![]() To submit an application with CarMax, provide some basic details about yourself, including:ĬarMax is a solid option for both an online and offline applications, but there are still some downsides.ġ out of 5 stars, based on 3 customer reviewsĢ out of 5 stars, based on 43 customer reviewsĤ.4 out of 5 stars, based on 27,877 customer reviewsĤ.8 out of 5 stars, based on 254,449 customer reviews This means you could qualify with less-than-perfect credit. Because CarMax works with a variety of lenders in addition to offering in-house financing, it accepts borrowers from a wide range of backgrounds. What do I need to qualify?ĬarMax doesn't have any specific requirements like annual income or credit score. So if you're still shopping for rates but find the perfect used car, you can buy it as soon as possible - and still get the best loan for your budget. If you get financing through CarMax but find a better deal with a different lender, CarMax is flexible: You have three days to return your financing at no cost. It doesn't list any fees or a set preapproval period for you to shop during, so ask for details when you speak with a CarMax representative. Your loan approval is based on the vehicle you've selected in addition to your personal finances, credit history and total down payment. How does CarMax financing work?ĬarMax offers direct financing for its used vehicles - backed by large banks like Ally, Capital One and Wells Fargo. CarMax also offers terms of 36, 48 and 60 months. ![]() But you can expect an APR around this range for terms of 72 months. ![]() These are general rates and will depend on a variety of factors, including the cost of your vehicle and your credit score. However, it's budget calculator allows you to input your FICO credit score range and view an estimated APR for each category. How much does CarMax financing cost?ĬarMax doesn't state its APR range or potential loan terms. So while the application process is relatively quick - around 15 minutes if you have all of the information on hand - keep your other options open when shopping with CarMax. Since it isn't clear about its terms, you'll be in the dark until you apply for preapproval. You'll also have up to seven days to test drive your car - and up to three days to return your financing if you find a better deal with a different lender.īut CarMax has plenty of negative customer reviews. ![]() And with terms between 36 and 72 months, choose the monthly payment that fits your budget. While it isn't clear about rates, you can estimate your total cost based on your credit score, down payment and trade-in value.
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