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  CarMax Auto Loan
CarMax Auto Loan
in Auto Loans from CarMax Enterprise Services LLC
Unaffiliated

CarMax Auto Loan

Unaffiliated
in Auto Loans from CarMax Enterprise Services LLC
Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

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Highlights
Community Rating

Rating not yet determined  

Credit Score Range 580 - 850
Loan Amount $500 - $100,000
APR  (Variable APR) 4% - 20%
(Verified 11/22/2022)
Loan Term (Months) 24 - 72 months

CarMax Auto Loan Review

CarMax Auto Loan is offered by CarMax, a nonbank financial services provider founded in 1993 and based in Richmond, VA. CarMax Auto Loan are available in 50 states (and Washington, DC).

CarMax Auto Finance FAQ

How much can you borrow via CarMax Auto Finance?

CarMax Auto Finance loan amounts start at $500 and go up to $100,000.

What APR does CarMax Auto Finance offer on its car loans?

CarMax Auto Finance offers a variable APR car loan product that ranges from 4% APR up to 20% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with CarMax Auto Finance?

CarMax Auto Finance has car loans with terms ranging from 24 to 72 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does CarMax Auto Finance charge an origination fee?

Yes, CarMax Auto Finance may charge a loan origination fee.

Does CarMax Auto Finance charge a late fee?

Yes, CarMax Auto Finance charges borrowers with a late payment penatly fee

Does CarMax Auto Finance charge prepayment fees?

Yes, CarMax Auto Finance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my CarMax Auto Finance loan?

Yes, you can. However, CarMax Auto Finance charges a prepayment fee if you pay your car loan early. This fee could reduce or eliminate the savings from paying the car loan early.

What do you need to qualify for CarMax Auto Loan?

Applicants with a credit score of at least 580 and up to 850 may be eligible for CarMax Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

CarMax Auto Loan does not have or does not disclose a minimum annual income eligibility requirement. CarMax Auto Loan only considers borrowers who are employed. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via CarMax Auto Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by CarMax Auto Loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of insurance
  • Driver's license
  • Government issued photo ID
  • Proof of identity

Does CarMax Auto Loan report your account activity to credit bureaus?

Yes, CarMax Auto Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Is CarMax Enterprise Services LLC a legit company?

CarMax Enterprise Services LLC was founded in 1993, it is a well-established company that has been in business for 30 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday 11:00am - 7:00pm
  • Monday 10:00am - 9:00pm
  • Tuesday 10:00am - 9:00pm
  • Wednesday 10:00am - 9:00pm
  • Thursday 10:00am - 9:00pm
  • Friday 10:00am - 9:00pm
  • Saturday 9:00am - 9:00pm

About CarMax Auto Loan

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
Vehicle Type
  • Auto
  • ATVs
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
Credit Score Range 580 - 850
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Options
  • Automatic Payments
  • Credit/Debit Card
  • Bank Transfer
APR Type Variable APR
Loan Amount $500 - $100,000
APR (Variable APR) 4% - 20%
(Verified 11/22/2022)
Loan Term 24 - 72 months

CarMax Auto Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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