The Carvana is a best option for borrowers who want to buy a used vehicle from their home. The company offers an easy-to-use tool to find the car you're looking for, at a price you can afford. To qualify, borrowers don't need a minimum credit score to qualify.
However, if you want financing for anything but a used car, you won't be able to get it from Carvana. Carvana offers car loans in every state of the US, except Alaska and Hawaii. If you are 18 years or older, you can qualify for a loan if you make $4,500 or more per year, and have no active bankruptcies. But you can only get a loan for a used car you purchase through the dealership. If you decide you don't like the car, you can receive a refund for the price you paid for it, excluding shipping or delivery fees.
You can inspect your rates before you confirm you want a loan. It makes it easier to search for a variety of offers.
Carvana only offers finance for used cars.
How do I apply for a Carvana loan?
The required information will include your name, address, as well as details about your employment and income. There is no harm to your credit score at this point.
It indicates an expanding section or menu, or sometimes previous / next navigation options. Carvana's profile hasn't been graded by the Better Business Bureau as it updates its business profile. The BBB is a nonprofit that works for consumer protection and trust. The report evaluates companies by assessing their response to consumer concerns, honesty in advertising, and openness about business practices. The company allegedly sold cars to customers without giving them the title to the vehicles. A lawsuit filed against Carvana alleges that it failed to register cars in a timely manner, sometimes for more than two years. At times, the lender's license has been suspended in several states, including Michigan and Illinois. Should you consider Carvana's lack of a BBB rating and its uncertain history, you may be forced to consider the lender. There are other lenders with no record of controversy you may want to think about instead.
Carvana has no set credit score it considers in making loan decisions, while Chase has an undisclosed credit score to qualify for its auto loans. It may be worth applying to Carvana even if your score is low. Chase offers loans for both new and used cars, while Carvana only finances used cars in its inventory.
PNC does not disclose the minimum credit score it will consider for an auto loan, which Carvana doesn't have a minimum credit score to qualify for financing. PNC offers you to finance new and used cars, refinance your existing car loan, or buy out your lease. Carvana is limited to loans for used cars in its inventory.
We rate our personal loan products on a scale of 1-5. The overall rating compares to a weighted average that takes into account seven different criteria, some of which are judged more heavily than others. The value of each category's weight is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the cost of your loan, so we weigh them the most heavily. The customer support and ethics are still very important in the borrowing experience, but do not directly resemble a personal loan's terms, so they have less impact on the overall rating.