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Fees
Varying delivery fee
Regular Annual Percentage Rate (APR)
3.90% to 27.90% APR
Fees
Varying delivery fee
Regular Annual Percentage Rate (APR)
3.90% to 27.90% APR
Table of Contents
Details
Regular Annual Percentage Rate (APR)
3.90% to 27.90% APR
Fees
Varying delivery fee
Pros & Cons
Seven-day money back guarantee
Excellent customer support
No required minimum credit score
Can prequalify for a loan
Co-borrowers allowed in most states
Not available in Alaska or Hawaii
Only finances vehicles sold through Carvana
Only used car financing available
Highlights
Carvana’s eligibility requirements are as follows: 18 years or older, make $4,000 or more per year, and have no active bankruptcies
If you decide you don’t like the car during those first seven days you have it, contact Carvana. You will be refunded the price you paid for the vehicle, excluding any shipping or delivery charges
Customer support available seven days a week
Insider’s Featured Auto Loans
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Pros and cons of Carvana auto loans
Carvana is best for borrowers who want to find a used vehicle from the comfort of their home. The company offers an easy to navigate tool to find the car you’re looking for, at the price point you can afford. Additionally, borrowers won’t need to hit a minimum credit score to qualify.
However, if you want financing for anything but a used car, you won’t be able to get it from Carvana. You can find other top companies in our best auto loans guide. You’ll also only be able to use the loan offer you receive for a car from Carvana.
How Carvana auto loans compare
How Carvana compares
Editor’s rating
3.5/5
Regular Annual Percentage Rate (APR)
3.90% to 27.90% APR
Editor’s rating
3.5/5
Regular Annual Percentage Rate (APR)
Starts at 3.50% APR
Editor’s rating
3.5/5
Regular Annual Percentage Rate (APR)
From dealer: Starts at 5.24%, From private party: Starts at 7.39%, Lease buyout: Starts at 5.24%, Starts at 5.39%
Chase and PNC have undisclosed minimum credit scores to apply, while Carvana has no set minimum score it considers. It may still be worth applying with Carvana even if your score is low.
PNC allows you to finance new and used cars, refinancing your loan, or buy out your lease. You can’t buy out your lease or refinance with Chase, and you’re only able to get a used car with Carvana.
See our ratings methodology for auto loans »
Frequently asked questions
Carvana currently doesn’t have a grade from the Better Business Bureau as it updates its business profile. The BBB is a nonprofit organization focused on consumer protection and trust. It evaluates companies by looking at their response to consumer complaints, honesty in advertising, and openness about business practices.
The company was at the center of a controversy in which it allegedly sold customers cars without giving them the titles to the vehicles. A lawsuit filed against the Carvana claimed it failed to register cars in a timely fashion, sometimes for over two years. At points in time, the lender has had its license suspended in multiple states, including Michigan and Illinois.
Carvana’s murky history and lack of a rating from the BBB may cause you to reconsider the lender. There are other lenders without a track record of controversy you may want to think about instead.
Carvana may actually be a lender that is slightly easier to qualify for than most. That’s because it doesn’t require a minimum credit score to apply — many other lenders do.
Carvana’s highest rate is pretty high compared to other auto loan lenders. However, if you have excellent credit, you may be able to qualify for its lowest rates, which are very competitive.
Ryan Wangman, CEPF
Loans Reporter
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
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