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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 specializes in assisting 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 writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise 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 providing you with financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct research and compare information for free — so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.
Reviewer’s disclosure of editorial rights: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date of the review. Review the information at the top of this page and the lender’s website to find the most current details.
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 5
Customers’ Experience Score: 4.2 5 stars from 5
Transparency Rating: 4 5 stars.
Find out about rates on auto loan rates
The CarMax loan amount $500 to $100,000
Min. credit score Not specified
APR starting at 3.45%
Funds available in As soon as the day you make your application
CarMax features CarMax provides the one-stop-shop for drivers who want to finance and purchase their car all at one time.
PROS Loans for bad credit loans available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
A limited inventory
Unavailable in nine states
CarMax provides drivers throughout the nation who wish to purchase pre-owned vehicles. It offers remote purchasing offering drivers the ease of vehicle delivery and financing on one site. You can apply for a prequalification loan without any impact on your credit, and most loan decision-making is available within five to five minutes. With more than 230 brick and mortar stores across the country, CarMax is also a excellent option for those who prefer to do business in person.
Do you qualify? CarMax provides financing for pre-owned cars loans by way of its Direct Loan platform CarMax Auto Finance, or through one of its many partners. This means that the requirements differ according to the lender you are matched with. What we love and what do not like Think about the advantages and disadvantages of an loan from CarMax prior to submitting an application. What we like about Bad-credit loans 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 location. Quick decision. Application decisions 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. 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 however, this does not mean that the price you’re offered will be the cheapest price. Not available in some states. CarMax does not have store locations across nine states, including Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming. How to contact CarMax CarMax boasts an easy-to-navigate website and customer service via chat function and phone calls or by an appointment in person. Phone support is accessible Monday through Friday between 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET Its app provides help 24 hours a day.
Auto loan kinds offered CarMax only offers used auto loans for its vehicles. These loans are available through its direct financing arm or through one or more of their partners. This is extremely beneficial for people who want to compare various loan options, particularly because these lenders are all suited to a range of credit scores to give the best likelihood of finding the perfect match.
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 an loan with CarMax The online application process is fairly easy with CarMax. You can choose to search for an automobile from their inventory on the internet — searching by kind, brand, or ZIP code — or apply for financing prior to you shop. In either case, make use of the CarMax payment calculator tool to estimate the cost of your monthly payments. If you’re trading in your vehicle, CarMax lets you see the potential deals in person or via the web. If you want to prequalify first you can submit an application for a specific car or a general dollar amount. You’ll then be matched with an lender from one of CarMax’s partners or its in-house solution, CarMax Auto Finance.
Application requirements: Credit score Social Security number. Valid driver’s license Amount you want to finance. Name and contact details. Home address Employment and income Co-applicant if applicable. down payment
CarMax FAQs
How can I get my car? It is possible to deliver it directly to your home or through express pick up at your closest CarMax.
What happens if I have any issue with my vehicle? CarMax offers a program which lets you return your vehicle for up to 30 days or 1,500 miles if the vehicle does not satisfy your requirements.
What is CarMax’s Three-Day Payoff Program? The Three-Day Payoff program from CarMax allows you to get a new financing within the first three days of signing if you discover a better financing option elsewhere.
What rates do Bankrate offer? CarMax
Overall score
4
The availability
4.3
CarMax has a high rating for its payment options and state availability but restricts drivers to shop exclusively at its network dealers.
Affordability
3.4
CarMax offers a competitive minimum APR but has unannounced charges.
Customer experience
4.2
With an easy-to-use website and chat functions on its app, CarMax ranks high for overall customer service.
Transparency
4
The rates and fees aren’t publicized, but prequalification is possible.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether fees and rates are offered and the range of APR all impact lender scores. The scores are divided in four different categories. Accessibility: Loan amounts as well as repayment options, dealer requirements, and availability in the state all are a part of this section. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll need to spend shopping, customer service accessibility, whether you have an app and autopay options are all covered in this section. Transparency: This section accounts for the accessibility of rates and fees and whether prequalification is available.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges that are included in the review is correct up to the date that the review was written. Review the data on the right, and the lender’s website to find the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers to control their finances by providing precise, well-researched and well-written information that dissects complicated subjects into digestible pieces.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or when you click on specific links on our website. Therefore, this compensation may impact how, where and when products are listed in the event that they are not permitted by law. We also offer mortgage or home equity, and other products for home loans. Other elements, like our own rules for our website and whether a product is offered in your region or within your self-selected credit score range can also impact the way and place products are listed on this website. While we strive to provide an array of 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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