Last Updated: 04/18/2025
CarMax Auto Loan
Unaffiliated
Last Updated: 04/18/2025
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Highlights
Amount Range
$500 - $100,000
APR (Variable APR)
4% - 20%(Verified 06/21/2024)
Credit Score Range
580 - 850
Loan Term (Months)
24 - 72
CarMax Auto Loan Review
CarMax Auto Loan is offered by CarMax Enterprise Services LLC, 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.
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 or other government photo ID
- Government issued photo ID
- Proof of identity
Does CarMax Auto Loan report your account activity to credit bureaus?
Yes, CarMax Auto Loan reports to the following credit bureaus:
- 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 build your credit.
Does CarMax Enterprise Services LLC perform a hard credit pull?
Yes, CarMax Auto Finance performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
Is CarMax a legit company?
CarMax was founded in 1993, it is a well-established company that has been in business for 33 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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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