Auto CarMax 2022 financing: review, prices, comparisons

Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Costs

Late fees and variable delivery charges

Regular Annual Percentage Rate (APR)

from 4.00%

CarMax car loan CarMax

Costs

Late fees and variable delivery charges

Regular Annual Percentage Rate (APR)

from 4.00%

Regular Annual Percentage Rate (APR)

from 4.00%

Costs

Late fees and variable delivery charges

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Advantages and disadvantages of CarMax auto loans

Insider Featured Auto Loans

  • Automatic loan

  • Automatic refinancing

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.
Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

CarMax is ideal for borrowers who want to complete the car buying process from the comfort of their own home. The company makes it easy for you to choose a car online, finance it, and have it delivered to you.

However, if you don’t want a used car, CarMax isn’t the right choice for you – it doesn’t offer new cars, refinance, or lease buyouts. Additionally, borrowers in nine states will not be able to get a loan from CarMax.

Comparison of car loans CarMax

How CarMax Compares

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.
Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Editor’s note

3/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular Annual Percentage Rate (APR)

from 4.00%

Editor’s note

3.5/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular Annual Percentage Rate (APR)

3.90% to 27.90% APR

Editor’s note

3.5/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular Annual Percentage Rate (APR)

Starts at 3.50% APR

Chase has an undisclosed minimum credit score to apply, while Carvana and CarMax do not have a set minimum score that they consider. It may still be worth applying with Carvana and CarMax even if your score is not high.

You can’t buy out your lease or refinance with Chase, and you can only get a used car with Carvana and CarMax.

See our auto loan scoring methodology »

Frequently Asked Questions

CarMax has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates companies by looking at their responses to consumer complaints, honesty in advertising and transparency in business practices.

CarMax has not been involved in any recent controversies. You can feel comfortable getting a car from CarMax between its excellent BBB rating and its clean history.

It may be easier to get a loan from CarMax than another lender because it is accessible to borrowers with bad credit. That said, you are more likely to qualify for financing if you have a higher credit score.

CarMax offers financing through several different avenues, including CarMax Auto Finance, its captive lender (also known as an in-house lender). The company also partners with select third-party lenders, including Ally, Chase, and Wells Fargo.

Comments are closed.