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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 career began more than 10 years ago as a digital media strategist. Since then, she's been published in numerous prestigious financial publications such as 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 mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing informative and objective content. We also allow users to conduct research and compare data for free - so that you can 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 this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our loans, mortgages, and other home loan products. However, this compensation will affect the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offers that may be open to you.




About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer and have not been reviewed nor accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate as of the date 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 up-to-date details.








At a quick glance 4.2 Score: 4.2 stars out of five
Bankrate Score

Rating of Availability: 3.8 stars out of 5
Cost of Affordability: 3.6 stars out of 5
The Customer Service Rating is 4.8 5-stars out of 5.
A rating of transparency: 4.5 stars out of 5


Check rates for auto loan rates

About Carvana Amount of loan not stated
Min. credit score Not specified
APR from 6.85%
Funds available as early as one day



Carvana offers a variety of features. Here's a quick review of the features Carvana offers.
PROS Credit score not needed
Money-back guarantee
One-stop-shop

CONS Limited to Carvana inventory
Down payment
Not available in all states





Carvana offers auto loans to all types of borrowers. The loan is available to people looking to buy a car on Carvana's site and get it delivered to their doorsteps or through a "car vending machine" in their local area. It's not necessary to have excellent credit to get credit, and you are able to look over possible loan offers with no impact of your credit rating.
Pros and cons of Carvana auto loans Pros A good credit score is not required. You might be qualified for financing if you have a minimum annual income of $4,000 and do not have any active bankruptcies -- even if your credit score isn't great. Money-back guarantee. You'll have 7 days to return your vehicle and cancel the loan agreement without facing negative consequences. One-stop shop. Carvana simplifies the process from start to finish , by providing you with the ability to search to rent a car, organize financing, and get your car delivered in one place.
Cons Limited to Carvana inventory. Carvana auto loans are only available for cars that are available for sale on Carvana's website. Down payment. You might have to pay an irrevocable down payment in order to purchase a new vehicle. Not available in every state. Carvana does not offer auto loans to customers who reside in Alaska as well as Hawaii.
Who are Carvana most suitable for? Carvana is an ideal choice for those who want to shop for your next car in the comfort of your home and handle the financing online. It's also ideal for people who don't have great or excellent credit but need an auto loan that has a fair interest rate and affordable monthly payments. It also permits direct car purchases for new or used vehicles in your area. If you are just getting started on your car buying journey, Carvana can be a good place to start. There are a variety of auto loans available You can make use of the services of a credit union or bank to finance your used or new car 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 cars purchased through their platform. It's available to borrowers of all credit types and with rates as small as 6.85 percent. Plus, the loan terms are flexible and you may be able to get approval for financing and then close your loan on the next day. Terms and rates Carvana examines your credit history as well as your income and the vehicle's purchase cost to determine your interest rate and the loan period you're eligible for. The rate for the first month is 6.85 percent, and the terms range from 12 to 72 months. Carvana now offers the ability to add the co-signer Carvana recently introduced the option for customers to sign on vehicle financing with a in all 36 states it operates in and hopes to increase its reach. An auto loan co-signer has equal legal liability for the repayment of the vehicle without full ownership and can serve to achieve higher rates. This is a particularly good alternative for drivers younger than the age of 35 who are working hard to build their credit, according to Matt Dundas, Carvana's director of finance. With both vehicle and car prices steeper than usual and co-signers being more expensive, it is a good idea to add a . Dundas says "It's not unusual to have the addition of a co-signer reduce monthly payments by over $100 per month or down payments by over 1,000 dollars." This can make it easier to afford the cost of a higher-priced vehicle. However, co-signing is a big commitment, so before signing off consider the conditions. How do you apply for an auto loan with Carvana You can be prequalified on an auto loan by contacting Carvana on its website. It takes only 2 minutes of your time and won't impact your score on credit. If the two match, you'll be able view the current loan terms and monthly installments for the cars that are available on the website. To be eligible, you'll need fill in your name and contact details. Address of residence. Birthdate. Employment details. Annual income. If you intend to approve financing with the help of a co-signer, just enter their details on the initial application page. The co-signer must be present for vehicle pick-up or delivery. The auto loan refinancing conditions Carvana offers only the following qualifications Minimum age 18 years old. Have no active bankruptcies. Aim to make at least $4,000 per year. You'll need to provide documents, such as a recent utility bill, loan statement or lease agreement, for address verification purposes. Carvana will also verify your income through the two most recent consecutive pay stubs and three latest bank statement, or Plaid. Customer service Carvana offers a wide range of customer service that extends beyond normal hours of business to make your purchase as painless as possible. Support is available online and by telephone from 8 a.m. to 10 p.m. ET. You can also chat with a an advocate live anytime between 9 a.m. until 8 p.m. ET all week long.
What rates does Bankrate charge? Carvana Overall Score
4.2
The availability
3.8
Carvana requires that you sign up for its marketplace if you want to take advantage of its financing. It also doesn't offer more than used or new vehicle loans.
Affordability
3.6
The minimum APR is 6.85 percent is fairly mid-range and also charges the standard NSF as well as late charges. But 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 online access for all.
Transparency
4.5
While it allows prequalification , and clearly lists all fees, Carvana doesn't specify the maximum APR offered.



Disclaimer: 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, presented in the review are accurate as of the date of the review. Check the data in the upper right hand corner of the page, and the lender's website to find the most up-to-date information.




Written by
Allison Martin


Allison Martin's career began more than 10 years ago as a digital media strategist, and she's since been published in several leading financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.





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