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Carmax
CarMax 2023 auto loan review published 2023-01-01 at 00:00:00
Written 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 details of taking out loans to purchase a car.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.









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 interactive tools and financial calculators, publishing original and objective content. We also allow 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 pay us. This compensation can affect the way and when products are featured on the site, such as the sequence in which they be displayed within the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does have no impact on the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offerings that could be accessible to you.




About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges provided in the review is accurate as of the date that the review was written. Look over the information in the upper right hand corner of the page, and the lender's website for the most current details.








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

Rating of Availability: 4.3 stars out of 5
The Affordability Score: 3.4 stars out of 5
Customers' Experience Score: 4.2 stars out of 5
Transparency Rating 4 5 stars.


Find out about auto loan rates

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



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
A limited inventory
In nine states, it is not available.





CarMax serves drivers across the country who wish to buy used cars. CarMax offers remote buying offering drivers the convenience of delivery of their vehicle and financing on one website. It is possible to prequalify for a loan with no impact to your credit, and many loan decision-making is available within five minutes or less. With more than 230 brick and mortar stores all over the United States, CarMax is also a excellent option for those who prefer a personal experience.
Do you qualify? CarMax offers financing for used automobile loans by way of its Direct Loan platform CarMax Auto Finance, or through one of its numerous partners. This means that the requirements differ according to the lender you're paired to. What we love and what do not like Think about the advantages and drawbacks of the loan with CarMax before submitting an application. What we like about Bad-credit loans available. There is no need for perfect credit to finance through CarMax. One-stop shop. You can finance and purchase a used vehicle all in one place. Quick decision. The decision to apply can be just five minutes. And if you find a better offer later then you can take advantage of CarMax's Three-day Payoff Program. We don't like limited availability of vehicles. You have to purchase your car through CarMax. No negotiation. While CarMax advertises that they do not haggle but that doesn't mean the price you're offered will be the cheapest price. It is not available in certain states. CarMax has no 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 feature and phone calls or by an appointment in person. Support for phones is accessible Monday through Friday, from 8 a.m. until 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 kinds offered CarMax only provides used car loans for its automobiles. These loans can be through its direct financing arm or through one of its partners. This is very beneficial for people who want to compare different loan options, especially because these lenders are all suited to a wide range of credit profile types to offer the greatest likelihood of finding the perfect match.

CarMax is a partner of Ally Auto American. credit acceptance Capital One Chase Exeter Santander Westlake Financial Services


How do you apply for an loan with CarMax The online application process is fairly simple with CarMax. You can either find a vehicle from its online inventory by searching by type, brand, style or ZIP code -- you can also apply to finance before you buy. Either way, take advantage of the CarMax car payment calculator tool to calculate your potential monthly cost. And if you are trading your car, CarMax lets you see potential offers either in person or online. If you want to prequalify first then you can apply for a specific vehicle or a general dollar amount. You will then be matched to an lender via one of the CarMax's partner companies, or its in-house option, CarMax Auto Finance.
The information you need to submit for an application is required. Credit score Social Security number Valid driver's license The amount you wish to finance. Name and contact details. Address of your home Employment and income Co-applicant if applicable. down payment


CarMax FAQs
How can I get my vehicle? It can be delivered directly to your home , or by express pick up at the nearest CarMax.



What happens if I have any issue with my vehicle? CarMax offers a program which allows you to return the vehicle for up to 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 three days after signing, if you find better financing elsewhere.



What are the rates of Bankrate? CarMax
Overall score
4
The availability
4.3
CarMax scores high for its state availability and repayment options but restricts drivers to shop only at dealerships that are part of the network.
Affordability
3.4
CarMax provides an APR that is competitive, however it has unannounced charges.
Customer experience
4.2
Its website is user-friendly and has a chat functions on its app, CarMax ranks high for overall customer support.
Transparency
4
Rates and fees are not made public, however prequalification is available.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether rates and fees are available and APR range all influence lender scores. The scores are divided into four categories. Accessibility: Loan amounts as well as repayment options, dealer requirements and availability to state are a part of this category. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you're required to shop, the customer service availability, and whether there's an app or autopay option are all covered by this segment. Transparency: This category is responsible for the accessibility of rates and fees along with whether or not prequalification is offered.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They have not been checked or accepted by any advertising company. The information, including rates and fees provided in the review is accurate at the time of the review. Review the data at the top of this page and the lender's site for the most recent information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details 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 the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched and well-written information that dissects complicated subjects into digestible pieces.






Auto loans editor










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