![]() ![]() This includes car buyers with bad credit - typically FICO scores below 630 - who may have trouble getting car loans elsewhere.ĬarMax does not allow loan co-signers, but it does allow co-buyers or co-borrowers, which can help with the loan approval. Even so, approximately 80 percent of CarMax’s customers finance with CarMax Auto Finance or one of CarMax’s other financing sources.ĬarMax has no minimum credit score or credit history requirements and says its range of financing sources enables it to serve customers across the credit spectrum. Within three business days of closing on your CarMax loan, you can replace it with another lender’s financing at no cost.ĬarMax sales consultants do not receive a commission based on whether customers finance their car through a CarMax finance source or a third-party lender. If you finance through CarMax Auto Finance or a CarMax lending partner and then find a better loan offer, you can take advantage of a three-day payoff option. In addition, NerdWallet strongly recommends getting preapproved auto loan offers from other lenders so that you can compare the rate with CarMax’s offer. It also arranges loans through other financing sources, such as Ally Auto, Chase Bank and Capital One.ĬarMax customers can also use their own lender and should provide that lender’s information when they begin the car-buying process. CarMax financingĬarMax makes auto loans directly to consumers through its own auto finance division - CarMax Auto Finance. This review looks first at CarMax financing options and then at buying or selling through CarMax. (Trading in a car may save you money on sales taxes.) If you’re trading or selling to CarMax, you must take your vehicle to a CarMax store. Every vehicle also has a CarMax Limited Warranty for 90 days or 4,000 miles.ĬarMax also buys cars and accepts trade-ins. In addition, vehicles come with a Love Your Car Guarantee, with 24-hour test drives and 30-day returns. ![]() CarMax also allows customers to finance through their credit union or bank.ĬarMax vehicles receive a 125-point inspection, and each online listing has an AutoCheck vehicle history report. Financing is available through CarMax Auto Finance or other lending partners. Preapproval requires a hard credit inquiry, which can cause a temporary drop in your credit scores. Customers can pick up a vehicle at one of more than 220 CarMax stores or arrange home delivery within 60 miles of a store in select markets.Ĭar buyers can apply for preapproved financing on the CarMax website, even if they choose to shop at a CarMax store. CarMax is the largest retailer of used cars in the United States, with a typical inventory of more than 55,000 vehicles that can be viewed at. ![]()
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