At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About CarMax
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Loan amount
Varies by lender
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Min. credit score
Not specified
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APR from
Varies by lender
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Funds available in
As soon as the day you apply
Loan amount
Varies by lender
Min. credit score
Not specified
APR from
Varies by lender
Funds available in
As soon as the day you apply
CarMax serves as a one-stop shop for drivers looking to purchase and finance their vehicle all in one place.
Bad credit loans available
Convenient shopping
Fast financing decision
Prices are nonnegotiable
Limited inventory
Not transparent about rates and fees
CarMax serves drivers across the country who want to purchase used vehicles. It has recently dove into the remote purchase space, providing drivers with the ease of vehicle delivery and financing all on one site. CarMax offers preapproval and loan decisions in as little as 20 minutes.
And with over 235 brick-and-mortar stores across the U.S., CarMax serves as a great option for those who prefer an in-person experience.
Consider the benefits and drawbacks of a loan with CarMax prior to submitting an application.
Financing through CarMax is best for drivers interested in buying and financing a used vehicle all in one place. The price displayed will also be the cost that you will walk away with so if you want to avoid negotiation, CarMax could be right for you.
But CarMax does not disclose its rates and encourages you to put down a down payment, which means that if you do not have strong credit you might end up paying more than you might elsewhere. So, while CarMax is a convenient way to buy used, you may be able to find more competitive rates by shopping around yourself.
CarMax offers financing for used car loans through its direct lending platform, CarMax Auto Finance, or via one of its many partners:
This is very beneficial for drivers interested in comparing different loan options. Especially because these lenders all cater to a range of different credit profiles, so you have a better chance of finding a good fit.
Rates vary depending on the lender but the terms offered range from 36 to 72 months. You will not be able to get prequalified. While you can get preapproved, there will be a hard credit check.
The online application process is fairly simple with CarMax and begins with choosing your vehicle from its online inventory. This can be done through type, brand, style or ZIP code. Take advantage of the CarMax car payment calculator tool, which will give you a strong idea of the monthly cost.
Keep in mind that the preapproval process will carry a hard credit pull. You will then be matched with a lender from one of CarMax’s partners or its in-house option — CarMax Auto Finance. If you are trading in your vehicle you can do this directly through CarMax in person or online.
After setting your sights on a vehicle and arranging for financing you determine how you want to receive your vehicle. It can be delivered directly to your home or through express pick up at your closest CarMax.
CarMax offers a program which lets you return the vehicle for up to 30 days or 1,500 miles if the vehicle isn’t a fit. Along with this, if you find better financing elsewhere, CarMax’s Three-Day Payoff program allows you to replace your initial financing within the first three days of signing.
While requirements vary by lender consider preparing the following information prior to applying:
CarMax boasts an easy-to-navigate website and customer service via chat function, phone call or in-person appointment. While phone support is only available Monday to Friday at 800-925-3612 from 8 a.m. to 10 p.m., its app provides assistance 24/7.
Overall score | 3.5 | |
Availability | 3.7 | CarMax scores high for its state availability and repayment options but restricts drivers to shop only at network dealerships. |
Affordability | 3.2 | CarMax does not provide information on discounts or potential APRs. |
Customer experience | 4.2 | With an easy-to-use website and chat function on its app, CarMax ranks high for overall customer service. |
Transparency | 3.0 | Rates and fees are not disclosed, and preapproval is only available with a hard credit check. |