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Carmax
CarMax 2023 auto loan review Published 2023-01-01 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 using loans to buy an automobile.
Edited 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 the confidence to take control of their finances with precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering financial calculators and interactive tools that provide objective and unique content. We also allow you to conduct your own 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 Earn Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial deals that may be open to you.
Reviewer’s disclosure of editorial rights: All reviews are prepared by our staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is correct up to the date of the review. Review the information in the upper right hand corner of the page, and the lender’s website to find the most recent details.
At a glance 4.0 Rating 4 stars out five
Bankrate Score
Available Rating: 4.3 stars out of 5
Affordability Rating: 3.4 stars out of five
Customer Experience Rating: 4.2 5 stars from 5
Transparency Rating: 4 5 stars.
Compare 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 is a one-stop shop for drivers looking to purchase and finance their vehicle all in one location.
PROS Bad credit loans are 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 offers remote purchasing and provides drivers with the convenience of delivery and financing on one site. It is possible to prequalify for a loan with no impact to your credit, and most loan decisions are available in five seconds or less. With over 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 car loans via its lending direct platform CarMax Auto Finance, or through one of its many partners. This means that requirements vary depending on the lender you’re paired to. What we love and what do not like Think about the advantages and drawbacks of an loan through CarMax prior to submitting an application. What we like Bad-credit loans available. You don’t require perfect credit to obtain a loan through CarMax. One-stop shop. You can purchase and finance used vehicles all in one spot. Quick decision. Decisions on applications can take as little as five minutes. And if you find an offer that is better than the one you received then you can take advantage of CarMax’s three-day payoff program. What we don’t like Limited vehicle inventory. You must purchase your vehicle through CarMax. No negotiation. While CarMax advertises that they do not haggle, it does not mean the price you’re offered will be the cheapest price. Unavailable in some states. CarMax does not have store locations in 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, phone call or appointment in person. While phone support is only available Monday to Friday between 8 a.m. until 10 p.m. ET and Saturday from 9 a.m. until 6 p.m. ET The app offers support 24 hours a day.
Auto loan kinds offered CarMax only offers used auto loans for its vehicles. These loans may be made via its direct financing division or through one partner. This is a great option for people who want to compare different loan options, particularly since these lenders cater to a range of credit scores to give the greatest likelihood of finding the perfect suit.
CarMax has partnered with Ally Auto America, a subsidiary of CarMax. Credit Acceptance Capital One Chase Exeter Santander Westlake Financial Services
How do you apply for the loan through CarMax It is easy for CarMax. You can either find an automobile from their online inventory by searching by type, brand, style or ZIP code — or apply for financing prior to you buy. Whatever you choose, take advantage of the CarMax auto payment calculator tool to estimate your potential monthly cost. And if you are trading in your vehicle, CarMax lets you see possible offers in person or via the web. If you’d like to prequalify first then you can apply for a specific car or a general dollar amount. You’ll then be matched with a lender through one of its partners or its in-house solution, CarMax Auto Finance.
The information you need to submit for an application is required. A Social Security or credit score. Valid driver’s license Amount you want to finance. Contact information and name Home address Employment and income Co-applicant, if appropriate Down payment
CarMax FAQs
How can I get my vehicle? It is possible to deliver it directly to your home , or by the express pickup at the nearest CarMax.
What happens if I have any issue with my vehicle? CarMax offers a program which lets you return your vehicle within 30 days or 1,500 miles if the vehicle doesn’t meet your needs.
What is CarMax’s Three Day Payoff Program? CarMax’s Three-Day Payoff program allows you to replace your initial credit within three days of signing if you find better financing elsewhere.
How Bankrate rates CarMax
Overall score
4
Availability
4.3
CarMax is a top choice for state-of-the-art financing and state availability however, it limits customers to shopping only at network dealerships.
Affordability
3.4
CarMax provides an affordable minimum APR, but has undisclosed charges.
Customer experience
4.2
With an easy-to-use website and chat function on its app, 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 rating auto loan lenders. Acceptance criteria, whether rates and fees are available and the APR range all affect lender scores. These scores are split in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements and availability to state are a part of this section. Affordability: This section houses APR ranges acceptance criteria, discounts and fees. Customer experience: The length of time you’re required to shop, customer service availability, and whether there’s an app and autopay options are all covered by this segment. Transparency: This category is responsible for the availability of fees and rates as well as the availability of prequalification.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They are not evaluated or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate as of the date when the review first appeared. Check the data at the top of this 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 with the ins and outs of securely borrowing money to purchase the car they want.
The edit was done 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 their readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.
Auto loans editor
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