CarMax

• Inclusive Credit Options
• Cosigner Option
• Pre-qualify Online
• 3-Day Payoff Plan

Inclusive Credit Options

At CarMax, financing is open to people with all types of credit. Rates are available from several different credit profiles, from subprime to excellent, but not everyone gets approved, and your individual rates will depend on your personal credit profile, and the car/amount you need to fund.

Finance applications (and approval) at CarMax are based on the following criteria:

• application information
• credit history
• down payment amount
• the exact car that you choose to apply for

Due to the company's no-haggle, straightforward goals, there is no haggling over financing and APR. Additionally, workers are sales consultants and they get paid the same, no matter which financing option you choose.

Down payments aren't required, but they are encouraged to help lower your monthly payments.

Cosigner Option

With CarMax, you can apply for financing with a co-applicant to help improve your loan offer. Not all used car superstore-type of dealers offer this. 

Pre-Qualify Online

Consumers can fill outa quick prequalification form online to get an idea of their borrowing options with CarMax. It's fast and easy and doesn't affect your credit score. Once you actually decide on a car and fill out a full application for credit, you will be provided with loan offers from CarMax and its lending partners within a few minutes. On top of online pre-qualification, borrowers also have access to make payments through the CarMax website.

3-Day Payoff Plan

If you find a better financing deal, or simply change your mind, CarMax offers a three-day payoff program. You can get an outside loan to replace your CarMax loan with no payment penalties.

• Restrictions
• Refinancing
• Final Payment

Restrictions

When you finance with CarMax, it's clearly just for cars at CarMax. The company's financing program is solely for vehicles bought and sold at CarMax.

Refinancing

If you end up going with CarMax Auto Finance as your lender, just know that you will not have the option to refinance your purchase directly through this lender. However, you can always look to refinance the loan through an outside provider.

Final Payment

Shoppers selecting CarMax's in-house financing through Carmax Auto Finance should note that your final payment may be larger than previous monthly payments. For example, it may include late fees and other unpaid fees. Additionally, CAF uses simple interest retail installment contracts. If you made late payments, there is more unpaid interest than you would have had if you had made payments on-time.