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Vroom: 2022 Auto Loan Review

2022-05-24 11:56:00

At a glance

Rating: 3.6 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.7 stars out of 5
  • Affordability
    Rating: 4.2 stars out of 5
  • Customer Experience
    Rating: 4.8 stars out of 5
  • Transparency
    Rating: 3 stars out of 5
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About Vroom

  • Moneybag

    Loan amount

    Varies by lender

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Varies by lender

  • Funds available in

    As soon as the day you apply

Vroom features

Vroom is known for its convenient delivery process but lacks financing transparency.


  • Checkmark

    Return period available

  • Checkmark

    Registration services provided

  • Checkmark

    Prequalification available


  • Close X

    Limited inventory

  • Close X

    Potential delivery fee

  • Close X

    Not available in every state

Vroom, an online used vehicle selling platform similar to Carvana, is growing in popularity — over 19,400 vehicles sold in quarter one of 2022 — due to its ease of purchase and range of vehicle options. While Vroom does not offer financing itself, it works with over a dozen banks and lending partners to coordinate financing for drivers.

The process is done fully online, up to the vehicle delivery at your doorstep. The financing process should take only five minutes following vehicle choice and most drivers receive an instant financing offer.

Pros and cons of Vroom auto loans

Weigh the benefits and drawbacks of financing with the popular vehicle delivery site prior to signing off.


  • Return period. Vroom offers a seven-day period to decide if your new vehicle is right for you. 
  • Prequalification offered. Prequalifying will help you lock in expected rates prior to submitting a full application.   
  • Registration handled. Vroom will take care of vehicle paperwork on your behalf and simply mail your plates and registration to you. 


  • Limited vehicle inventory. Vehicles using financing through Vroom can only be purchased from the Vroom inventory.   
  • Potentially steep delivery fee. Although the delivery fee is undisclosed and based on the location, drivers should prepare for a high price tag.  
  • Not available in all states. Vehicles are not available in Alabama, Arkansas, select areas in Kansas, Mississippi, Maine, Nebraska and New Hampshire. 

Who is Vroom best for?

Vroom is best for a driver who is confident in their credit profile and prefers a fully online car buying experience. The undisclosed APRs and loan terms mean that you may not receive the most competitive rates available. 

Even with over a dozen lender partners, most do not cater to those with bad credit — meaning high APRs. And while Vroom does allow for its drivers to figure out their own financing, it is best to take advantage of all options to ensure the lowest rate.  

But the ease of online purchase and delivery makes the ideal candidate for Vroom a driver who is sure of the vehicle that they want and looking to avoid the traditional dealership haggle. The inventory is made up of over a thousand vehicles, so drivers are sure to find their fit. Vroom ensures vehicle quality through its stringent Carfax process, prior to hitting the online dealership base.  

Types of auto loans offered

Vroom offers vehicle financing for used cars as well as options for trade-in from its online inventory.  

Financing for Vroom’s used vehicles comes directly from lender partners. Banks and lenders like Ally, Chase Bank, Santander Consumer USA, Westlake Financial and United Auto Credit. Following prequalification Vroom will match you with financing.   

For example, if you were to finance a $22,000 vehicle with Chase as a good credit driver your APR would be around 8 percent as of June 2022. Another lender Vroom partners with, Ally, offers loans as big as $300,000 or as little as $1,000. 

If you wish to trade in your vehicle, Vroom will match you with a car specialist to get an appraisal.  

Interest rates and terms

Interest rates will range depending on the lender that you are matched with. But Vroom partnered lenders vary in terms of credit acceptance so rates will reflect. Chase, for example, offers loans from 48 to 72 months with APR as low as 3.5 percent, while Ally offers loan terms from 12 to 84 months. 

How to apply for a loan with Vroom

The fully online vehicle purchase and financing process is outlined simply on its website. 

  1. Prequalify. First, get a firm grasp on the amount of financing that you can qualify for. There is no hard credit pull for prequalification and you will simply need to share your yearly income and contact information. 
  2. Choose your car. Shop Vroom’s inventory of vehicles. Your vehicle can be held for 24 hours before finalizing the purchase.  
  3. Apply for financing. You will likely receive an instant decision after choosing your set of wheels and filling out the online application.  
  4. Sign and drive. The final step comes with vehicle delivery or in-store pickup. All documents can be signed online, and registration and plates will be mailed to you.  

Auto loan requirements

Vroom does not disclose requirements for financing because they partner with different credit unions and banks.  

Customer service

Assistance can be found by calling 855-524-1300 or via chat during undisclosed hours. While the site does offer extensive FAQs broken down to specific issues it is challenging to navigate through.  

But Vroom does boast extra vehicle protection with every purchased vehicle carrying a 90-day limited warranty covering unexpected costs, repairs and one year of complimentary roadside assistance. 

How Bankrate rates Vroom

Overall score 3.6  
Availability 3.7 The used car loans offered through Vroom score low due to undisclosed rates and terms. 
Affordability 3.0 Expected fees accrued for the vehicle delivery and undisclosed rates and terms leave Vroom with a middle score.
Customer experience 3.8 Vroom offers online and phone support but does not have 24/7 assistance.
Transparency 4.0 Transparency lacks but Vroom does encourage loan prequalification.
Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Auto loans editor