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Carmax
CarMax 2023 Auto loan review published 2023-01-01 at 00:00:00
Writen by Rebecca Betterton Written by 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 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 dedicated to helping readers gain confidence to manage their finances by providing concise, well-researched and well-documented information that breaks down otherwise complex topics into manageable bites.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and review information for no cost - so that you can make informed financial decisions. 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 site come from companies that pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you.




Reviewer's disclosure of editorial rights Reviewers are supervised by staff. The opinions expressed in them are only those of the reviewer and are not reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review is 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 site for the most current details.








At a glance 4.0 Rating 4 stars out of 5
Bankrate Score

Availability Rating: 4.3 stars out of 5
Affordability Rating: 3.4 stars out of five
Customer Experience Rating: 4.2 five stars of 5
Transparency Rating: 4 stars out of 5


Check rates for auto loan rates

Concerning CarMax Loan amounts $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 provides CarMax serves as a one-stop shop for drivers seeking to finance or purchase their car all at one time.
PROS Bad credit loans are available
Convenient shopping
Fast financing decision

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





CarMax serves drivers across the country who want to buy used cars. It offers remote purchasing, providing drivers with the convenience of delivery of their vehicle and financing all on one website. You can prequalify for a loan without any impact on your credit, and most 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 good option for those who prefer an in-person experience.
Do you qualify? CarMax provides financing for used automobile loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that the requirements differ depending on the lender you're matched with. What we love and what don't like Consider the benefits and disadvantages of the loan from CarMax before submitting an application. We like the Bad-credit loans are available. You don't require perfect credit to finance through CarMax. One-stop shop. You can buy and finance an used car all in one spot. Quick decision. Decisions on applications can take as little as five minutes. And if you find an alternative offer then you can take advantage of CarMax's three-day payoff program. We don't like limited availability of vehicles. 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 is the lowest price. It is not available in certain states. CarMax does not have store locations within nine states: 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 service that is accessible via chat feature telephone call or an appointments in person. Phone support is available Monday to Friday between 8 a.m. to 10 p.m. ET and on Saturdays between 9 a.m. to 6 p.m. ET The app offers support 24 hours a day.
Auto loan kinds offered CarMax only provides used auto loans for its automobiles. These loans are available directly financed by its direct financing arm or one of its partners. This is a great option for drivers interested in comparing different loan options, specifically because these lenders all cater to a variety of credit profiles to give the best 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 with CarMax The online application process is easy with CarMax. You can either locate a vehicle from its online inventory by searching by type, brand, style or ZIP code -- and then apply for financing prior to you go shopping. In either case, make use of the CarMax payment calculator tool to estimate the cost of your monthly payments. And if you are trading your car, CarMax lets you see potential offers either in person or on the internet. If you want to prequalify first you can submit an application for a specific vehicle or a general dollar amount. You'll then be connected to an lender via one of the CarMax's partner companies or its in-house option, CarMax Auto Finance.
Application requirements: A Social Security or credit score Valid driver's licence Amount you'd like to finance. Name and contact details. Residence address, income and employment Co-applicant, if appropriate down payment


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



What if there is any issue with my vehicle? CarMax provides a service that allows you to return the vehicle for 30 days or 1,500 miles if the vehicle does not meet your needs.



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 discover a better financing option elsewhere.



How Bankrate rates CarMax
Overall score
4
Availability
4.3
CarMax is a top choice for payment options and state availability however, it limits customers to shopping exclusively at its network dealers.
Affordability
3.4
CarMax provides a competitive minimum APR but has unannounced fees.
Customer experience
4.2
With an easy-to-use website and chat functions on its application, CarMax ranks high for overall customer support.
Transparency
4
The rates and fees aren't publicized, but prequalification is possible.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are available and the APR range all affect lender scores. The scores are divided in four different categories. Accessibility: Loan amounts and repayment options, dealership requirements, and availability in the state all make up this section. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you'll need to shop, the customer service accessibility, whether you have an app and autopay options are all covered within this category. Transparency: This section accounts for the accessibility of rates and fees as well as whether prequalification is available.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not evaluated or accepted by any advertising company. The information such as rates and charges, presented in the review is correct as of the date that the review was written. Check the data in the upper right hand corner of the page, and the lender's website to find the most current information.




Written by
Rebecca Betterton
Auto Loans Reporter


Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase the car they want.
Editor: 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 feel confident to take control of their finances by providing precise, well-researched and well-written information that breaks down complicated subjects into digestible pieces.






Auto loans editor










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