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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 with the details of taking out loans to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.

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 financial calculators and interactive tools as well as publishing objective and original content, by enabling users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including 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 website are provided by companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be accessible to you.

About our reviews . Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely the views of the reviewer. They are not reviewed or approved by any advertiser. The information such as rates and charges provided in the review is correct up to the date that the review was written. Review the information in the upper right hand corner of the page, and the lender’s website to find the most recent information.

At a glance 4.0 Rating 4 stars out five

Bankrate Score

Availability Rating: 4.3 stars out of 5

Cost of Affordability: 3.4 stars out of five

Customers’ Experience Score: 4.2 5 stars from 5

Transparency Rating 4 5 stars.

Compare auto loan rates

The CarMax loan amount of $500 to $100,000

Min. credit score not specified

APR as low as 3.45%

Funds are available as soon as the day you make your application

CarMax provides CarMax is the one-stop-shop for drivers who want to finance and purchase their car all at one time.

PROS Bad credit loans available

Convenient shopping

Fast financing decision

CONS Prices are nonnegotiable

Limited inventory

Unavailable in nine states

CarMax serves drivers across the country who wish to buy used cars. It allows remote purchase, providing drivers with the convenience of delivery and financing on one website. You can apply for a prequalification loan without affecting your credit, and many loan decision-making is available within five to five minutes. With more than 230 brick and mortar stores throughout the nation, CarMax is also a good option for those who prefer a personal experience.

Do you qualify? CarMax provides financing for pre-owned automobile loans by way of its Direct Loan platform CarMax Auto Finance, or through one of its many partners. This means that the requirements differ depending on the lender you’re paired to. What we love and what don’t like Consider the benefits and drawbacks of a loan with CarMax prior to submitting an application. What we like Bad-credit loans are available. You don’t require perfect credit to obtain a loan through CarMax. One-stop shop. You can purchase and finance a used vehicle all in one spot. Quick decision. Application decisions can take as little as five minutes. If you do 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 claims to have no bargaining but that doesn’t mean the price you’re offered is the lowest price. It is not available in certain states. CarMax does not have store locations across nine states, including Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. Contact information for CarMax CarMax boasts an easy-to-navigate website, and customer support via chat and phone calls or by an appointments in person. Support for phones is accessible Monday through Friday, from 8 a.m. to 10 p.m. ET and Saturday between 9 a.m. until 6 p.m. ET Its app provides support 24 hours a day.

Auto loan types available CarMax only provides used car loans for its vehicles. These loans are available through its direct financing arm or through one or more of their partners. This is a great option for those who are interested in comparing various loan options, specifically since these lenders cater to a wide range of credit profile types to offer you a better 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 a loan with CarMax It is easy for CarMax. You can either find an automobile from their online inventory — search by type, brand, style or ZIP code you can also apply to finance prior to you shop. In either case, make use of the CarMax auto payment calculator tool to estimate the cost of your monthly payments. And if you are trading in your vehicle, CarMax lets you see the potential deals in person or via the web. If you’d like to prequalify first, you can apply for a specific car or a general dollar amount. Then, you will be connected to an lender via one of the CarMax’s partner companies, or its in-house option, CarMax Auto Finance.

Required application information A Social Security or credit score. Valid driver’s licence Amount you’d like to finance. Contact information and name Address of your home Employment and income Co-applicant if applicable. Down payment

CarMax FAQs

How do I receive my car? It is possible to deliver it directly to your home or through an express pickup at your closest CarMax.

What if there is an issue with my vehicle? CarMax offers a program which lets you return your vehicle for 30 days or 1,500 miles if the vehicle doesn’t satisfy your needs.

What is CarMax’s Three Day Payoff Program? CarMax’s Three-Day Payment program permits you to replace your initial loan within 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 but restricts drivers to shop only at network dealerships.

Affordability

3.4

CarMax provides an APR that is competitive, however it has undisclosed charges.

Customer experience

4.2

The website is easy to navigate and includes a chat functionality on its mobile app, CarMax ranks high for overall customer service.

Transparency

4

Rates and fees are not disclosed but prequalification is available.

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 broken up into 4 categories. Availability: Loan amounts, repayment options, dealership requirements and availability to state make up this section. Accessibility: This section includes APR ranges acceptance criteria, discounts and fees. Customer experience: How long you’ll need to spend shopping, customer service accessibility, whether you have an app or autopay option are covered within this category. Transparency: This category accounts for the availability of fees and rates along with the availability of prequalification.

Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or acknowledged by any advertising company. The information such as rates and charges that are included in the review are accurate at the time when the review first appeared. Check the data in the upper right hand corner of the page, and the lender’s website for the most up-to-date details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase a car.

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 passionate about helping readers to manage their finances by providing clear, well-researched information that dissects complicated topics into bite-sized 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 placement of sponsored products and services or for you clicking specific links on our site. This compensation could impact how, where and in what order products are listed, except where prohibited by law. We also offer mortgage or home equity, and other products for home loans. Other factors, such as our own website rules and whether or not a product is available within your region or within your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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