At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Carvana
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Loan amount
Not specified
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Min. credit score
Not specified
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APR from
6.85%
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Funds available in
As soon as one day
Loan amount
Not specified
Min. credit score
Not specified
APR from
6.85%
Funds available in
As soon as one day
Here’s a quick breakdown of what Carvana offers.
Good credit not required
Money-back guarantee
One-stop-shop
Limited to Carvana inventory
Down payment
Not available in all states
Carvana offers auto loans for all types of borrowers. It’s available to consumers looking to purchase a vehicle on Carvana’s website and have it delivered to their doorstep or using a “car vending machine” in their local area. You don’t need perfect credit to qualify for financing, and you can view potential loan offers with no impact on your credit score.
Carvana is a suitable option if you want to shop for your next car from the comfort of your home and handle the financing online. It’s also best for individuals who may not have good or excellent credit but need an auto loan with a competitive interest rate and affordable monthly payment.
The site also enables direct vehicle purchases for new or used vehicles in your area. If you are just beginning your vehicle buying journey, Carvana can be a good place to start.
You can use a bank or credit union to finance your new or used car purchase — or streamline the process with financing from Carvana.
Carvana features auto loan financing for new and used vehicles purchased on their platform. It’s available to borrowers with all credit types with interest rates as low as 6.85 percent. Even better, the loan terms are flexible, and you could get approved for financing and finalize your loan the same day.
Carvana evaluates your credit history, income and vehicle purchase price to determine your interest rate and the loan term you’re eligible for. Its starting rate is 6.85 percent, with terms from 12 to 72 months.
Carvana recently unveiled the option for buyers to sign off on vehicle financing with a co-signer in 36 of the states where it operates, with the hope to expand further. An auto loan co-signer holds equal legal responsibility for paying off the vehicle without full ownership and can serve to achieve more competitive rates.
It is an especially great option for younger drivers who are still working to build their credit, says Matt Dundas, Carvana’s director of finance. With both interest rates and vehicle prices steeper than usual, adding a co-signer can dramatically help costs.
Dundas shares that, “It’s not uncommon to see the addition of a co-signer reduce monthly payments by over $100 per month, or down payments by over $1,000.” This can make it easier to afford a more expensive vehicle. But, co-signing is a big commitment, so before signing off consider the responsibility that comes with it.
You can get prequalified for an auto loan with Carvana on its website. It only takes two minutes of your time and won’t impact your credit score. If there’s a match, you will be able to view actual loan terms and monthly payments for the vehicles available for sale on the platform.
To prequalify you will need to enter your:
If you plan to sign off on financing with the help of a co-signer, simply input their information on the first application page. Your co-signer must also be present for vehicle pick-up or delivery.
Carvana only lists the following qualification requirements:
You’ll need to provide documentation, like a recent utility bill, loan statement or lease agreement, for address verification purposes. Carvana will also verify your income through your two most recent consecutive pay stubs, three most recent bank statements or Plaid.
Carvana provides extensive customer support that goes beyond normal business hours to make your purchase as painless as possible. Support is available online and by phone from 8 a.m. to 10 p.m. ET. You can also text with a live advocate from 9 a.m. to 8 p.m. ET seven days a week.
Overall score | 4.4 | |
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Availability | 3.9 | Carvana requires you to use its marketplace if you want to use its financing option. It also doesn’t offer more than new and used car loans. |
Affordability | 4.3 | The minimum APR of 6.85 percent is fairly middle of the road, and it charges standard NSF and late fees. But its acceptance criteria is more flexible than other lenders. |
Customer experience | 5 | Carvana offers support seven days a week. It also has a large shopping window — 45 days — and full online access. |
Transparency | 4.5 | Carvana allows prequalification and clearly lists almost all of its rates and fees. |