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Vroom: 2023 Auto loan review

2023-05-01 00:00:00

At a glance

Rating: 3.6 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.7 stars out of 5
  • Affordability
    Rating: 3 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 4 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 pros and cons

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


  • Checkmark

    Return period available

  • Checkmark

    Prequalification available

  • Checkmark

    Registration services provided


  • 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.

Do you qualify? 

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. 

Vroom versus CarsDirect

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.

Vroom versus Carvana

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.

What we like and what we don’t like

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

What we like

  • Return period. Vroom gives you seven days (or 250 miles) 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, and it won’t hurt your credit score
  • Registration handled. Vroom will take care of vehicle paperwork on your behalf and simply mail your plates and registration to you. 

What we don't like

  • 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. Vehicle financing through Vroom is  not available in Pennsylvania. 

How to contact Vroom 

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.  


Auto loan types 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 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.

How to apply for a loan with Vroom 

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

Vroom FAQs

How Bankrate rates Vroom

Overall score 3.6
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.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
  • Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
  • Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.
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
Writer, Auto Loans and Personal Loans

Rebecca Betterton is a writer for Bankrate who has been reporting on auto loans since 2021. Through her writing, Rebecca aims to provide clarity and accessibility to the automotive loans industry as the cost to finance new and used vehicles continues to climb due to steep inflation.

Edited by Editor, Personal Loans, Auto Loans, and Debt