Need answers to car finance questions? We can help. CarMax makes car financing affordable and hassle-free so you can complete your purchase quickly and efficiently, and we've answered some of the most common car financing questions in this section.
1. Why finance at CarMax?
The CarMax finance process is fast, competitive, and features offers tailored specifically to CarMax customers by world-class financial institutions.
2. How does financing with CarMax work?
The CarMax finance process is simple: Select a vehicle that meets your needs, submit a credit application with the help of a sales consultant, and, if approved, decide which finance offer suits you best.
3. Who are the CarMax financing companies?
CarMax offers financing through CarMax Auto Finance and other world-class financial institutions each with customized offers tailored specifically to CarMax customers.
4. How are auto finance decisions made?
Financial institutions typically take four major factors into account:
- Vehicle selection (age, mileage, and cost)
- Application information (this may include, but is not limited to: income, time at current job, and residence)
- Credit history
- Down payment
5. What does your credit score mean?
Credit scores are created by credit reporting agencies to help financial institutions predict risk. They are expressed as a score generally ranging from 350 – 850. In most cases, the higher your score, the greater chance you have of receiving a better financing offer.
- Timeliness of previous and current payments
- The length of your credit history
- The type and amount of your debts
- Your public records
6. How can I find out more about my credit history?
There are three major credit reporting agencies in the United States. Each one can provide you with a copy of your credit report, including your credit score. Contact them via the Internet or call toll free:
7. I have excellent credit, what can CarMax do for me?
We offer you highly competitive terms, reduced time and effort, and a transparent transaction.
8. I have had past credit problems, what can CarMax do for me?
Our finance sources provide offers to accommodate most credit profiles. Even with past problems, you will still enjoy the same low, no-haggle pricing, quality, and exceptional customer service we give every CarMax customer.
9. What factors impact monthly payment?
The factors that impact monthly payments include the amount financed, term, and APR.
10. How much should I budget for my car payment?
Most financial institutions recommend that you spend no more than 15% of your gross monthly income on your car payment. If you make $2,000 a month you should spend no more than $300 on your car payment. Want to see what you can afford? Use our Payment Caluculators to estimate.
11. What documents should I bring?
All buyers should bring a valid United States drivers license and proof of current auto insurance. Because different financing companies may require additional documentation, you may want to contact a Sales Consultant for a complete list of what you'll need to buy a car from CarMax. If you also intend to sell a vehicle to CarMax, please see our What to Bring With You page for more information on what you need to bring.