At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About Vroom
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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
Vroom is known for its convenient delivery process but lacks financing transparency.
Return period available
Registration services provided
Prequalification available
Limited inventory
Potential delivery fee
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.
Weigh the benefits and drawbacks of financing with the popular vehicle delivery site prior to signing off.
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.
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 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.
The fully online vehicle purchase and financing process is outlined simply on its website.
Vroom does not disclose requirements for financing because they partner with different credit unions and banks.
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.
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. |