Anyone use Carmax Finance?

[Anonymous]

I was just approved from carmax finance, my rates would be 7.95% for 60 months, 72 months would be 9.45%. I applied from my local CU too but haven't heard back from them yet. Even though my EQ FICO is 726, my credit history is only 2.5 years (and even 2.5 years with an auto loan on there too) and no other bank would approve me. Has anyone worked with them before, are they a pretty good lender? I'm still trying with my CU, but they have turned me down before. My current loan with them now has a co-signer. 

[Creditaddict]

it's with Carmax itself or with one of there lenders they work with?

I have only applied at Carmax once and they wanted 18k down for a 45k loan. RIGHT! 

[Anonymous]

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@Creditaddict wrote:

it's with Carmax itself or with one of there lenders they work with?

I have only applied at Carmax once and they wanted 18k down for a 45k loan. RIGHT! 

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It was through Carmax Finance, their actual finance group. The cars price is 17998 and im putting down 4500, he said that that was the only bank that approved me. 

[Creditaddict]

with a 732 fico, that just seems awful. especially with that kind of money down

[Anonymous]

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@Creditaddict wrote:
with a 732 fico, that just seems awful. especially with that kind of money down

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Every bank says my credit is too limited, i thought 2.5 years was enough, but guess not.  

[Creditaddict]

what do you want to buy? going straight to the dealer might be a better option, from other threads, Toyota, Ford and even BMW are handing out new loans with special APR down to tier 3 credit and your tier 1!

[Anonymous]

And you can't go through a CU? Any CU?

My first account was a jewelry account, my second account was a car loan. Same summer, I think within a span of 2 months. I didn't think twice about being denied. I just went in to a mom and pop lot and drove home that night in a beater. Of course, it was a high risk company that charged 25%, and I paid it. After my 16 month term in the cheap car and paid off, I went right back and got another vehicle. Also a high risk company, 19% and 24 month loan. It is possible. If I would have known about CU's I am sure I would have gotten a better deal. I just don't see how they say limited history, when just about everyone needs a car. Best of luck to you.

[Anonymous]

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@Creditaddict wrote:
what do you want to buy? going straight to the dealer might be a better option, from other threads, Toyota, Ford and even BMW are handing out new loans with special APR down to tier 3 credit and your tier 1!

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Its a 2007 Honda Civic Si. But like I said i keep being turned down by everyone because of my short credit history. I'm not sure if there is a "magic" number of years lenders want to see for a auto loan, even Cap One turned me down. Carmax was the only place to approve me. 

[Creditaddict]

i would go to honda itself and try and then if they say no, go back and take carmax up on offer and refi with credit union in 6 months

[Anonymous]

I agree with creditaddict.