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.
It's definitely possible to get approved for financing with a 500 score, but you'll likely get a higher interest rate. Coming in with a larger down payment can help, as will having a co-signer.
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.
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.
Will CarMax Buy Any Vehicle? CarMax will buy most cars, even old cars that don't even run. However, these cars will need to be towed to a CarMax store for an appraisal. CarMax will even buy cars that they don't expect to sell, such as badly damaged vehicles, that they will sell to auction.
You will leave with payment in hand the same day you sell us your car.
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.
In general, you should strive to make a down payment of at least 20% of a new car's purchase price. For used cars, try for at least 10% down. If you can't afford the recommended amount, put down as much as you can without draining your savings or emergency funds.
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.
Your down payment should be whatever amount you feel comfortable paying. Most CarMax customers put down at least 8% of the purchase price.
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...
Can I pay ahead? Yes, however, even if you are paid-ahead, finance charges will continue to accrue daily on your account. The next payment you make will be applied first to the finance charges that have accrued since the last payment you made.
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.
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 buys vehicles that are not paid off. To sell a car you still owe money on to the retailer, you must provide loan information so CarMax can pay off the lender. If you owe more than your offer, you will need to cover the difference.
The vehicles are generally 5 years old or newer though most of their cars are 3-year-old off-lease vehicles. CarMax also offers a 30-day return policy (up to 1,500 miles) and 90-day or 4,000-mile limited warranty on all vehicle purchases.
Dealerships will expect your car to be running and safe to drive, but scratches, dents, check engine lights, and other issues may not be a deal breaker for them. They'll ask you about any issues with the vehicle when you fill out an online offer form and take those into account when they make you an offer.
Our upfront prices are set and our associates are paid the same regardless of a car's price, so our goal is to find the right car for you.
We'll help make that easy. Can I use my own financing to buy a car at CarMax? Absolutely! We accept most financial institutions and can walk you through the process.
CarMax doesn't negotiate on price. They'll add on any required taxes, title, registration, and documentation fees, and a standard fee for car processing -- which for me near Raleigh was $599. It should be easy enough to research these costs for your location.