Carvana and CarMax are two used car dealerships that offer in-house financing and quick online processes. Rates are about the same — although borrowers with poor credit may have to settle for a higher APR with Carvana — and both have loan terms up to 72 months.
They both also allow you to return your car within seven days of purchase, which isn’t something you’ll find with traditional dealerships. However, Carvana is the only true online experience. CarMax offers home delivery on some of its vehicles, but you may have to visit a dealership to test drive your car or complete your financing application.
Carvana and CarMax are about equal when it comes to their selection of vehicles, loan terms and rates. Since you’re able to return your car and financing, they’re both extremely flexible options for modern car buyers. But because Carvana earns higher customer reviews, has an entirely online process and is more upfront about the potential costs of its financing, it’s our winner.
That being said, CarMax offers the option of visiting a dealership and chatting in person. For some, this can make the process much more simple — especially since you’ll get to inspect your car before you complete the financing process.
Overall, they’re both solid options for online car shopping. See what kind of rates you qualify for and compare other car loan options to be sure you’re getting the best deal on your next used car.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.
If you’re in the market for a car don’t miss out on this guide to buy a car, get all the info you need and a range of loans to help you get into your car sooner.
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