Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
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
Auto Loan
Upstart Auto Refinance
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 >>
SimonSkafar Shares of Align Technology (NASDAQ:ALGN) have fallen to historically low levels, sufficient of a reason to update a thesis which goes back all the way to spring 2019, when I concluded that Align was not putting a smile on investors’ faces yet, trading at levels at which shares still […]
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.