Carvana Car Loan: 2022 Review, Rates

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Carvana Carvana Car Loan

costs

Delivery charges vary

Ordinary Annual Percentage Rate (APR)

3.90% to 27.90% Apr

Carvana Carvana Car Loan

costs

Delivery charges vary

Ordinary Annual Percentage Rate (APR)

3.90% to 27.90% Apr

Ordinary Annual Percentage Rate (APR)

3.90% to 27.90% Apr

costs

Delivery charges vary

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Pros and cons of Carvana car loan

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 a price point you can afford. Additionally, borrowers do not have to hit a minimum credit score to qualify.

However, if you want to finance anything but a used car, you won’t be able to get it from Carvana. You can find other top companies on us best car loan guide. You can also only use the loan offer you received for the car from Carvana.

How Carvana car loans compare

How Carvana compares

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editor’s rating

3.5/5

A five-pointed starA five-pointed starA five-pointed starA five-pointed starA five-pointed star

Ordinary Annual Percentage Rate (APR)

3.90% to 27.90% Apr

editor’s rating

3.5/5

A five-pointed starA five-pointed starA five-pointed starA five-pointed starA five-pointed star

Ordinary Annual Percentage Rate (APR)

Starting at 3.50% APR

editor’s rating

3.5/5

A five-pointed starA five-pointed starA five-pointed starA five-pointed starA five-pointed star

Ordinary Annual Percentage Rate (APR)

From dealer: Starting at 5.24%, From private party: Starting at 7.39%, Lease buyout: Starting at 5.24%, Starting at 5.39%

Chase and PNC has an undisclosed minimum credit score to apply, while Carvana has no minimum score considered. It’s still 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 a lease or refinance with Chase, and you can only get a used car with Carvana.

See our rating methodology for car loans »

Frequently asked questions

Carvana now have no grades from the Better Business Bureau as it updates its business profile. BBB is a non-profit 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 that it was suspected sold cars to customers without giving them title to the vehicle. A suit Filed against Carvana claiming it failed to register cars in a timely fashion, sometimes for more than two years. Over time, lenders have had their licenses suspended in several states, including Michigan and Illinois.

Carvana’s murky history and lack of rating from 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 can actually be a lender that is easier to match than most. That’s because they don’t require a minimum credit score to apply – many lenders do.

Carvana’s top rate is pretty high compared to other car lenders. However, if you have good credit, you may qualify for the lowest rate, which is very competitive.

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