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Carvana vs. Carmax
Two used car dealerships with competitive rates and quick online financing.
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.
 |  |
|---|---|
| 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. |
| Carvana shoppers who have already compared other financing options | Best for CarMax shoppers looking for same-day financing. |
| 18+ years old, annual income of $4,000+, no active bankruptcies | Not stated |
| Varies | Not stated |
| Varies | Not stated |
| 12 months-72 months | 36 months-72 months |
| Not stated | Not stated |
| 850 | Not stated |
| 3.9%-27.9% | Starting at 3.5% |
| Fixed | Fixed |
| $0 | Not stated |
| 0% | Not stated |
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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