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Carvana Reviews

8.6

bestfor-icon Transparent Process with No Application Fees

angelawatson
Written by Angela Mae

About Carvana | Read More

9.5

LS Score

6

Credibility

9.5

Support

9.9

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon - Sun 8:00 AM - 10:00 PM EDT
Contact Information Contact Information drop-down-btn
  • customeradvocate@carvana.com
  • (800) 333-4554
  • Headquarters: 1930 W Rio Salado Pkwy Tempe, AZ 85281
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Carvana Auto Loans Review

Carvana is a direct lender that mainly offers automobile financing for used cars online. The application process is straightforward and gives you an overview of your rates based on the information you provide. These personalized rates – and terms – stay valid for 45 days after the initial application.

Carvana’s built up a solid reputation for its large inventory, intuitive technology, and array of options. It also offers refinancing options through its partner, Bridgecrest.

Carvana Auto Loans Highlight

300

Min Credit Score

7.90-27.90%

APR. Fixed Rate

7.9-27.90%

APR. Variable Rate

$1K-$100K

Loan Amount

36-72 months

Repayment terms

Yes

Soft Credit Pull

Marketplace

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

Pros & Cons

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  • con-icon Simple overall experience
  • con-icon No minimum credit score, good for those with bad credit
  • con-icon No application fees, origination fees, or prepayment penalties
  • con-icon Prequalified terms last 45 days, giving you time to decide
  • con-icon Allows for a co-signer
  • con-icon 7-days money back guarantee
  • con-icon Only finances vehicles sold on Carvana
  • con-icon High interest rates if you have bad credit

Auto Loan Types

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  • New Car Loan
  • Used Car Loan

Vehicle Types

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  • Car
View rates

Carvana Auto Loans Terms & Requirements

For the most part, Carvana makes it easy to obtain financing for a vehicle – especially a used one. However, the lender does still have a few general requirements, such as:

  • Proof of employment – ex. pay stubs or bank statements
  • $10,000 annual minimum income
  • 18 years or older
  • US citizen (financing is not available for residents of Alaska or Hawaii)
  • Credit check – no active bankruptcies allowed

The exact rates and terms of the auto loan depend on things like income, credit score, down payment and, in some states, co-signer.

How to Apply

The application process with Carvana begins with pre-qualification. This lets you check your potential rates and terms without hurting your credit. It’s done entirely online and only takes a few minutes to complete.

To get started, provide some basic personal information, such as your full name, date of birth, and address. Carvana will then ask for your annual income and current employment status. From there, create an account using your email address and a unique password.

Once you’ve pre-qualified, the terms you receive will be valid for up to 45 days. This gives you the chance to shop around and inspect the different vehicles online without having to rush.

If you choose to finance through Carvana, the next step is to complete the official application. Start by choosing the preowned vehicle you want to purchase and select whether you’ll pick it up or want it delivered. Carvana will then perform a hard credit check and verify your information. As long as everything’s in order, you’ll be approved for financing and can accept – or decline – the terms.

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Get prequalified

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Personal information

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Contact information

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Financial information

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Create account

Qualification Requirements

Carvana has minimal qualification requirements, including:

  • 18+ years old
  • No active bankruptcies
  • Make at least $10,000 a year
  • No minimum credit score

Required Information

Carvana’s pre-qualification process doesn’t require many documents, but be prepared with basic contact and financial information. During the application process, you may be asked to upload a copy of your driver’s license and some other documents. These documents include the completed application and proof of employment or income. If you’re trading in a vehicle, have any related information ready (ex. lien on the vehicle, registration card, etc.).

Application Steps & Time Frames

  • The initial pre-qualification process only takes a couple of minutes and can be done online.
  • Applying for a vehicle doesn’t take long, but the time to financing can vary based on location, provided information, and any submitted payments. Carvana does provide estimated delivery times upon request.
  • Carvana also offers a 7-day money back guarantee for customers dissatisfied with their purchase.

State Availability

- Available in all states

angelawatson
Written by Angela Mae

Angela Mae is a personal finance writer specializing in loans, debt management, investing, retirement planning, and financial literacy. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories. Her goal is to help others achieve financial stability and independence. When not writing, she can be found traveling, honing her yoga skills, hiking, or exploring new means of healthy, sustainable living.

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FAQ’s

Does the pre-qualification process affect my credit score?

On Carvana's website, you can get prequalified for an auto loan. Your credit score will not be affected by this process.

What does the application process look like?

The process is straightforward and fast. It begins with you filtering the type of vehicle you want based on different specifications such as make or model. Once you’ve done that, you can compare different vehicles that fit the criteria. From there, choose a vehicle, decide on the method of payment, and upload any required documents. If desired, select the option to add more coverage to the vehicle. Finally, indicate whether you’re going to pick up the vehicle or want it delivered to you.

Where are the cars kept?

Carvana stores its cars in Carvana Vending Machines all across the country. There are currently 34 locations nationwide, with more being planned in the future.

Customer Support

Carvana’s customer support team is very responsive. They’re available via phone or live chat during business hours. They also have an online bot you can interface with.

By phone, you can reach a customer service agent Monday through Friday from 8:00 am to 10:00 pm EST. The lender is closed on the weekend, but a representative will typically get back to you within a day or two if you reach out during this time.

If you choose the online chat option, you’ll first connect with a bot, which will answer common questions. If your question isn’t answered correctly, you’ll be paired with a real person instead.

Carvana also has an online resource library filled with recommended articles and topics to help guide you through the company’s lending process. These resources also provide general car purchasing and selling tips.

Privacy & Security

Carvana’s financial privacy policy details the type of data that is collected and shared when you use their website or apply for a loan. This includes income, Social Security Number, payment history, credit history, and employment status.

The lender also uses several security measures, such as digital safeguards and in-person protections, that follow federal law and keep customer data safe. They are also transparent about their policies.

In Conclusion

All in all, Carvana is a good platform for finding preowned vehicles, especially for those looking for an online experience. It has thousands of options and lets potential customers virtually inspect vehicles at their leisure. The website and application process are also intuitive and easy to navigate.

Unlike many traditional dealerships, Carvana also has minimum credit score and income requirements. This makes it a particularly good option for those with less than stellar credit history. Carvana may not offer good rates or terms for people with poor credit, but it’s unlikely to outright reject an application.

Finally, Carvana’s transparent lending model, tailored options, and fast financing make it an appealing option for anyone looking for a used vehicle. It’s also convenient for people who may not live near a good car dealership since it can deliver the vehicle to nearly anywhere in the country.

Brand Disclaimer

Carvana’s Responsible Disclosure Policy

Responsible Disclosure

Carvana’s code of ethics, foundation of trust, and its constant efforts to ensure that we are always acting prudently as a company is built upon the confidence that our customers place in us. As a result of these core values, the security of our online platforms – and the data housed within these platforms – is of paramount importance. If you are a security researcher and believe that you have discovered a security vulnerability involving Carvana services or sites, we encourage you to securely disclose it to us in a responsible manner, as directed by this Responsible Disclosure Policy (the “Policy”). Carvana will engage with security researchers when vulnerabilities are reported to us in accordance with this Policy. We will also validate and fix confirmed vulnerabilities affecting our services or sites in accordance with our commitment to security and privacy. We will not take legal action against, or suspend or terminate the accounts of, researchers who discover and report security vulnerabilities in accordance with this Policy. Carvana reserves all legal rights in the event of any non-compliance with this Policy.

Reporting

We encourage security researchers to share the details of any suspected vulnerabilities with the Carvana Information Security Team by submitting the form at the bottom of this page (the “Form”) as directed. Carvana will review each submission to determine if the finding: (a) is valid and (b) has not previously been reported. Carvana and this Policy require security researchers to include detailed information with steps for Carvana’s Information Security Team to reproduce the vulnerability in the Form in order for a security researcher to be considered for monetary compensation.