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Offering an entirely online experience, Carvana allows users to find and buy used vehicles online, with delivery or pickup available depending on location. Buyers can finance the purchase of the vehicle through their own lender, or alternatively, opt for finance from Carvana direct.
Carvana Auto Loans
Using Carvana, you can shop online from a range of more than 11,000 used vehicles, to then have your chosen vehicle delivered to your door. Depending on your location, you may also choose to pick up your vehicle from one of the company’s car vending machines.
Working well for used car buyers who want to shop from home without the hassle of negotiating with a dealer, Carvana offers competitive sales prices on vehicles that for the most part feature low mileage. Vehicles also feature a 150-point inspection and come with a free CarFax vehicle history report.
As for finance, Carvana allows buyers to bring their own auto loan, or apply for in-house finance direct. If you opt for a Carvana auto loan, the loan amount and rate you are approved for will depend on the price of the car, as well as your income and credit.
To be eligible for auto finance from Carvana, you must be at least 18 years old, with a minimum income of $10,000 per year. While there are no stipulations regarding credit, you must not have any active bankruptcies to qualify.
When you apply for auto finance with Carvana, the company does a soft pull on your credit, which means your credit score should not be affected. The quote provided is good for 45 days, giving you plenty of time to search for the vehicle you want.
What You Need To Know
• Carvana auto loan rates range from 3.90% to 27.90%. The rate you pay will be determined by factors such as your credit and income.
• You can only use Carvana auto finance for used vehicles featured on the Carvana site.
• You cannot use a co-signer on a Carvana auto loan.
• Preliminary quotes from Carvana use a soft pull, which won’t affect your credit.
• You will need to earn at least $10,000 per year to qualify, with no active bankruptcies.
• There is no minimum credit score to apply for a Carvana auto loan (but your credit score will affect the rate you pay on your loan).
• Carvana does not charge an application fee or prepayment penalty on its auto loans. Late fees may apply.
• Maximum loan term is 72 months.