CarMax Auto Financing 2022: Review, Rates, Comparisons

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CarMax CarMax Auto Loans

Fees

Late fees and shipping fees vary

Regular Annual Percentage Rate (APR)

from 4.00%

CarMax CarMax Auto Loans

Fees

Late fees and shipping fees vary

Regular Annual Percentage Rate (APR)

from 4.00%

Regular Annual Percentage Rate (APR)

from 4.00%

Fees

Late fees and shipping fees vary

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Pros and cons of CarMax car loans

Insider’s Preferred Auto Loan

  • Auto Loans

  • Start an Auto Refinance

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CarMax is best for borrowers who want to complete the car buying process from the comfort of their homes. The company makes it easy for you to choose a car online, finance it, and ship it to you.

However, if you don’t want a used car, CarMax isn’t the right choice for you — it doesn’t offer new cars, refinancing, or lease purchases. Additionally, borrowers in nine states cannot get a loan from CarMax.

How to compare CarMax car loans

How CarMax compares

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Editor’s Rating

3/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Regular Annual Percentage Rate (APR)

from 4.00%

Editor’s Rating

3.5/5

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

A five-pointed star

Regular Annual Percentage Rate (APR)

3.90% to 27.90% APR

Chase has an undisclosed minimum credit score that applies, while Carvana and CarMax do not have a set minimum score that they consider. It may still be worth applying to Carvana and CarMax even if your score isn’t high.

You can’t buy your lease or refinance with Chase, and you can only get a used car at Carvana and CarMax.

Check out our rating methods for car loans »

Frequently asked questions

CarMax has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates businesses by looking at their responses to consumer complaints, honesty in advertising, and transparency about business practices.

CarMax has not been involved in any recent controversies. You can feel comfortable getting a car from CarMax with its excellent BBB rating and clean history.

It may be easier to get a loan from CarMax than from another lender, as it is accessible to borrowers with bad credit. That said, you are more likely to qualify for financing if you have a higher credit score.

CarMax offers financing through several different methods, including CarMax Auto Finance, its captive lender (also known as an in-house lender). The company also partners with several third-party lenders, including Ally, Chase, and Wells Fargo.

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