compensation for the promotion of sponsored goods and services, or by you clicking on specific links on our website. This compensation could affect the way, location and when products are displayed within the categories of listing, except where prohibited by law for our mortgage and home equity products, as well as other home lending products. Other factors, such as our own website rules and whether or not a product is offered in your region or within your personal credit score could also affect the manner in which products appear on this website. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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