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
Prequalification available
Registration services provided
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.
Vroom does not disclose requirements for financing because it partners with different credit unions and banks. You’ll generally be eligible for the most competitive financing terms if you have good or excellent credit, but past credit issues (including bankruptcy) won’t necessarily prevent you from securing a loan. Most lenders also want to see a steady stream of income to confirm you can afford the loan payments.
CarsDirect is another online platform you can use to find your next vehicle. Instead of offering an inventory of vehicles, CarsDirect connects you with a network of lenders catering to borrowers with a range of credit backgrounds. You can then use that loan to shop for the car of your choice. As with Vroom, details about the available loans are sparse.
Like Vroom, Carvana is an online used vehicle sales platform offering funding through lending partners. Carvana claims you might be eligible for financing with poor credit while earning as little as $4,500 annually, making it the better option for cash-strapped borrowers. Additionally, you can avoid delivery fees by picking up your vehicle from a Carvana car vending machine — an option Vroom doesn’t offer.
Vroom beats out Carvana with a higher-mileage limited warranty (Carvana’s is capped at 4,189 miles) and its year of complimentary roadside assistance.
Weigh the benefits and drawbacks of financing with the popular vehicle delivery site prior to signing off.
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.
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 its lending partners, including Ally, Chase (Vroom Financial Services by Chase), Santander Consumer USA, United Auto Credit and Westlake Financial. Following prequalification Vroom will match you with financing.
For example, if you were to finance a $23,999 vehicle as a good credit driver your APR would be around 13.80 percent as of April 2023. 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.
The fully online vehicle purchase and financing process is outlined simply on its website.
Overall score | 3.6 | |
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Availability | 3.6 | The used car loans offered through Vroom score low due to undisclosed rates and terms. |
Affordability | 3 | 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 | While Vroom allows borrowers to prequalify, it doesn't provide all of its rates and fees on the site. |
Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.