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Carvana used car financing review

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3.9% to 27.9%

Our verdict

Find your next car loan — and used car — from your couch.

Carvana is the best choice for people who want to take care of financing and buying a car — all from the comfort of home. The financing process requires the same basic documentation as any other lender. But Carvana isn't as strict: There is no minimum credit score, and you may qualify for a loan with an income as low as $4,000. Terms are highly customizable, and you'll be able to browse from its large inventory of used vehicles.

However, you may not get the best deal. The price of each car is non-negotiable. Your APR is also set when you apply for financing, although you can change your loan term and down payment amount to adjust your monthly repayment.

For more flexibility, you can compare your loan options to see what other rates you might be eligible for before you shop for a used car through Carvana.


  • Most credit types welcome
  • 45-day preapproval
  • Seven-day guarantee

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question's rating: 4.35 / 5.0


Bottom line: Carvana offers loans for its large inventory of used cars. And while you can't negotiate, many of its vehicles are competitively priced to match your local market.


Product details

APR 3.9% to 27.9%
Interest Rate Type Fixed
Requirements 18+ years old, annual income of $4,000+, no active bankruptcies

How does Carvana work and what kind of cars does it carry?

Carvana is a used car dealership that operates entirely online. It offers hundreds of options, and its search function allows you to browse its inventory and find exactly what you want — from make to model to the number of miles racked up. When you’re ready to make a purchase, your car will be delivered to your door or available for you to pick up at one of Carvana’s unique vending machines.

Carvana offers a wide selection of cars that are five years old or newer. Its inventory has models from a variety of manufacturers, including luxury brands. And there’s no one-size-fits-all approach: You’ll be able to find cars of all shapes and trim levels when you shop.

Carvana buys its cars from auctions, dealerships and customers. Each vehicle undergoes a 150-point inspection to confirm they haven’t been in any accidents, don’t have any current manufacturer recalls listed and are in solid driving condition.

How do I buy from Carvana?

Carvana’s streamlined process is faster than most dealerships.

1. Browse Carvana’s inventory

Carvana has a large inventory of vehicles that it updates frequently. If you have a particular make or model in mind — or have a price point you won’t go over — you can easily narrow your search. But be sure to have a source like Kelley Blue Book or Edmunds open while you compare models. Carvana typically has higher prices than traditional used car dealerships, but you should still try to pay as little as possible.

2. Start the purchasing process

Once you’ve settled on a car, you can add it to your cart. Carvana will ask you to upload some documents, namely a copy of your driver’s license, and you’ll have the chance to apply for financing through Carvana. If the rate you’re quoted doesn’t meet your expectations, don’t worry: Carvana allows you to pay with outside financing as well.

You may have to call or email Carvana to submit additional information or proof of income. After everything is finalized, Carvana will allow you to select a delivery date.

3. Receive your car

The delivery process depends on your location. If you live within Carvana’s delivery zones, there is no cost to have your car dropped off at your door. If you live outside its delivery zones, Carvana hires a third party — and costs range from $199 to $1,000. Your location heavily determines shipping costs.

However you choose to get your vehicle, Carvana will give you a chance to test drive your vehicle before taking possession of it.

4. Set up a third-party inspection

During the seven-day return period, make an appointment with a trusted mechanic to have your car inspected. This is a necessary part of buying any used car, and it can help find flaws that may not have been initially obvious. And be sure to double-check the Car Fax report as well — it doesn’t hurt to know your car’s reported history.

5. Schedule and receive your delivery

After you make a purchase, set a location and date to receive your car. Once the vehicle is unloaded, you can take it for a test drive. Carvana will walk you through signing your registration documents.

6. Return if necessary

Carvana offers a seven-day return period. Within seven days of your car’s delivery or pickup, you can drive it around and return it at any time for any reason for a full refund. If you had to pay for delivery initially, you won’t have to pay to send it back. And if you borrowed a loan through Carvana, you can cancel your financing without having to jump through additional hoops.

Carvana rates, fees and terms

Financing from Carvana ranges from 3.9% to 27.9%. Loan terms last from one to six years, and the exact amount you can borrow depends on your income, FICO credit score, desired loan term and the car you want to purchase.

Carvana provides an estimated monthly payment for every vehicle so you can see the potential cost of using its financing — making it easy to compare it with other lenders. We used Carvana’s calculator to determine the interest rate and monthly payment of two popular used car models:

2017 Honda Civic LX

Price: $16,900
Down payment: $3,380
Term: 5 years

Credit ratingEstimated APRMonthly payment
Good 9.7%$313
Below average20.48%$397

2017 Toyota Camry SE

Price: $15,790
Down payment: $3,200
Term: 5 years

Credit ratingEstimated APRMonthly payment
Below average20.6%$371

While we use five-year terms in our examples, many borrowers who finance through Carvana opt for a six-year term. A longer term can help lower your monthly repayment, but it can also lead to spending more in interest over the life of your loan. Since Carvana offers a range of loan terms, consider if a long-term car loan is the right choice before applying.

Use the calculator below to estimate your potential monthly payment with other lenders:

Note for residents of Missouri and Oklahoma

Because of state laws, you’ll need to register your vehicle — rather than Carvana taking care of it for you. Taxes will need to be paid to the state, along with any applicable registration and title fees.

How Carvana compares to other lenders


PenFed Auto Loans

Go to site

Minimum credit score

No minimum credit score

Minimum credit score



3.9% to 27.9%


Starting at 5.19%

Loan amount

Not stated

Loan amount

$500 – $150,000

Carvana reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 3.6 out of 5 stars, based on 633 customer reviews
BBB customer complaints 997 customer complaints
Trustpilot Score 3.6 out of 5 stars, based on 5,561 customer reviews
Customer reviews verified as of 19 October 2020

Although Carvana receives mixed reviews, none of the recent ones have had major issues — or outstanding positive experiences — with its financing program. However, there are quite a few negative reviews for its loan servicer, Bridgecrest. Many customers had issues with customer service, and quite a few have had problems paying off their loan.

Carvana requirements

Carvana only has a few basic requirements for you to meet.

Personal requirements

  • Annual income of $4,000 or more
  • No active bankruptcies
  • At least 18 years old

Vehicle requirements

Your loan must be used to purchase a used vehicle from Carvana’s inventory. But beyond that, there are no restrictions. If you qualify for financing, you should be able to purchase any vehicle within your price range.

How the application works

To get started with Carvana, follow these steps:

  1. Hit See your rate on this page or visit Carvana’s website and click Get pre-qualified.
  2. Enter information about yourself, including your date of birth and annual income.
  3. Create an account by entering your email, password and mobile phone number.
  4. Read Carvana’s disclosures and click Get my terms.

Carvana may require you to enter your Social Security number to confirm your identity. Once you’re ready to buy a car, you’ll need to provide proof of income and other documentation to complete the financing process.

Case study: Kellye’s experience

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Kellye Guinan

After a year and a half writing about car loans, I’d come to one conclusion: It’s a complex process that shouldn’t be taken lightly. Carvana offered easy, step-by-step instructions and a decent rate for someone without much credit history.

Securing my financing took maybe 30 minutes, and after scanning in some documents, I was approved. A Carvana representative gave me a quick call, verified my info, then confirmed my car drop-off date. During the seven-day return period, I had it looked over by a trusted mechanic and was good to go.

Overall, my experience with Carvana was positive. My monthly repayment is affordable, my car drives well and I feel like I was treated fairly during the buying and financing process. I would recommend Carvana to younger borrowers without a solid credit history, especially if you want to avoid a salesman.

However, you give up your ability to negotiate your price and APR that you’re quoted. If you want to get the best deal possible, it may be worth finding financing ahead of time and stopping by a dealership to whittle down the sticker price.

What sets it apart

Carvana offers loans for its inventory, giving you a convenient way to pay for your car. You can apply when you’re ready to buy a car, or you can get preapproved for 45 days to browse its inventory with an idea of how much you can afford. Every vehicle in Carvana’s inventory undergoes a 150-point inspection and comes with a free CarFax vehicle history report so you can ensure it’s in good driving condition before you have it delivered.

Carvana is one of the only services out there that allows you to buy a car online, apply for financing and get direct delivery to your home. It offers guaranteed cars with a generous test drive and return policy if you aren’t satisfied with the car you picked out.

45-day preapproval period

Once you’re preapproved for financing, you have up to 45 days to browse Carvana’s inventory of vehicles — most lenders only offer 30 days. Carvana updates its listings frequently, so if you don’t find the right fit, check back to see if any new options have come onto the site.

Free delivery in some states

If you live within Carvana’s delivery area, you could get your car shipped for free — or only pay a refundable shipping cost. For those that aren’t in Carvana’s delivery area, you will have to pay a nonrefundable $599 delivery fee. You could also pick up your car from a vending machine or meet a Carvana representative within the delivery area to avoid paying shipping.

Seven-day return policy

As long as you keep the car in the same condition it arrived in, don’t drive more than 400 miles and call by 5 p.m. ET on the seventh day, you’ll be able to return your car. Racking up over 400 miles will cost you $1 for each mile over 400, but you can still return it.

The seven days start on the day you receive your car. The delivery fee is nonrefundable, but you’ll receive a refund on your loan and down payment if you choose not to keep your car.

100-day warranty included

All cars sold by Carvana have a 100-day/4,189-mile limited warranty. You may also be eligible for CarvanaCare, which is an extended warranty to cover vehicle defects and repair costs after your initial warranty has run out.

Trade-ins accepted

You don’t need to buy from Carvana to sell your current car. To get a quote on your trade-in, submit your license plate or VIN. If you do plan on buying from Carvana, you could make a significant down payment, depending on the value of your current vehicle.

No-haggle pricing

Carvana sets its prices based on vehicle condition and comparable vehicles in your area. You won’t be able to haggle or lower the price — or the down payment you’re required to make — but it might not matter. Carvana’s pricing is still competitive, and for people who hate negotiating, it’s a convenient way to avoid the sales runaround of a traditional dealership.

Cosigner program for Atlanta residents

As of August 2022, Atlanta residents are now able to add a cosigner to their Carvana auto loan.

Customers can simply apply alongside their cosigner and include the cosigner’s information on the website or app. When applying with a cosigner, you can view potential rates, terms and amounts with prequalification (soft credit check). If you and the cosigner are eligible, Carvana collects driver’s licenses and other documents from you both and schedules a delivery where you both must be present.

Adding a cosigner to your auto loan can increase your approval odds, and you may get a lower interest rate or more favorable terms since two people are responsible for repaying the loan. Just keep in mind that for a cosigner to be helpful, they usually need a good credit score and meet the lender’s income requirements.

What do customers say about Carvana?

Carvana receives mixed reviews from its customers. Some say that they had no problems — they were able to have their car delivered or pick it up, and have yet to have any issues. Others have dealt with major issues or have struggled to get the car they chose.

Because of the variety of experiences, we recommend having a trusted mechanic inspect your car for mechanical issues during the seven-day return period and researching your car’s vehicle history report to ensure you know the full picture on what you’re buying.

Is Carvana legit?

Yes, Carvana is a legit financing company and used car dealership — despite only operating online. Its privacy policy covers how it shares your personal information, and its website is encrypted to keep your information safe.

I got financing from Carvana. Now what?

You can shop for used cars in Carvana’s inventory. You have up to 45 days, so take your time to browse different vehicles.

Your loan terms may adjust slightly by vehicle, which can help you make the right decision for your ride and wallet. Once you find a car, you’ll start the buying process — typically just a few minutes — and get everything finalized with a call from a Carvana representative.

If you don’t have a trade-in, you’ll need to make a down payment. These are set by Carvana and can be paid through a combination of cash and ACH transfer.

Carvana takes care of registration, so when your car is delivered, it will come with temporary plates. Your official plates will come in the mail about 30 days later. Once you take possession of your car, you’ll have seven days to drive it around and get it checked by a trusted mechanic. If you decide to keep it, Bridgecrest takes over. Set up an account on its website to get started making repayments on your loan.

Compare more car loan options

Name Product Filter Values Minimum credit score APR Loan term Requirements
LightStream Auto Loans
Good to excellent credit
2 to 7 years
Must have a good to excellent credit profile, be a US citizen or a permanent resident with a valid green card, have a valid Social Security number, credit card verification requested upon loan approval and have a valid US address.
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Varies depending on the lender
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CarsDirect auto loans
No minimum credit score
Varies by network lender
Must provide proof of income, proof of residence, and proof of insurance.
Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.
No minimum credit score
3.9% to 27.9%
1 to 6 years
18+ years old, annual income of $4,000+, no active bankruptcies
Get pre-qualified for used car financing and receive competitive, personalized rates.

Frequently asked questions

Our answers to common questions asked about Carvana’s financing.

What is Bridgecrest?

Bridgecrest is Carvana’s servicer. It will reach out around 10 businesses days after your financing is approved and your car is delivered to set up your monthly payments. You’ll need to make the first of your monthly payments 28 to 30 days after you receive your car.

Can I get a car through Carvana with bad credit?

Yes, Carvana works with all types of credit as long as you meet its basic eligibility requirements.

How long does it take Carvana to verify income?

It depends on how many other people are also applying for financing through Carvana. Once you submit your application, it goes into a queue for underwriting. Once an underwriter picks it up, it generally takes between one or two business days to verify your income.

Car loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate car loan providers to get a better picture of what goes into each star rating.

Your reviews

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September 09, 2019

I was prequalified at $400 down, how does the first payment work?


Jhez Finder

September 09, 2019

Hi Sonia,

Thank you for your comment.

With Carvana, you’ll need to make the first of your monthly payments 28 to 30 days after you receive your car. They do not have prepayment penalty, but they charge late fees.





May 29, 2019

Can I purchase with a state I.d or do it have to be a valid drivers license? Also can I use a prepaid card for purchase


Bella Finder

May 30, 2019

Hi Alisha,

Thanks for your inquiry.

As I checked, if you’re purchasing a car, you’ll need to provide a valid driver’s license under your name. You may contact Carvana directly at 1.800.333.4554 to inquire for alternative ID’s that you may use in purchasing a vehicle. While I’m unsure what type of prepaid card you have, as per Carvana, credit cards can’t be used to make a down payment. Downpayment must be made all at once using cash, ACH, trade or a combination of the three.

I hope this helps.

Kind regards,


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November 24, 2018

Does Carvanna finance for first time buyers who has no credit history but has a substantial annual income above 30000 and offer financing with zero down.



November 29, 2018

Hi Masood,

Thanks for getting in touch! As per our page, the eligibility standards of Carvana are:

-Be at least 18 years old. Depending on your state’s regulations on lending, you may need to be older.

-Make at least $10,000 annually. You aren’t limited to strictly receiving income through employment, just be sure you can provide proof of income upon request.

-No active bankruptcies. Past bankruptcies may be accepted.

As a friendly reminder, review the product disclosure statement of the product and contact the lender should you need any clarifications about the loan. Hope this was helpful. Don’t hesitate to message us back if you have more questions.



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