Carvana vs. Carmax

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.

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OVERVIEW			OVERVIEW
About the provider
About the provider	Get pre-qualified for used car financing and receive competitive, personalized rates.	Same-day online application with preapproval — and up to three days to return your loan.
Best for
Best for	Carvana shoppers who have already compared other financing options	Best for CarMax shoppers looking for same-day financing.
Requirements
Requirements	18+ years old, annual income of $4,000+, no active bankruptcies	Not stated
LOAN DETAILS (Amounts, rates, fees and more)			LOAN DETAILS (Amounts, rates, fees and more)
Loan amount
Loan amount	Varies	Not stated
Turnaround time
Turnaround time	Varies	Not stated
Loan term
Loan term	12 months-72 months	36 months-72 months
Minimum credit score
Minimum credit score	Not stated	Not stated
Maximum credit score
Maximum credit score	850	Not stated
APR	3.9%-27.9%	Starting at 3.5%
Rate type
Rate type	Fixed	Fixed
Annual fee
Annual fee	$0	Not stated
Origination fee
Origination fee	0%	Not stated
Learn more
Learn more	Go to site Read review	Read review

Bottom line

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.

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Name	Product	Filter Values	Minimum credit score	APR	Loan term	Requirements
PenFed Auto Loans			Varies	Starting at 1.79%	3 to 7 years	Active membership with PenFed	Low APR car loans from a well-known credit union.	Go to site More Info	Compare	loading Fetching your data…
Carvana			No minimum credit score	3.9% to 27.9%	Varies	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data…
car.Loan.com Car Loans			300	Varies by network lender	Varies by lender	Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.	Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.	Go to site More Info	Compare	loading Fetching your data…
CarsDirect auto loans			No minimum credit score	Varies by network lender	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.	Go to site More Info	Compare	loading Fetching your data…
Auto Credit Express Car Loans			300	Varies	Varies	Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.	Get connected with an auto lender near you, even if you have bad credit.	Go to site More Info	Compare	loading Fetching your data…
Monevo Auto Loans			500	3.99% to 35.99%	3 months to 12 years	Credit score of 500+, legal US resident and ages 18+.	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info	Compare	loading Fetching your data…
LendingTree			Good to excellent credit	Starting at 1.99%	Varies by lender	18+ years old, good to excellent credit, US citizen	Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.	Go to site More Info	Compare	loading Fetching your data…
myAutoloan.com Car Loans			550	1.89% to 27%		550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old	Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.	Go to site More Info	Compare	loading Fetching your data…

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