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Vroom used car financing review

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Vroom used car financing

Our verdict

Simple financing process — but no preapproval option.

Vroom is an online car dealership that offers financing through big-name banks like Chase, Santandar and Ally — among other lenders. The funding process is simple, and you can get your car financed and delivered within a few days without having to head to the dealership for negotiations.

But Vroom isn't clear about its financing terms, and there are a number of costs you'll have to contend with. Between a deposit to hold your car while you finalize the purchase and a hefty delivery fee, you should expect to pay quite a bit up front. Vroom also receives multiple negative reviews about the financing and delivery process online, although most customers say that these problems were eventually resolved.

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One of the biggest issues is the hard credit check in order to calculate your rates. To get an idea of how much you can afford before taking a hit to your credit score, compare more car loan options.

How much does Vroom financing cost?

Because Vroom works with several different lenders to back its financing program, it isn’t able to provide any hard details on the potential cost of your loan. When we spoke to customer service, a Vroom representative stated that they had seen rates below 5% — and above 18%. However, they weren’t able to provide a minimum or maximum loan amount, and loan terms are set by the lender Vroom works through.

There are two set costs you should be aware of, however:

  • $500 refundable deposit. In order to hold your car during the purchasing process, you’ll need to put down $500 as a deposit to prevent others from being able to purchase your car while you sign the paperwork.
  • $599 nonrefundable delivery fee. Vroom will deliver your car — provided you live within the continental US. But this fee is sizeable, especially since you won’t get it back if you decide the vehicle isn’t for you.

How does Vroom financing work?

When you find a car you want to purchase, you submit an application through Vroom. Vroom will match you with a lender in its network to provide financing for your vehicle. This involves a hard credit check — so prepare for a dip in your score. If approved, Vroom will provide you with the terms of your contract along with the lender you’re connected with. When you sign, Vroom will finalize your loan and allow you to proceed with your purchase.

You can also apply for financing before you pick a vehicle so you can shop knowing exactly how much car you can afford.

What do I need to qualify?

Vroom doesn’t provide the criteria it uses to approve or deny borrowers. Instead, we were told approval is determined on a case-by-case basis. Generally speaking, the better your credit and the higher your income, the more likely you are to qualify for competitive rates on your car loan.

What information do I need to apply?

Vroom’s online application requires you to submit a few basic details, including:

  • Date of birth
  • Monthly housing payment
  • Gross annual income
  • Social Security number

To complete your application, Vroom will ask you to provide a copy of your driver’s license as well as proof of insurance and proof of income.

Pros and cons

Vroom works with some big-name banks, but the limited information available online means you’ll be in the dark until you apply.


  • Financing backed by Chase, Santander, Ally and other lenders
  • Free vehicle history report through Carfax
  • No set minimum income or credit requirements


  • Hard credit check to apply
  • Nonrefundable $599 shipping fee
  • $500 deposit to hold car
  • Limited details available online

See other car loan options

Browse our selection of lenders before you shop.

Vroom reviews and complaints

Here’s the lowdown on what other review platforms say about Vroom:

Vroom’s customers were typically disappointed with the quality of the car and the length of the process. Multiple reviews cite waiting more than three months for Vroom to process their registration and license plates. Others had issues with selling their old cars and with the delivery process.

And while there were a few reviews that complimented customer service, other borrowers didn’t get much help when they called and emailed Vroom. But the customer service rep we spoke to while writing this review was respectful and helpful.

How do I apply?

To apply for financing before you select a car, follow these steps.

  1. Visit Vroom’s finance page and click Apply now.
  2. Enter your full name, email, phone number and date of birth. If you have a coapplicant, enter their information as well.
  3. Provide information about your residence, including your monthly housing payment.
  4. Add information about your employment, including your employment status and gross annual income. Then enter your Social Security number.
  5. Provide your down payment amount, then select your preferred loan term and if you have a car to trade in.
  6. Review your application and Vroom’s terms of service, then click Submit.

Vroom will contact you by phone or email to discuss your application. From here, you can also create an account to save your information and begin browsing its selection of used vehicles.

I got financing from Vroom. Now what?

After you set up your vehicle delivery or pickup, you’ll start making payments to Vroom, which acts as the servicer for its lenders.

Vroom accepts payments in a variety of formats:

  • Cash
  • Cashier’s checks
  • Certified checks
  • Money orders
  • Wire transfers

It doesn’t list any fees or additional costs on its website, but you should be able to find a full list of fees and an outline of your payment terms on your loan contract.

When your car is delivered to you, you will have a seven-day — up to 250 miles — window to test drive it and have it inspected by a third-party mechanic. If you choose not to stick with your vehicle, you can return it to Vroom at no cost to you. But keep in mind that the $599 delivery fee is not refundable — and you won’t have to pay a delivery fee to ship it back to Vroom.

If you choose to keep your car, Vroom will register it with your state and send your license plates and registration paperwork to you within four to six weeks of finalizing your purchase.

Because Vroom does a hard credit check when you apply, see what other car loans you could qualify for to ensure you’re getting the best deal before it impacts your score.

Frequently asked questions

Vroom accepts coapplicants, not cosigners. Rather than back your loan like a cosigner, a coapplicant will be equally responsible for your loan and its payments.

Every Vroom car comes with a complimentary 90-day, 6,000-mile limited warranty and roadside assistance for one year. You can also choose to purchase GAP protection and extended warranties for additional coverage.

Technically, yes — but Vroom only has one pickup location at its dealership in Texas. For most borrowers, it’ll be more convenient to have your car delivered to your house.

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