CarMax | Auto Loan

4.0

CarMax offers direct financing for its used cars, with remote buying and a limited warranty, but financing is only for in-store purchases.

Loan Details

Loan Amount $500-$100,000
APR From 5.24%-28.00%
Min Credit Score Not Specified

Rates by Type

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	Used Car Loans
APR	5.24%-28.00%
Loan Amounts	$500-$100,000
Loan Terms	Not specified

Disclaimer: We are an independent information site, not an insurance company. All figures are estimates for comparison only; table data represents full coverage premiums. Please verify final quotes and terms directly with the insurer.

Pros & Cons

Pros

Buy online without visiting a store.
30-day limited warranty on covered systems.
Prequalify in under five minutes with no credit impact.

Cons

CarMax loans are only for cars bought from its lots.
CarMax charges processing, shipping, and lender fees.
Prices are fixed, so you cannot negotiate.

Eligibility

CarMax provides used car loan financing through its direct lending platform, CarMax Auto Finance, or through one of its many lending partners. As a result, the requirements may differ depending on the lender you are matched with.

Alaska.
Hawaii.
Montana.
North Dakota.
South Dakota.
Vermont.
West Virginia.
Wyoming.

Application

Apply Now

The CarMax online application process is straightforward, and you can choose to prequalify and shop online or at one of its store locations.

1. Get prequalified.

Before you prequalify, keep in mind that you can apply for either a specific vehicle or a general dollar amount. You will then be matched with a lender from CarMax's partners or with CarMax Auto Finance, its in-house financing option. Getting prequalified will not affect your credit score.

2. Search for a vehicle.

You can look for a vehicle online by searching by type, brand, style, or ZIP code. You can also search for cars within a certain price range based on what you can afford to spend.

3. Estimate your monthly payment.

Use the car payment calculator to estimate your possible monthly payment. If you are trading in your vehicle, CarMax also allows you to view potential offers online or in person.