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  Carvana Auto Loan

Carvana Auto Loan

in Auto Loans from Carvana

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Carvana Auto Loan

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in Auto Loans from Carvana

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Highlights
Credit Score Range 580 - 850
Loan Amount $6,900 - $125,000
APR  (Fixed APR) 3.96% - 16.92%
Loan Term (Months) 12 - 72 months

Carvana Auto Loan Review

Carvana Auto Loan is offered by Carvana, a direct lender founded in 0 and based in Tempe, AZ. Carvana Auto Loan is available in 50 states (and Washington, DC).

Carvana Auto Loan FAQ

How much can you borrow via Carvana Auto Loan?

Carvana Auto Loan auto loan amounts start at $6,900 and go up to $125,000.

What APR does Carvana Auto Loan offer on its auto loans?

Carvana Auto Loan offers a fixed APR auto loan product that ranges from 3.96% APR up to 16.92% 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 loan term you can get with Carvana Auto Loan?

Carvana Auto Loan has auto loans with terms ranging from 12 to 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Does Carvana Auto Loan charge an origination fee?

Yes, Carvana Auto Loan may charge a loan origination fee.

Does Carvana Auto Loan charge a late fee?

Yes, Carvana Auto Loan charges borrowers with a late payment penatly fee

Does Carvana Auto Loan charge prepayment fees?

No, Carvana Auto Loan will not charge you a fee for paying your loan early. Whenever possible choose lenders like Carvana Auto Loan that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Carvana Auto Loan loan?

Yes, you can. Carvana Auto Loan does not charge a prepayment fee, so you can save money by paying your auto loan early.

What do you need to qualify for Carvana Auto Loan?

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

To qualify for auto loans with Carvana Auto Loan, applicants need a minimum annual income of $10,000 or higher. Carvana Auto Loan only considers borrowers who are employed and meet the minimum income requirement.

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 Carvana Auto Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Carvana Auto Loan. Permanent resident / green card holders are also eligible to apply.

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

  • Loan payoff statements
  • Proof of income
  • Business formation documents
  • Proof of insurance
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of citizenship or residence permit

What is the estimated funding time for an auto loan via Carvana Auto Loan?

Carvana Auto Loan will typically approve (or deny) an auto loan application within 1 hour and fund the loan within 2 business days of approval.

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

Yes, Carvana 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.

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

  • Headquarters
  •   1930 W Rio Salado Parkway
    Tempe, AZ 85281
  •   Visit Site

About Carvana Auto Loan

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • 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
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee  
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Annual Income $10,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Proof of Income
  • Loan Payoff Statements
  • Proof of Identity
  • Proof of Insurance
  • Business Formation Documents
  • Government Issued Photo ID
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Credit Score Range 580 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 2 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Bank Transfer
Pre-Approved Soft Credit Inquiry  
Loan Amount $6,900 - $125,000
APR (Fixed APR) 3.96% - 16.92%
Loan Term 12 - 72 months

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SUPERMONEY NET RECOMMENDATION SCORE

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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.