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Carvana

Carvana: 2023 Auto Loan Review Published 2022-05-25 07:00:00

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist. Since then, she’s been published in numerous prestigious financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information at no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that pay us. This compensation could affect how and where products appear on this website, for example such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be available to you.

About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed nor approved by any advertiser. The information such as rates and charges, presented in the review are accurate as of the date when the review first appeared. Look over the information at the top of this page as well as the lender’s site for the most up-to-date information.

At a quick glance 4.2 rating: 4.2 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

The Affordability Score: 3.6 stars out of five

Customer Experience Rating: 4.8 five stars from 5

A rating of transparency: 4.5 stars out of 5

Compare rates for auto loan rates

About Carvana The amount of the loan is not specified.

Min. credit score Unspecified

APR from 6.85%

Funds are available as soon as one day

Carvana highlights Here’s a brief overview of the features Carvana provides.

PROS Credit score not needed

Money-back guarantee

One-stop-shop

CONS Limited to Carvana inventory

Down payment

Not available in all states

Carvana offers auto loans for all kinds of borrowers. The loan is available to people looking to purchase a vehicle on Carvana’s website , and then have it delivered to their home or via a “car vending machine” within their region. You don’t need an impeccable credit score to be eligible for credit, and you are able to view potential loan offers with no impact of your credit rating.

Pros and pros and Carvana auto loans Pros A good credit score is not required. You may be qualified for financing if you earn at least $4,000 per year and do not have any active bankruptcies — even if your credit score is not great. Money-back guarantee. You’ll have 7 days to return your vehicle and walk away from the loan contract without having to face negative consequences. One-stop shop. Carvana simplifies the process from start to finish , by providing you with the ability to search to hire a driver, organize financing and have your vehicle delivered, all in one location.

Cons Limited to Carvana inventory. Carvana auto loans can only be used for cars that are available for sale on Carvana’s site. Down payment. You might have to pay an un-negotiable downpayment to purchase a new vehicle. Not available in every state. Carvana is not able to offer auto loans to customers in Alaska and Hawaii.

Who do you think Carvana most suitable for? Carvana is an ideal choice when you’re looking for your next car at the convenience of your home , and then manage finance online. It’s also ideal for people who might not have excellent or outstanding credit, but require an auto loan with a competitive interest rate and affordable monthly payments. The site also enables direct vehicle purchases for new or used cars in your area. If you are just starting your journey to buy a car, Carvana can be a great place to start. Types of auto loans offered You can use a bank or credit union to finance your new or used car purchase — or streamline the process with financing through Carvana. Auto loans for car purchases Carvana features auto loan financing for new and used vehicles that are purchased through their platform. This is available to customers of all credit types and with interest rates as small to 6.85 percent. Even better are the loan terms are flexible and you could get approved for financing and finalize your loan within the next day. Interest rates and terms Carvana evaluates your credit history along with your income, as well as the purchase price to determine the interest rate you will pay and the loan duration you’re eligible to get. Its initial rate will be 6.85 percent, with terms of 12 to 72 months. Carvana is now able to add a co-signer Carvana recently introduced the option for customers to sign on car financing in 36 of the states in which it operates with the intention to grow further. An auto loan co-signer is a person who shares the same legal liability for the repayment of the car without having full ownership and is able to help achieve higher rates. This is a particularly good option for younger drivers who are still trying to build credit, says Matt Dundas, Carvana’s director of finance. Since both the cost of the vehicle and the loan are higher than normal the co-signer’s involvement can be beneficial . Dundas says “It’s not uncommon to observe the co-signer’s addition reduce monthly payments by as much as $100 per month, or down payments by over 1,000 dollars.” This makes it more affordable to purchase the cost of a higher-priced vehicle. But, co-signing is still a significant commitment, so before signing off consider the conditions. How do I apply for an auto loan through Carvana You can be prequalified on an auto loan by contacting Carvana through its website. It will take just 2 minutes of your time and won’t affect your score on credit. If the two match, you’ll be able view the current loan terms and monthly installments for the vehicles available for sale on the site. To prequalify you will need fill in your name and contact information. Address of residence. Birthdate. Employment details. The annual income. If you are planning to sign off on financing with the assistance of a co-signer, simply enter their details on the first application page. Your co-signer must also be present during vehicle pick-up or delivery. Auto loan refinancing needs to meet certain requirements Carvana offers only the following qualification requirements You must be at least 18 years old. Have no active bankruptcies. You must earn a minimum of $4,000 a year. You’ll have to submit documents, such as a recent utility bill, loan statement or lease agreement to verify your address for verification. Carvana will also verify your earnings using your most recent two consecutive pay stubs, three most recent bank statements or Plaid. Customer service Carvana provides a full range of customer support that goes beyond normal hours of business to make your purchase as simple as it can be. Support is available on the internet and via phone between 8 a.m. until 10 p.m. ET. You can also text with an advocate live anytime between 9 a.m. until 8 p.m. ET all week long.

How Bankrate rates Carvana Overall Score

4.2

Availability

3.8

Carvana requires you use its marketplace if you want to avail its financing. Carvana also does not offer anything more than used and new car loans.

Affordability

3.6

The minimum APR of 6.85 percent is fairly average It also charges regular NSF as well as late charges. However, the criteria for acceptance can be more flexible than other lenders.

Customer Experience

4.8

Carvana provides customer support seven days a week. The company also has a long period of shopping of 45 daysand online access for all.

Transparency

4.5

While it allows prequalification , and clearly lists all costs, Carvana doesn’t specify the maximum APR offered.

Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is accurate up to the date of the review. Review the information at the top of this page, and the lender’s website for the most up-to-date information.

Written by

Allison Martin

Allison Martin’s work started over 10 years ago as a digital content strategist. Since then, she’s published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

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