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Carmax auto loans: 2025 review

Written by
Rebecca Betterton
Edited by
Kellye Guinan
Updated on Jul 17, 2025

At a glance

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with Bankrate
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4.0
Rating: 4 stars out of 5
Bankrate Score
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Availability
Rating: 4.4 stars out of 5
4.4
Affordability
Rating: 3.3 stars out of 5
3.3
Customer Experience
Rating: 4.4 stars out of 5
4.4
Transparency
Rating: 4 stars out of 5
4.0

About Bankrate Score

Full methodology

Bankrate’s take

Carmax is a used car dealership that offers direct financing for the vehicles in its inventory. Its remote purchasing and included limited warranty are excellent benefits, but you will only be able to finance a purchase from Carmax, not another dealership.

Lender Details

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Loan amount

$500-$100,000

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APR from

Not Specified

Credit Good Icon

Min Credit Score

Not Specified

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Funds available in

As soon as the day you apply

CarMax is best for online and in-person used car shopping

CarMax offers financing on its website with rates presented following prequalification in as soon as five minutes. It works with multiple lenders and has its own lending arm to secure funding for its buyers — which means you can only use CarMax financing to buy one of its vehicles. That said, with over 250 brick-and-mortar stores across the country, CarMax is a great option if you want to check out your vehicle in person before purchasing.

CarMax is unique because it lets you shop online or visit a dealership. You can walk into any CarMax location, shop for a car and finance your vehicle all in one place. You can also browse available cars and apply for financing online, then head to a location to see the cars you're interested in. And if you feel confident handling your finances online, you can also have your car delivered. 

Bankrate staff insights

"While I get my financing through USAA or my credit union before I go to a dealer, I've bought my last few cars from CarMax, which is a much better car-buying experience. It's pretty simple, and there's no pressure to talk to the finance office."

Benét Wilson Benét Wilson, Lead writer at Bankrate

CarMax offers used auto loans

  • APR: Not specified.
  • Loan amounts: $500 to $100,000.
  • Loan terms: Not specified.

CarMax only offers used auto loans for its vehicles. These loans can be through its direct financing arm or one of its partners. CarMax works with an extensive used lending network, which makes it beneficial for those who want to compare auto loan options. This is especially helpful because these lenders all cater to a range of credit profiles, giving you a better chance of finding a fit. 

Where CarMax stands out

  • Remote purchasing: While CarMax has brick-and-mortar offices across the country, borrowers who are sure of the vehicle they want can purchase it without having to step foot in an office.
  • Limited warranty: All CarMax vehicles come with a 90-day or 4,000-mile (whichever comes first) limited warranty that covers all parts and labor for covered systems.
  • Fast financing decision: CarMax encourages borrowers to prequalify for its financing. This does not affect your credit and, according to the site, should take less than five minutes.  

Where CarMax falls short

  • Limited inventory: Unlike the offerings of a more traditional auto loan lender, CarMax loans are reserved for those who are purchasing a vehicle from one of its lots.
  • Range of fees: CarMax charges processing fees and may charge shipping fees if you buy a car online that requires delivery. The partner lender that you are matched with may also charge additional fees. These are all on top of registration fees based on the state you reside in.
  • No negotiation: Although some borrowers might be comforted by avoiding the process of negotiation, it is a downside for most. CarMax has a no-haggling policy, but that does not mean that you will be offered the lowest available price.  

CarMax customer resources

Customer support 

CarMax has an easy-to-navigate website and customer service via chat, phone call or in-person appointment. Phone support is available Monday to Friday from 8 a.m. to 10 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET, and its app provides assistance 24/7. 

Digital experience 

CarMax boasts an easy-to-navigate website suitable for drivers who want to check out available vehicles from the convenience of their computer. Borrowers can filter by ZIP code or vehicle type to find the right fit. Those who plan to trade in or sell their vehicle ahead of purchase can also easily handle this online.  

How this lender compares

CarMax only serves borrowers purchasing a used vehicle. If this does not suit your needs, it is worth exploring other similar lending options. However, CarMax does offer loan prequalification, so you can always check if it is a good fit before submitting a full application. 

CarMax vs. Carvana

Like CarMax, Carvana is an online used car platform offering funding through lending partners that cater to a range of credit profiles. Carvana’s loan terms can range from 36 to 72 months with rates starting under 8 percent for well-qualified borrowers. However, it does not have dealerships — you will need to have your car delivered or use one of its vending machines located throughout the country.

Both offer similar limited warranties — 100 days for Carvana and 90 days for CarMax. Overall, CarMax has the edge over Carvana because there are many more locations and vehicles to choose from nationwide.

CarMax vs. CarsDirect

Like CarMax, CarsDirect serves consumers looking to shop and finance for their next vehicle from the comfort of home. Both lenders work with an extensive network of lenders, which can help those with fair or poor credit secure good rates and terms. Unlike CarsDirect, CarMax has brick-and-mortar offices nationwide for those who want to couple the online and in-person experience.

Do you qualify for a CarMax auto loan?

CarMax offers financing for used car loans through its direct lending platform, CarMax Auto Finance, or through one of its many partners. This means that requirements vary based on which lender you are matched with. 

How to get a CarMax auto loan

The online application process with CarMax is fairly simple, and you can choose to prequalify and shop either online or at one of its dealerships. 

  1. Get prequalified.

    Before you prequalify, know that you can apply for a specific vehicle or a general dollar amount. You will then be matched with a lender from one of CarMax’s partners or its in-house option, CarMax Auto Finance. Getting prequalified won't have any impact on your credit score.

  2. Search for a vehicle.

    You can find a vehicle online by searching for type, brand, style or ZIP code. You can also search for cars in a specified price range based on how much you can afford to spend.

  3. Estimate your monthly payment.

    Take advantage of a car payment calculator to estimate your potential monthly cost. And if you are trading in your vehicle, CarMax lets you see potential offers either in person or online.

How Bankrate rates CarMax

Overall score 4.0
Availability 4.4 CarMax scores high for its state availability and repayment options but restricts drivers to shop only at network dealerships.
Affordability 3.3 You’ll have to apply to learn what APR and fees you could face when financing through CarMax.
Customer experience 4.4 With an easy-to-use website and chat function on its app, CarMax ranks high for overall customer service.
Transparency 4.0 Rates and fees are not disclosed but prequalification is available.

Methodology

Bankrate's trusted auto loans industry expertise

Read our full methodology

48

years in business

26

lenders reviewed

20

loan features weighed

520

data points collected

The Bankrate team uses a 20-point system to evaluate auto loan lenders across four main categories.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about CarMax

CarMax has fairly poor online reviews. Its Trustpilot page has an average score of 1.9 out of 5 stars. However, the 74 percent of 1-star reviews primarily mention issues with the vehicles purchased, not financing. Some found that the vehicle they received looked different from the one they saw photos of or had major mechanical issues. 

A handful of reviewers also complained about the included limited warranty. Here’s what one reviewer shared, in part:

Don’t buy a car from carmax. No warranty really.

Rating: 1 stars out of 5
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1.0

“Don’t buy a car from carmax. Initially I was happy with my second purchase at the Dayton Ohio dealership. Their service department sucks!!! We had our car for 4 days when we heard something dragging. The splash guard was dragging. It broke apart when we tried to tape it up before we could get a new one. Carmax wanted over $800 to replace it. What good is their warranty if it won’t cover something that was NOT our fault. No warranty more like it."

Pamela Stephens Pamela Stephens, Trustpilot user
Posted on Trustpilot

Those who did secure financing with CarMax noted a frustrating online payment process and unrealistic rates and terms. 

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Community Carmax scores

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AUTO LOAN

CarMax

Dive into community reviews below and see what others think about CarMax.

4.1 Star Icon
25 ratings
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Score breakdown
5 stars
32%
4 stars
44%
3 stars
24%
2 stars
0%
1 star
0%
Score by category
Overall rating 4.1 / 5
Fees & closing costs 3.6 / 5
Funding time 3.9 / 5
Customer service 3.8 / 5
Application process 3.9 / 5
Online portal or mobile app 3.4 / 5
Verified Badge Icon

In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about CarMax.
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Describe why you selected this lender
They seem like the right choice for me to begin with
Loan purpose
New car loan
Score by category
Fees & closing costs 4 / 5
Funding time 4 / 5
Online portal or mobile app 4 / 5
Customer service 4 / 5
Application process 4 / 5
Describe why you selected this lender
Purchased a car there
Describe your experience with customer service
Not needed
Loan purpose
Used car loan
Score by category
Fees & closing costs 3 / 5
Funding time 5 / 5
Online portal or mobile app NA / 5
Customer service 3 / 5
Application process 3 / 5
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