CarMax car financing 2022: review, tariffs, comparisons – Business Insider | CarTailz

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fees

Different late fees and delivery fees

Regular Annual Percentage Rate (APR)

from 4.00%

CarMax CarMax car loan

fees

Different late fees and delivery fees

Regular Annual Percentage Rate (APR)

from 4.00%

Regular Annual Percentage Rate (APR)

from 4.00%

fees

Different late fees and delivery fees

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Pros and cons of CarMax car loans

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CarMax is best suited for borrowers who want to complete their car purchase in the comfort of their own home. The company makes it easy for you to choose a car online, finance it and have it delivered 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 buyouts. Additionally, borrowers in nine states cannot get a loan from CarMax.

How CarMax car loans compare

This is 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

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)

Starts at 3.50% APR

Chase has an undisclosed minimum credit rating that must be applied, while Carvana and CarMax have no specified minimum rating that they will consider. It can still be worth applying to Carvana and CarMax even if your score is not high.

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

Check out our auto loan evaluation methodology »

frequently asked Questions

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

CarMax was not involved in the recent controversy. You can feel comfortable getting a car from CarMax between its excellent BBB grade and its clean history.

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

CarMax offers financing through a variety of avenues, including CarMax Auto Finance, its proprietary lender (also known as an in-house lender). The company also works with a few third-party lenders, including Ally, Chase, and Wells Fargo.

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