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Fees
Varying late fees and delivery fees
Regular Annual Percentage Rate (APR)
from 4.00%
Fees
Varying late fees and delivery fees
Regular Annual Percentage Rate (APR)
from 4.00%
Details
Regular Annual Percentage Rate (APR)
from 4.00%
Fees
Varying late fees and delivery fees
Pros & Cons
Highlights
Pros and cons of CarMax auto loans
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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 pick out a car online, finance it, and get 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 won’t be able to get a loan from CarMax.
How CarMax auto loans compare
How CarMax compares
Editor’s Rating
Regular Annual Percentage Rate (APR)
from 4.00%
Editor’s Rating
Regular Annual Percentage Rate (APR)
3.90% to 27.90% APR
Editor’s Rating
Regular Annual Percentage Rate (APR)
Starts at 3.50% APR
Chase has an undisclosed minimum credit score to apply, while Carvana and CarMax have no set minimum score they consider. It may still be worth applying with Carvana and CarMax even if your score isn’t high.
You can’t buy out your lease or refinance with Chase, and you’re only able to get a used car with Carvana and CarMax.
See our ratings methodology for auto loans »
Frequently asked questions
CarMax has an A+ grade 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 hasn’t been involved in any recent controversies. You may feel comfortable getting a car from CarMax between its excellent BBB grade and clean history.
It may be easier to get a loan from CarMax than another lender, as it is accessible to borrowers with bad credit. That said, you’re more likely to qualify for financing if you have a higher credit score.
CarMax offers financing through several different avenues, including CarMax Auto Finance, its captive lender (also known as an in-house lender). The company also partners with some third-party lenders, including Ally, Chase, and Wells Fargo.
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