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.
I would definitely recommend Carmax. If you finance through them they have a 90% chance of getting approval. Getting a car through them is a super easy process.
Your down payment should be whatever amount you feel comfortable paying. Most CarMax customers put down at least 8% of the purchase price.
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. You can use the retailer's prequalification tool to get personalized terms, such as APR and monthly payments, with no impact on your credit.
If not, we'll calculate the difference between your payoff and our offer to you and you can pay CarMax directly. If the amount you owe is less than $250, we will accept a personal check. CarMax stores accept cashier's checks, certified checks, certified funds, cash, and debit cards.
CarMax has an inventory of over 50,000 vehicles that are all subject to a 125+ point inspection.
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.
How do I get paid for my car? You will leave with payment in hand the same day you sell us your car. We pay with a bank draft, which is a type of check where payment is guaranteed to be available by the issuing bank. A bank draft must be deposited and cannot be cashed.
Yes, CarMax's interest rates are generally higher for buyers with bankruptcies. Your bankruptcy filing significantly impacts your credit score, which lenders use to determine interest rates. A lower credit score due to bankruptcy means you will get less favorable loan terms, including higher interest rates.
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).
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.
CarMax will buy most cars, even old cars that don't even run. CarMax will even buy cars that they don't expect to sell, such as badly damaged vehicles, that they will sell to auction. There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle.
We especially look out for major issues, like frame or flood damage or odometer rollbacks. We also consider market conditions and sales performance. In some cases, we may need to test drive your car to check on certain mechanical conditions.
We check every car's history to rule out any with flood damage, frame damage, outstanding liens, or salvage history. Any car that can't meet those condition standards gets sold at auction — not to you. Cars must also pass a 125+ point inspection and undergo a detailed reconditioning process to be sold at CarMax.
CarMax Auto Finance offers the ability to apply for preapproval for an auto loan. Just keep in mind that preapproval is not a guarantee of loan approval, and your loan terms and interest rate may be different once you complete a formal loan application.
CarMax has a thorough appraisal process, but non-negotiable. You'll need to drive your car to a CarMax location and they'll complete the appraisal process while you wait. This takes around 30 minutes, after which you'll get an offer good for 7 days at any CarMax location.
At CarMax, a down payment is not a requirement for most customers that buy a car, but it is highly recommended.
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.
To make a principal-only payment, we recommend that you contact us at (800) 925-3612.
Consider a Buy Here Pay Here program: Even with no credit history or a low credit score, you might find luck with a Buy Here Pay Here (BHPH) program. These programs, which are usually offered through dealerships, have some requirements. But once you're enrolled in the program, a cosigner isn't necessary.