What do you need for a CarMax loan?

All you need to complete the pre-approval process is a strong idea of your budget and how much you'd like to finance, your contact information, your employment and income information, and information about a co-applicant, if you have one.

How does CarMax auto finance work?

At CarMax, all finance offers are based on four factors: your application information, your personal credit history, the vehicle you want to buy (its age, mileage, and price), and your down payment amount. Your personal credit history plays an important part in the financing decision.

Does CarMax ask for proof of insurance?

Yes. All customers must show proof of insurance when buying a car. You will either need to provide evidence of existing coverage or a VIN-specific binder.

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How much is MaxCare monthly?

Our average plan costs about $70 dollars per month, and offers roadside assistance, trip interruption, and rental car reimbursements. We also cover repairs that MaxCare doesn't, including your exhaust and your catalytic converter.

What is not covered under MaxCare?

Here's a sample of what the MaxCare extended service plan won't cover: Regular maintenance services like oil changes and tune-ups. Aftermarket accessories like GPS, radar detectors, and radios. Maintenance parts such as batteries, air conditioning refrigerant, engine coolant, drive belts, and brake pads and shoes.

Does CarMax finance affect credit score?

Will applying impact my credit score? Yes. Our finance sources will use your credit reports to review your application.

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Is financing easy at CarMax?

This fast and easy process lets you choose how much you want to borrow based on the type of vehicle you're looking for. If you're interested in financing a purchase with CarMax, visit us online to get pre-approved.

Are CarMax interest rates high?

In our research we found that CarMax Auto Finance charges an average interest rate of 8% – 9%. These interest rates seem very high when looking at the average FICO of CAF's loan portfolio of 715.

Is it easy to qualify at CarMax?

A: Absolutely! Financing at CarMax is a quick and transparent process with our convenient online pre-approvals. Applying is fast and easy using our pre-qualification form.

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Is CarMax preapproval a hard pull?

You can do this by using the CarMax preapproval tool, which will initiate a hard pull on your credit. This can have a small negative impact on your credit report, and is a routine step in securing financing from almost any lender, though it may come later in the process with other lenders.

How long does CarMax take to approve a loan?

Most of our customers' financing decisions are available in 20 minutes or less.

Does CarMax require proof of income?

All documents must be dated within 15 days of purchase unless otherwise noted below. What you'll need: Recent paystub or earnings statement from your employer reflecting taxes withheld.

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How long does CarMax financing take?

We offer financing through several finance sources, including CarMax Auto Finance, a division of CarMax. Most of our customers' financing decisions are available in 20 minutes or less. This is my first car purchase.

Is financing easy at CarMax?

This fast and easy process lets you choose how much you want to borrow based on the type of vehicle you're looking for. If you're interested in financing a purchase with CarMax, visit us online to get pre-approved.

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Are CarMax interest rates high?

In our research we found that CarMax Auto Finance charges an average interest rate of 8% – 9%. These interest rates seem very high when looking at the average FICO of CAF's loan portfolio of 715.

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