Carvana car loans: review 2022, interest rates – Business Insider | CarTailz

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fees

Deviating delivery fee

Regular Annual Percentage Rate (APR)

3.90% to 27.90% APR

Carvana Carvana car loan

fees

Deviating delivery fee

Regular Annual Percentage Rate (APR)

3.90% to 27.90% APR

Regular Annual Percentage Rate (APR)

3.90% to 27.90% APR

fees

Deviating delivery fee

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Pros and cons of Carvana car loans

Carvana is best suited for borrowers who want to find a used car from the comfort of their own home. The company offers an easy to navigate tool to find the car you are looking for at the price you can afford. Additionally, borrowers are not required to meet a minimum credit rating to qualify.

However, if you want to finance something other than a used car, you won’t get it from Carvana. For more top companies, check out our guide to the best car loans. Also, you can only use the loan offer you receive for one Carvana car.

Compare Carvana car loans

How Carvana compares

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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

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)

From Dealer: Starts at 5.24% From Private: Starts at 7.39% Hire Purchase: Starts at 5.24% Starts at 5.39%

Chase and PNC have undisclosed minimum credit ratings that apply, while Carvana does not consider a specified minimum rating. It can still be worth applying to Carvana even if your score is low.

With PNC you can finance new and used vehicles, refinance your loan or buy out your lease. You can’t buy out or refinance your lease with Chase, and the only place you can get a used vehicle is with Carvana.

Check out our auto loan evaluation methodology »

frequently asked Questions

Carvana currently does not have a rating from the Better Business Bureau as it updates its business profile. The BBB is a non-profit organization focused on consumer protection and trust. It evaluates companies based on their response to consumer complaints, honesty in advertising and openness to business practices.

The company has been at the center of a controversy in which it allegedly sold cars to customers without giving them ownership of the vehicles. A lawsuit filed against the Carvana claimed it failed to register cars on time, sometimes for more than two years. At certain times, the lender’s license was suspended in several states, including Michigan and Illinois.

Carvana’s murky history and lack of a BBB rating may make you reconsider the lender. There are other lenders with no controversial track record that you might want to consider.

Carvana can actually be a slightly easier lender to qualify for than most. That’s because no minimum credit rating is required to apply – many other lenders do.

Carvana’s top rate is quite high compared to other auto lenders. However, if you have excellent credit, you may qualify for the lowest interest rates, which are very competitive.

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