Do you qualify?
CarMax offers financing for used car loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that requirements vary based on which lender you are matched with.
CarMax versus Carvana
Like CarMax, Carvana is an online used car platform offering funding through lending partners that cater to a range of credit profiles. Buyers can have vehicles delivered or pick them up from one of 39 “vending machines” scattered across the U.S. Carvana’s loan terms start at an unusually low 12 months.
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Both offer similar limited warranties — 100 days for Carvana and 90 days for CarMax. But CarMax has the advantage for buyers who want extra time to decide whether to keep a car. Carvana’s return period lasts only seven days, while CarMax’s stretches to 30. Additionally, CarMax offers in-person shoppers the option to test-drive a car for 24 hours before purchasing it. Carvana has no equivalent program.
CarMax versus CarsDirect
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Like CarMax, CarsDirect serves consumers looking to shop and finance for their next vehicle from the comfort of home. Both lenders work with an extensive network of lenders, which can help those with fair or poor credit secure good rates and terms. Unlike CarsDirect, CarMax has brick-and-mortar offices nationwide for those who want to couple the online and in-person experience.
What we like and what we don’t like
While the convenience is appealing, CarMax has a limited vehicle inventory.
What we like
- Bad-credit loans available. You don’t need perfect credit to finance through CarMax.
- Convenient shopping. You can purchase and finance a used vehicle all in one place.
- Fast financing decision.Application decisions can take as little as five minutes. And if you find a better offer later, you can use CarMax’s Three-day Payoff Program.
What we don’t like
- Limited inventory. You must purchase your vehicle through CarMax.
- No negotiation. While CarMax boasts no haggling, it does not mean what you are offered will be the lowest available price.
- Unavailable in some states. CarMax lacks store locations in nine states: 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, phone call or in-person appointment. While phone support is only available Monday to Friday from 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET, its app provides assistance 24/7.
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Although CarMax isn’t accredited by the Better Business Bureau, it holds an A based on customer reviews.
Auto loan types offered
CarMax only offers used auto loans for its vehicles. These loans can be through its direct financing arm or one of its partners.
Used vehicle loans
- Amounts: $500-$100,000
- Terms: 36-72 months
- APR: Not specified
CarMax’s extensive used lending network is beneficial for drivers interested in comparing auto loan options, especially because these lenders all cater to a range of credit profiles to give you a better chance of finding a good fit.
Source: https://tholansonnha.com
Category: Finance
