CarMax Auto Financing 2022: Review, Rates, Comparisons

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CarMax CarMax Auto Loan

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Vary late fees and delivery fees

Annual Regular Percentage Rate (APR)

from 4.00%

CarMax CarMax Auto Loan

brother

Vary late fees and delivery fees

Annual Regular Percentage Rate (APR)

from 4.00%

Annual Regular Percentage Rate (APR)

from 4.00%

brother

Vary late fees and delivery fees

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Pros and cons of CarMax auto loans

Introducing Auto Loan Insiders

  • Auto loan

  • Upstart Auto Refinance

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CarMax is ideal 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 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 purchases. In addition, borrowers in nine states will not be able to get a loan from CarMax.

How CarMax auto loans compare

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

Annual Regular 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

Annual Regular Percentage Rate (APR)

3.90% to 27.90% APR

Chase has an undisclosed minimum credit score to apply, while Carvana and CarMax have no minimum points to consider. It may still be worth applying with Carvana and CarMax even if your score isn’t high.

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

See our rating methodology for auto loans »

Frequently asked questions

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

CarMax has not been involved in any recent controversy. You can feel comfortable finding a car at CarMax between its excellent BBB ratings and clean history.

It may be easier to get a loan from CarMax than another lender, because 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 avenues, including CarMax Auto Finance, its captive lender (also called a home loan). The company also partners with some third-party lenders, including Ally, Chase, and Wells Fargo.

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