topic Re: Carmax financing in Auto Loans

Carmax financing

lola52 — Sun, 07 Sep 2014 15:36:03 GMT

How does one apply for financing through carmax?

Re: Carmax financing

pizzadude — Sun, 07 Sep 2014 17:39:56 GMT

@lola52 wrote:
How does one apply for financing through carmax?

I'm not sure if you have to pick out a car first, but you'll probably just have to fill out a credit application.

Re: Carmax financing

lola52 — Sun, 07 Sep 2014 18:27:50 GMT

i tried that but theres nothing that says apply for financing.

Re: Carmax financing

pizzadude — Sun, 07 Sep 2014 19:28:09 GMT

@lola52 wrote:
i tried that but theres nothing that says apply for financing.

Oh you mean online? I think you'll have to go in person to one of their locations, don't think it can be done online.

Re: Carmax financing

Shamo316 — Sun, 07 Sep 2014 19:28:52 GMT

you have to call or go in person to do the application and you need to also have a car selected or know which route you wanna go for car

Re: Carmax financing

Anonymous — Mon, 08 Sep 2014 02:05:37 GMT

Hmm... When I worked at Carmax 4 years ago, there was talk about rolling out an online financing application to make it easier for customers to see where they stood before even stepping foot into a store. Guess that never came into fruition.

Re: Carmax financing

CJIII29 — Mon, 08 Sep 2014 10:29:42 GMT

Yes you can go to Carmax web site and see what kind of car you and apply for financing online.

Re: Carmax financing

pizzadude — Mon, 08 Sep 2014 12:00:25 GMT

This is what I see on the carmax website, it indicates that you have to apply in store:

Getting started

Our goal is to make the car buying process as painless as possible. Here's a quick overview of the basic steps you can take before you begin the financing process.

Use our online calculators if you'd like a CarMax Payment Estimate.
Perform a car search and select a vehicle.
Call or visit your local CarMax Store.
Gather the proper paper work to bring to the store.

Re: Carmax financing

Misstasha — Tue, 09 Sep 2014 22:42:43 GMT

I just bought a car from carmax on friday.I had the capital one blank check but wanted to try for a lower rate. The process is all online (but can only be done in store) I gave the salesman my SS # and he asked me about 5 questions hit enter and within 1-2 mins I was approved for a rate 4 percent less than what cap one offered. I was out of there in my new car about 45 min later. BEST car buying experience ever!! They only pull experian.

Re: Carmax financing-UPDATE

lola52 — Tue, 09 Sep 2014 23:27:37 GMT

UPDATE:

contacted my local carmax yesterday- told him i wanted to finance and he asked me about my reports and income and monthly payments..

told me since my score might be low to look for cars newer then 2009 and under 60k miles..

im not looking for anything fancy

i have 2 years of perfect auto loan history=never missed a payment..

Today (tuesday)

He told me he would contact me back, he wont reply to my emails or answer my phone calls.. i tried to contact other sales people but they told me the guy already has me as his client. everytime im transferred to him he wont answer his phone. What do i do?

Re: Carmax financing-UPDATE

Misstasha — Tue, 09 Sep 2014 23:36:50 GMT

I would try another salesman or better yet visit the store if it's not out of your way. There is no hard sell there so don't be afraid. The prices and commissions are fixed so youre treated well no matter what. I was approved for 7.95 financing with scores below 640 a judgement 21 +120 lates 3 unpaid charge offs and 5 collections! They only pulled EX and it was so worth it for me!

Re: Carmax financing-UPDATE

lola52 — Tue, 09 Sep 2014 23:38:58 GMT

The closest store to me is about 5-6 hours away

Im going to try another salesperson.. I really need a car!

Re: Carmax financing-UPDATE

TheStig — Sat, 13 Sep 2014 21:01:54 GMT

Car max will approve anyone! my friend just got a $17k Loan with $2500 down for $400 amonth His Fico was 421!!!!

Re: Carmax financing-UPDATE

pizzadude — Sat, 13 Sep 2014 21:53:26 GMT

@TheStig wrote:
Car max will approve anyone! my friend just got a $17k Loan with $2500 down for $400 amonth His Fico was 421!!!!

Wow.....and that's an interest rate north of 20% too...

Re: Carmax financing

lola52 — Sat, 13 Sep 2014 22:01:47 GMT

Applied and was denied.
Fico is 510 and i have a $2500 downpayment, im hopeless :/

Re: Carmax financing

Anonymous — Sun, 14 Sep 2014 05:28:52 GMT

Sorry to hear that.

You may want to try Roadloans. They're a second (third?) chance lender. When I worked at Carmax, maybe 10% of the customers came in with a Roadloans package. They were a pain to process for us because of the extra paperwork, but they approved customers who didn't qualify with any of our in-house lenders, and most times with better rates than our lowest tier lender (Santander/Drive).

Another option may be a credit union, if you're eligible to join. I didn't believe the stories about CUs helping out when no other lenders would until I experienced it myself.

Also, I'm sure you've already thought about it and the salesperson mentioned it, but getting a cosigner would probably improve your odds of getting approved through Carmax.

Re: Carmax financing

lola52 — Sun, 14 Sep 2014 07:19:09 GMT

Road loans is telling me i need a 2014 or newer vehicle, i was approved for 15k thats pretty hard to find a 2014 car with that price range

Re: Carmax financing-UPDATE

Anonymous — Sun, 14 Sep 2014 18:24:29 GMT

Screw CarMax. There are other places to buy a car out there. I recommend a car that retains value well. I've owned 3 honda accords. They retain value so well, I bought it brand new 2012 accord se $21.4k + fees with a ridiculous 12.35% interest rate 2.5 years ago and my car still has a KBB of over $15k and my loan is down to $12.9k.

Re: Carmax financing

Anonymous — Mon, 15 Sep 2014 04:59:00 GMT

@lola52 wrote:
Road loans is telling me i need a 2014 or newer vehicle, i was approved for 15k thats pretty hard to find a 2014 car with that price range

Well, what kind of car are you looking for? I see 113 cars on Carmax's site that fall under this category (2014 + $15k). Just search for "any distance" (Carmax can have most vehicles transferred to your location for a fee which is listed on the site). Mitsubishi Lancer, Dodge Dart, Dodge Avengers, Nissan Versa, Ford Focus, Ford Fiesta, Chevy Cobalt, etc. Nothing fancy, but they're all pretty good cars that get fantastic gas mileage.

Having said that, given the requirements by Roadloan, I actually wouldn't even consider buying used. Just buy new. There's a very good chance buying a NEW 2014 car will actually be cheaper (possibly substantially so) vs buying used. Your timing is actually really good since a lot of new car dealers are looking to make room for the 2015 models right now and are heavily discounting their unsold 2014s. You might want to search on a site like "Cars Direct" (you can specifically search for brand new cars "$15K and below"), and you'll see a lot of options including cars like the base VW Jetta and the Jeep Patriot on top of those smaller cars previously mentioned. I'd recommend the Ford Focus or Fiesta, Hyundai Accent (5 yr bumper to bumper and 10 yr mechanical warranty), or the Jetta if you want something that feels slightly more upscale at the potential cost of reliability.

The other great thing about buying brand new is that the financing is typically lower than for used vehicles, and the dealership (eg, Ford Credit, Hyundai, etc) might be able to crush the APR that Roadloans gave you. Anyway, a good place to start is a site like Cars Direct. Just fill in your info, and it'll be sent to the local dealerships near you, after which point the dealerships that have inventory that meet your criteria will reach out to you directly.

Good luck!

Re: Carmax financing

CJIII29 — Tue, 16 Sep 2014 10:11:36 GMT

I apply to CarMax as well boy those people are a rip off, I could have put a $1000 down on a $15,000 dollar truck 20% instert and a $400 dollar a month payment.