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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 in navigating the ways and pitfalls of taking out loans to purchase a car.







The edit was done by 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 confidence to take control of their finances by providing concise, well-researched and well-documented facts that break down complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing objective and original content, by enabling you to conduct research and compare data for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on this website, for example the sequence in which they be displayed within the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be open to you.




Reviewer's disclosure of editorial rights Reviewers are supervised by our staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date that the review was written. Check the data on the right as well as the lender's website for the most up-to-date information.








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

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


Find out about auto loan rates

The CarMax loan amount of $500 to $100,000
Min. credit score not specified
APR starting at 3.45%
Funds available in As soon as the day that you apply



CarMax offers CarMax provides the one-stop-shop for drivers who want to finance and purchase their vehicle all in one place.
PROS Credit with bad credit loans are available
Convenient shopping
Fast financing decision

CONS Prices are non-negotiable
Inventory is limited
Unavailable in nine states





CarMax offers drivers across the country who wish to purchase used vehicles. It allows remote purchase, providing drivers with the convenience of delivery of their vehicle and financing on one website. You can apply for a prequalification loan without any impact on your credit score, and the majority of loan decision-making is available in five minutes or less. With more than 230 brick-and-mortar locations all over the United States, CarMax is also a excellent option for those who prefer to do business in person.
Do you qualify? CarMax offers financing for used car 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 are matched with. What we like and what we do not like Think about the advantages and disadvantages of an loan with CarMax before you submit an application. We like the Bad-credit loans are available. There is no need for perfect credit to get financing through CarMax. One-stop shop. You can purchase and finance an used car all in one spot. Quick decision. Decisions on applications can take less than five minutes. And if you find an offer that is better than the one you received, you can use CarMax's three-day payoff program. What we don't like about limited vehicle inventory. You must purchase your vehicle through CarMax. No negotiation. While CarMax claims to have no bargaining however, this does not mean that the price you're offered will be the cheapest price. It is not available in certain states. CarMax has no stores 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 support via chat feature telephone call or an in-person appointment. Support for phones is available Monday through Friday between 8 a.m. to 10 p.m. ET and on Saturdays from 9 a.m. to 6 p.m. ET The app offers support 24 hours a day.
Auto loan types offered CarMax only provides used auto loans for its vehicles. These loans are available via its direct financing division or one or more of their partners. This is extremely beneficial for those who are interested in comparing different loan options, specifically because these lenders are all suited to a variety of credit profile types to offer the greatest likelihood of finding the perfect fit.

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


How to apply for an loan through CarMax This online process of applying for a loan is easy with CarMax. You can choose to search for an automobile from their online inventory -- searching by type, brand, style or ZIP code -- you can also apply to finance before you shop. Whatever you choose, take advantage of the CarMax payment calculator 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 be prequalified first then you can apply for a specific car or for a dollar amount in general. Then, you will be connected to a lender via one of the CarMax's partner companies or its in-house option, CarMax Auto Finance.
Required application information Credit score Social Security number. Valid driver's licence Amount you'd like to finance Name and contact information Residence address, income and employment Co-applicant, if applicable Down payment


CarMax FAQs
How do I receive my vehicle? It can be delivered direct to your residence or via the express pickup at your local CarMax.



What happens if I have something wrong with my car? CarMax has a program that allows you to return the vehicle within 30 days or 1,500 miles in the event that the vehicle isn't able to satisfy your needs.



What is CarMax's Three Day Payoff Program? The Three-Day Payoff program from CarMax allows you to swap out your original loan within 3 days of signing if find better financing elsewhere.



What are the rates of Bankrate? CarMax
Overall score
4
Availability
4.3
CarMax has a high rating for its payment options and state availability however it restricts customers to shop exclusively at its network dealers.
Affordability
3.4
CarMax provides an affordable minimum APR, but does not disclose costs.
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
The rates and fees aren't disclosed but prequalification is available.


Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether fees and rates are offered and APR range all influence lender scores. These scores are split in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements and availability to state contribute to this category. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you're required to spend shopping, customer service accessibility, whether you have an app and autopay availability are accounted for in this section. Transparency: This category accounts for the accessibility of rates and fees along with the availability of prequalification.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review is accurate at the time of the review. Check the data on the right, and the lender's website for the most recent 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 ins and outs of securely taking out loans to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances by providing precise, well-researched and well-written information that dissects complex topics into manageable bites.






Auto loans editor










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