CarMax Auto Finance
There's no minimum score requirement as CarMax's wide range of financing sources allows them to work with customers with different credit profiles.
CarMax is a strong option for buyers looking for flexible financing with no minimum credit score requirement and a straightforward online process. Its starting APR of 5.75% and loan terms of 24–72 months are competitive.
With CarMax, you can choose to pre-qualify for a specific vehicle or a dollar amount, with no impact to your credit score. Simply fill out a pre-qualification request, which will ask for personal, income, and housing information. Then our finance sources will return a decision (usually within 5 minutes).
CarMax has its set of standards, and here is what you need to know to secure financing with the firm: First, CarMax doesn't operate a minimum credit score that it requires for approval, but if you score 500 or more, you're likely to get approved.
Valid driver's license. Proof of insurance (required for all vehicle sales) Proof of income. Proof of residence.
You will leave with payment in hand the same day you sell us your car.
Your down payment should be whatever amount you feel comfortable paying. Most CarMax customers put down at least 8% of the purchase price. Keep in mind that a higher down payment will mean a lower monthly payment and also may help you get better terms.
Automakers such as Ford, Kia, and Hyundai are known for working with borrowers who have lower credit scores. In addition, CarsDirect has a network of dealers that specialize in bad credit car loans whether you're considering a new or used car.
You can either make an appointment or bring the car to us any time we're open. We'll verify your car's condition, finalize your offer, and you'll leave with payment in hand.
I test drove several cars at CarMax before I bought one. They never asked me to pull my credit, and I would have flat out denied them if they did. They didn't run my credit until the very last phase of the purchase after I had already chosen the vehicle. Car max will approve almost anyone so if you didn't pass...
Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.
Starting on May 12, CarMax's money-back guarantee will only last 10 days. The company started offering customers 30 days to return their vehicles in 2021, in response to the pandemic.
How much should you put down on a car? A down payment between 10 to 20 percent of the vehicle price is the general recommendation.
Please note that CarMax cannot purchase a vehicle currently leased through the following companies: Nissan Motor Acceptance, Infiniti Financial Services, Honda Finance, Southeast Toyota Financial, GM Financial, Ford Credit, Mazda Credit, World Omni, Volvo Financial, Lincoln Credit, Acura Financial, BMW Financial ...
CarMax works with multiple lenders, including Capital One, Chase and Westlake Financial, to secure funding for borrowers. With over 230 brick-and-mortar stores across the country, CarMax is also a great option if you want to check out your vehicle in person before purchasing.
No, all of our offers are firm and valid for 7 days.
Every lender sets its own requirements for zero-down-payment deals, if they offer them at all. Generally, the credit score needed to buy a car is at least 661 whether you make a down payment or not. You could still get a car loan if your score is lower than 661, but be prepared to pay higher interest rates.
Reduces risk of negative equity
As vehicles tend to depreciate over time, your loan balance could potentially become higher than your car's value. This is known as having negative equity or being underwater on your loan. Paying your loan off earlier could reduce the risk of negative equity.
Our finance sources accommodate most credit profiles, and every CarMax customer will enjoy the same upfront pricing and exceptional customer service, in the store and online.
To take a 24-hour test drive, you must provide a valid driver's license and show that you have both comprehensive and collision insurance coverage. You can do one of the following: Show your online coverage when you arrive at the store; or. Call your insurance company from the store to have an agent verify by phone.
At CarMax, a down payment is not a requirement for most customers that buy a car, but it is highly recommended.