Carmax auto loans: 2025 review

CarMax auto loans are best for a fully remote purchase 

Borrowers who feel confident handling their finances online may love the ease of having their new car show up at their doorstep. CarMax offers financing on its site with rates presented following prequalification in as soon as five minutes. 

CarMax works with multiple lenders, including Capital One, Chase and Westlake Financial, to secure funding for borrowers. With over 230 brick-and-mortar stores across the country, CarMax is also a great option if you want to check out your vehicle in person before purchasing.

CarMax offers used auto loans

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. 
• Return program: CarMax boasts a return program if the vehicle has issues within a 30-day or 1,500-mile window. If you find better financing within three days of buying, you can replace the loan with no extra fees from CarMax. 
• 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 a $399 processing fee and shipping fees. 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. Buyers can have vehicles delivered or pick them up from one of 39 “vending machines” scattered across the U.S. Carvana’s loan terms start at an unusually low 12 months.

Both offer similar limited warranties — 100 days for Carvana and 90 days for CarMax. But CarMax has the advantage for buyers who want extra time to decide whether to keep a car. Carvana’s return period lasts only seven days, while CarMax’s stretches to 30. Additionally, CarMax offers in-person shoppers the option to test-drive a car for 24 hours before purchasing it. Carvana has no equivalent program.

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. 

CarMax is also not available in all states. The company doesn't have store locations in nine states: Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia and Wyoming.

How Bankrate rates CarMax