Carvana Review 2023: Financing, Buying, Selling
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Our Take
4.0
Best for borrowers wanting to see pre-qualified offers for auto loan refinancing. Bad- or fair-credit borrowers may qualify.
Pros
- Offers pre-qualification with a soft credit check.
- Customer service available seven days a week.
- Allows co-signers in most states.
- Application process 100% online including document upload.
Cons
- Maximum APR possible is higher than many other lenders.
- Only finances vehicles sold through Carvana.
- Not available in Alaska or Hawaii.
- Buyers have reported problems receiving titles for purchased vehicles.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
6.49-
34.79% | $8,000-
$100,000 | 600 | Visit Lenderon MyAutoloan's website on MyAutoloan's website | |
6.74-
35.04% | $8,000-
$100,000 | 600 | Visit Lenderon MyAutoloan's website on MyAutoloan's website | |
6.99-
15.79% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website | |
6.99-
15.79% | $5,000-
$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website | |
4.74-
16.54% | No min.-
$100,000 | 600 | Visit Lenderon Consumers Credit Union's website on Consumers Credit Union's website |
Frequently asked questions
Founded in 2012, Carvana is an online car retailer based in Tempe, Arizona. The company is not accredited by the Better Business Bureau.
In late 2022, Carvana made headlines for falling stock prices and heavy debt that some analysts predicted could lead to bankruptcy. In early 2023, Carvana’s stock began to rebound following cost-cutting measures. By June 2023, the company announced that it anticipated financial results for the second quarter of 2023 to be ahead of originally expected.
Carvana does not offer price matching or negotiation on any car purchases, sales or trade-ins.
Car buyers can either make a down payment or use a trade-in as down payment. The amount depends on factors such as the applicant's credit history, annual income and vehicle price.
