CarMax Auto Loan

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 Finance 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.