Anyone listed on your loan will be a co-owner of the car, however. No co-signers allowed only co-borrowers: You can apply with someone else if you’re looking to share ownership of the loan and the car too, or if you’re otherwise not able to qualify for a loan on your own.Can only be used to buy CarMax cars: CarMax is a used car dealership, and as such, you can only use a CarMax auto loan to purchase a used car from CarMax.Negative company reputation: CarMax does not have a good reputation online among customers who’ve left reviews of the company, and it’s the subject of several class-action lawsuits for shady behavior.Importantly, if you’re hoping to have your new car delivered to your home, you’ll need to live within 60 miles of a CarMax location. Not available in all states: CarMax operates locations across the country in 41 states.Limited purchase and financing warranties: You can get a full-cost refund on your CarMax loan if you line up another financing source within three days, and you have a full 30-day period to return the car you’ve purchased if you don’t like it.Ī three-day loan refund sounds nice, but in reality, lining up another auto loan may take longer than that unless you already have one in the works as you’re purchasing the car.The entire process can be completed online, aside from the test drive. Flexible online car-buying experience: CarMax allows you to test-drive a car for 24 hours if you choose, and when you’re ready to buy, you can have it delivered to your home or pick it up from a dealership location.No payments for up to first 45 days: You can choose your first payment due date when you finalize your loan, up to 45 days out.That increases your options and may help you find a lower-cost loan. Works with partner lenders: CarMax underwrites some loans directly, or it may fund your loan through one of its partner lenders.See our picks for the best auto loans in a variety of categories:
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