2.0
3.6
Overall Score
Author: Kaitlyn Short
Carvana offers a new and unique way to buy a vehicle, providing consumers with the opportunity to pre-qualify for an auto loan that will give them access to Carvana's expansive inventory of cars, tailored to the consumer's financing terms and with no impact to their credit score. To become pre-qualified, a consumer fills out a two-minute application form, and then receives competitive rates that are valid for 45 days.
The lender works with all types of credit, including bad credit, and there are just three minimum borrower requirements:
Keep reading for pros and cons, plus Carvana reviews from real customers.
Buying a vehicle through Carvana will provide you with a new way to shop. Carvana cuts out the middleman and dealerships, which means you won't have to pay any hefty dealer fees or sit around at a dealership for hours on end in order to receive financing.
Every vehicle Carvana sells comes with a "Carvana Certification," which means that the car has passed through a rigorous inspection and reconditioning process that includes a 150-point inspection, an oil change, and a premium detail.
All Carvana vehicles come with a worry-free guarantee. The company provides you with a free Experian Autocheck vehicle history report prior to purchase and guarantees your new car for 100 days or 4,189 miles, whichever comes first.
Carvana also offers a no-questions-asked return policy that allows you to return the vehicle and terminate your contract for any reason within seven days of purchase.
With Carvana, you can get prequalified online in two minutes with no hit to your credit score. You will then receive a real down payment and immediately know what interest rate and terms are available to you.
Carvana's "no haggling" tool enables you to shop for a vehicle on your own terms from the comfort of your home. You simply input every combination of what you want into the Finance Dials and Carvana will show you exactly what your interest rate, down payment options, monthly payment, and loan terms will be for the criteria you specified.
For example, you could input that you want a payment under $400 on a 48-month term with no money down and the no haggling tool will do the rest.
Carvana only offers free vehicle delivery to consumers within a 100-mile radius of the following cities:
Consumers who live outside of the free delivery area must contact Carvana to find out what the cost will be to deliver to their area.
Carvana doesn't charge any restocking fees if you live within 100 miles of one of its service areas. However, if you live outside of this radius or have exceeded 400 miles during the seven-day period, you will be charged additional fees.
Carvana finances single-buyer loans. If you want to get a joint loan with a co-signer, you will have to fund through a different car loan company.
Carvana doesn't do the best job when it comes to being transparent on its website. For example, the company has not disclosed interest rates, terms, loan amounts, or mileage limits.
Carvana offers two-minute pre-qualification, certified vehicles, and a worry-free guarantee. However, the company only offers free delivery to consumers who live in certain areas and is not entirely transparent on its corporate website.
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