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Carvana vs. Carmax

Two used car dealerships with competitive rates and quick online financing.

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Fact checked

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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Carvana
CarMax used car financing

OVERVIEW

OVERVIEW
About the provider
About the providerGet 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 forCarvana shoppers who have already compared other financing optionsBest for CarMax shoppers looking for same-day financing.
Requirements
Requirements18+ years old, annual income of $4,000+, no active bankruptciesNot stated

LOAN DETAILS

(Amounts, rates, fees and more)

LOAN DETAILS

(Amounts, rates, fees and more)

Loan amount
Loan amountVariesNot stated
Turnaround time
Turnaround timeVariesNot stated
Loan term
Loan term12 months-72 months36 months-72 months
Minimum credit score
Minimum credit scoreNot statedNot stated
Maximum credit score
Maximum credit score850Not stated
APR3.9%-27.9%Starting at 3.5%
Rate type
Rate typeFixedFixed
Annual fee
Annual fee$0Not stated
Origination fee
Origination fee0%Not stated
Learn more
Learn more

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.

Compare more providers

Data indicated here is updated regularly
Name Product Filter Values Minimum credit score APR Loan term Requirements
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.
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.
CarsDirect auto loans
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.
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.
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.
LightStream Auto Loans
Good to excellent credit
Competitive
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
LendingTree
Good to excellent credit
Starting at 3.09%
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.
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Compare up to 4 providers

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