Choose a country
United States
Select a city
Select a city
Select language
English
Select country
Choose a country
United States
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия
Україна
Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Carvana

Finanso.Multilogin™

About lender

Carvana is an online used car dealership that allows clients to purchase, trade, and sell previously owned automobiles. It has been successfully operating in the market for ten years since 2012. The company is located in Arizona, USA.

Carvana obtains the automobiles it sells from various sources, including public auctions, consumers who trade-in or sell their cars to the firm, and dealerships with which it has collaborated. Company uses inspection centers across the country as storage locations for its vehicles. When you buy a car from the firm, you can have it sent to you or pick it up from one of the "Vending Machines" the company has scattered around the country.

The company has a financing option. You can pre-qualify for an auto loan and browse Carvana's inventory of vehicles with completely personalized financing terms without them affecting your credit score.

The vehicles that the business put up for sale have clear titles, have not been involved in any accidents, have sustained no damage to their frames, and have not been destroyed by fire or water. Company provides a limited warranty covering each car for 100 days and 4,189 miles.

Pros and cons

Pros

  • Offers pre-qualification with a mild credit check.

  • Popular new and used cars in a wide range. You will be offered more options for a pleasant cooperation.

  • Customer assistance is provided seven days a week.

  • Borrowers can adjust their payment due date using the Carvana app.

  • Application procedure is totally online, including documents upload.

  • The minimum loan amount is lower than with other lenders.

  • Secure financing and free newsletters.

  • Fast access to your account, and access to services.

  • The possibility of a safer experience. This experience is ensured by a 7-day warranty.

  • Multifunctional e-commerce platform for easy car selection.

Cons

  • The maximum APR possible is more significant than many other loans.

  • Only funds autos sold via Carvana.

  • Services not accessible in all states.

  • Some users say that the firm uses similar technologies as do other companies. However, the use of similar technologies is clearly exaggerated, new technologies are also present.

Terms and conditions of Carvana

  • Variable APRs ranging from 3.90% to 27.90%.

  • The loan amounts ranged from $1,000 up to $85,000.

  • Maximum repayment lengths of 72 months.

When you purchase a vehicle from Carvana, you are not required to get financing via the company, but doing so may be more convenient. You won't need to go to the bank or visit other lender websites because the entire purchasing procedure may be completed in a single location. If you want to discover the best rates on a car loan, applying with many lenders will not affect your credit any more than applying with a single lender, as long as you complete all of your applications within a window of 14 days.

Although you will like some features, it is impossible to find clear and specific credit offers on the company's website.

Funding a loan

Carvana is unlike typical vehicle shops because it lends money directly to customers, which sets it apart. Most auto dealerships do not now provide financing options. Instead, they assist you in securing financing via a financial institution of your choice, such as a bank. Although Carvana provides financing through a third party, the company reports that most of its customers use in-house financing. The decision to grant or deny a loan is made online and relatively quick - within minutes. The company itself carries out all the information controls, and additional information from the client is requested in case of an emergency.

To get started with Carvana, study some of its certain features and take these steps:

  • Visit Carvana's website and click Get pre-qualified.

  • Enter information about yourself, including your date of birth and yearly income.

  • Create an account by providing your email, password and mobile phone number.

  • Read Carvana's disclaimers and click Get my terms.

Carvana may want you to submit your Social Security number to authenticate your identity. Once you're ready to buy a car, you'll need to present proof of income and other papers to complete the financing process.

Reviews

FAQ

What is Carvana?

Carvana is a used-car shop that solely operates online and uses similar technologies as other companies in the industry and regularly improves content on their sites. Yet, it fulfills practically all the same responsibilities as a traditional dealership, including purchasing and selling vehicles, taking trade-ins, and providing purchase financing. 

How much interest does Carvana charge?

Carvana has the highest beginning finance interest rates at a 3.9 percent annual percentage rate (APR). Carvana is relatively flexible regarding both the loan amounts and the loan periods. For example, you can borrow any amount between $1,000 and $85,000, and you have up to 72 months to repay the loan. 

Is Carvana trustworthy?

Many years of experience and the company's license indicate that it can be trusted.

Company documents

User Agreement and Privacy Policy
Financial Privacy Policy

Your experience doesn’t end once you get the keys. Our goal is to make sure you have peace of mind when it comes to your new ride.

© Carvana

Calculate loan payments in Carvana

Carvana calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

USD
USD
1000 $
85000 $
Loan term
i

Specify the loan term for the calculation

months
days
12
72

What to focus on before applying for a loan with Carvana

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Carvana and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Carvana’s reviews by September 2022
Leave feedback

Similar companies

Mission Loans
19500 Jamboree, Suite 300 Irvine, CA 92612
855-959-4500
Accredited Debt Relief
9525 Towne Centre Dr, Suite 100, San Diego, CA 92121
800-497-1965
LoanMe
1900 S. State College Blvd, Ste 300, Anaheim, CA 92806
844-956-2663
Advance.Cash
PO Box 10, Parshall, ND 58770
855-259-3401
Wintrust Mortgage
9700 W. Higgins Road, Ste. 300, Rosemont, IL 60018
847-939-9500