Whether you’re a veteran in the car buying market or a first time buyer, there are a lot of decisions to make. What car is going to best suit your lifestyle? What’s the best price? What color do you want? For some, what are you going to name the newest addition to your family? Some of these questions are fun to think about. But when it comes to financing your vehicle, those questions might not be so fun.
Choosing how to finance your car can be a very stressful part of the purchase process, and it can be hard to know what option is best. Financing often works in favor of dealerships, and you don’t want any surprises on your bill. At Carvana, we don’t want any surprises on your bill either! What we do want is our customers to know they are in full control of their vehicle purchase, and this certainly includes financing.
It goes without saying that buying a car is a big commitment, and what works for one buyer might not work for another. Carvana’s goal is to provide all of our potential buyers with the opportunity to have the ride of their dreams, and that’s why we work to put flexible financing options in place for you. Your credit doesn’t have to be great. As long as you are over 18, make at least $4,000 a year, and have no active bankruptcies, we’ll help find the right car for you!
So, how do we do it?
We like to say customers can buy a car from us in as little as 15 minutes, so why would we make them stare at a computer screen longer than they need to? Qualifying for Carvana financing requires minimal information from the buyer. Instead of making a decision on who qualifies based solely on a FICO credit score, Carvana takes a more holistic approach. People are more than just their credit scores after all, and we consider several other factors pertaining to an individual’s credit history to provide fair down payment amounts and interest rates for everyone.
Our Auto Loan Calculator can be a game changer for folks who are looking to get an initial grasp on what works best for them in terms of financing. Here you can enter the cost of the car you want, your credit score, desired loan term and down payment amount. Your information goes in and presto! Your personalized loan terms come out. Getting pre-qualified through Carvana does not have any impact on your credit score, and a formal credit inquiry will be submitted once you schedule a delivery or pickup. Carvana also makes it easy to browse cars by price. You can filter cars by price range or by financing terms by entering your desired down payment and desired monthly payment.
Does financing sound a little less scary now? Good! That’s what we’re going for. But if you’re still a bit apprehensive, keep reading.
When you finance through a dealership, it’s possible for them to raise the APR on your loan and make a profit. However, when you finance with Carvana, your terms are yours, and yours alone. Your quote will be good for 45 days, and if you decide Carvana financing doesn’t suit your needs, that’s ok. We work with most banks and credit unions, so if you receive better loan terms from a third party lender, you can apply that loan to your purchase.
That’s financing with Carvana, the simple, straightforward, and fully personalized way – the way it should be.
