Open navigation Main Menu Mortgages
Financing a home purchase refinancing your present loan Finding the best lender Additional Resources
Looking for a financial advisor? Take our 3 minute quiz and match the advisor you want today.
Main Menu Banking
Compare Accounts Use Calculators Get help from bank reviews
Looking for a financial advisor? Try our three minute test and match to an adviser today.
Main Menu Credit cards
Compare according to category Compare with credit requirements Compare with issuers Get advice
You’re looking for the perfect credit card? Narrow your search with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Loan calculators
Find an individual loan within 2 minutes or less. You can also answer a few questions to get offers–with no effect on your credit score.
Main Menu Investing
Best of Brokerages and Rob-Advisors. Learn the basics Additional information
Looking for a financial advisor? Do our 3-minute quiz and match to an adviser today.
Main Menu Home equity
Find the most competitive rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.
Main Menu Real estate
Home selling or buying a home Finding the right agent resources
Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.
Main Menu Insurance
Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Do our 3-minute quiz and connect with an advisor today.
Main Menu Retirement
Accounts and retirement plans. Get the basics of retirement calculators Additional Resources
Looking for a financial advisor? Try our three minute test and match the advisor you want today.
Open search Close search
Submit
Carmax
CarMax: 2023 Auto loan review Published 2023-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls 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 committed to helping readers gain confidence to manage their finances through providing concise, well-researched and well-documented information that breaks down complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing objective and original content. We also allow you to conduct research and compare data for free and help you make sound 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 site are from companies who pay us. This compensation can affect the way and where products appear on the site, such as the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews appear on this website. We do not cover the entire universe of businesses or financial offers that may be available to you.
Reviewer’s disclosure of editorial rights: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been evaluated or approved by any advertising company. The information such as rates and charges that are included in the review are accurate up to the date when the review first appeared. Review the information on the right, 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 5
Customers’ Experience Score: 4.2 stars out of 5
Transparency Rating: 4 5 stars.
Compare rates for auto loan rates
About CarMax Loan amount $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 offers CarMax serves as the one-stop-shop for drivers seeking to finance or purchase their vehicle in one location.
PROS Bad credit loans are available
Convenient shopping
Fast financing decision
CONS Prices are non-negotiable
Limited inventory
Unavailable in nine states
CarMax provides drivers throughout the country who wish to buy used cars. It allows remote purchase and provides drivers with the ease of vehicle delivery and financing all on one website. You can prequalify for a loan without affecting your credit, and most loan approvals are made in five minutes or less. With more than 230 brick and mortar stores across the country, CarMax is also a good option for those who prefer an in-person experience.
Do you qualify? CarMax offers financing for used automobile loans by way of its Direct Loan platform CarMax Auto Finance, or through one of its many partners. The requirements for obtaining a loan will differ according to the lender you’re paired to. What we like and what don’t like . Consider the advantages and drawbacks of a loan with CarMax before submitting an application. What we like about Bad-credit loans are available. There is no need for perfect credit to obtain a loan through CarMax. One-stop shop. You can purchase and finance used vehicles all in one location. Quick decision. Decisions on applications can take as little as five minutes. If you discover a better offer later, you can use CarMax’s three-day payoff program. We don’t like limited car inventory. You have to purchase your car through CarMax. No negotiation. While CarMax advertises that they do not haggle however, this does not mean that the price you receive 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 to contact CarMax CarMax boasts an easy-to-navigate website and customer service via chat, phone call or appointments in person. While phone support is only available Monday through Friday, from 8 a.m. to 10 p.m. ET and on Saturdays between 9 a.m. until 6 p.m. ET The app offers assistance 24/7.
Auto loan types offered CarMax only provides used auto loans for its vehicles. These loans may be made via its direct financing division or one partner. This is extremely beneficial for people who want to compare different loan options, especially since these lenders cater to a variety of credit profile types to offer the greatest chance of finding a good suit.
CarMax partners Ally Auto American and Ally Auto American for Credit Acceptance Capital One Chase Exeter Santander Westlake Financial Services
How do you apply for the loan through CarMax The online application process is fairly easy for CarMax. You can choose to search for the vehicle you want from its online inventory — searching by kind, brand, or ZIP code — or apply for financing prior to you shop. Whatever you choose, take advantage of the CarMax auto payment calculator tool to estimate the cost of your monthly payments. If you’re trading your car, CarMax lets you see the potential deals in person or on the internet. If you want to prequalify first, you can apply for a specific vehicle or a general dollar amount. Then, you will be matched to a lender from one of CarMax’s partners, or its in-house option, CarMax Auto Finance.
Required application information A Social Security or credit score. Valid driver’s license The amount you wish to finance Name and contact information Address of your home Employment and income Co-applicant, if appropriate Down payment
CarMax FAQs
How can I get my car? It is possible to deliver it directly to your home , or by an express pickup at the nearest CarMax.
What happens if I have an issue with my vehicle? CarMax offers a program which lets you return the vehicle within 30 days or 1500 miles if the vehicle isn’t able to satisfy your requirements.
What is CarMax’s Three-day Payoff Program? CarMax’s Three-Day Payoff program allows you to get a new loan within 3 days after signing, if you find better financing elsewhere.
What rates do Bankrate offer? CarMax
Overall score
4
Availability
4.3
CarMax is a top choice for state availability and repayment options however it restricts customers to shop exclusively at its network dealers.
Affordability
3.4
CarMax has a competitive minimum APR but has unannounced 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
Fees and rates are not disclosed but prequalification is available.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, fees and rates are offered and the APR range all affect lender scores. These scores are split in four different categories. The availability of loans 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 acceptance criteria, discounts and fees. Customer experience: The length of time you’ll need to shop, the customer service availability, whether there’s an app or autopay option are all covered within this category. Transparency: This category accounts for the accessibility of rates and fees along with whether prequalification is available.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They are not checked or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is correct at the time when the review first appeared. Review 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 specializes in assisting readers in navigating the details of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to take control of their finances with concise, well-researched, and clear information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
About
Help
Legal Cookie settings Don’t sell my personal information
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or by you clicking on certain hyperlinks on our site. This compensation could impact how, where and in what order products are listed in the event that they are not permitted by law. We also offer mortgage and home equity products, as well as other home loan products. Other factors, like our own proprietary website rules and whether or not a product is available in the area you reside in or is within your own personal credit score may also influence how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. The Red Ventures company. All Rights reserved.
If you liked this article and you simply would like to acquire more info pertaining to online payday loans same day florida (https://dollars-aw.site/) i implore you to visit our web site.
