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This is in addition to a possible processing fee up to $399, depending on the state where you live. CarMax says this fee is usually between $99 and $999, though there are a few occasions where it can be as high as $1,999. For longer distances, there may be a fee. If the car is close by, you may pay nothing. If the car you want is not at your local CarMax location, you can choose to have it sent there. When you visit, you’ll park in a designated express pickup parking space, turn in your trade-in if you have one and take off in your new car. This service allows you to complete most of your paperwork online and schedule a pickup appointment that fits in your schedule. You must schedule your test drive for a date within seven days. When you put a hold on a car, you’re reserving a test drive. You’ve figured out your budget and picked out a car. Step 2: Decide how you want to receive the car If you would prefer to get a ballpark number without going through the CarMax preapproval process, you can estimate payments and APRs using the CarMax payment calculator. This can have a small negative impact on your credit report, and is a routine step in securing financing from almost any lender, though it may come later in the process with other lenders. You can do this by using the CarMax preapproval tool, which will initiate a hard pull on your credit. Before you fall in love with any specific vehicle, it’s wise to figure out how much you can afford.
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You can easily browse cars by location or vehicle type on the CarMax website. If you are interested in buying a car from CarMax, and using a loan from CarMax Auto Finance or its partners to pay for it, you’ll first need to pick out a vehicle. Research car values and compare offers with those from other dealers or private sellers before making your purchase. But you never want to pay more than a car is worth. In general, CarMax vehicle prices are competitive, depending on where you live. No negotiation: No haggling doesn’t always mean you’re getting the best deal. That’s why it’s important to shop around for your best rate. This may be true no matter where you borrow, but maximum APRs vary from lender to lender. High APRs: CarMax financing for bad credit is possible but can be expensive. CarMax financing consĬarMax cars only: CarMax financing is only available to those who are buying a car from CarMax. Compare CarMax rates against auto loan offers you get for yourself - CarMax accepts external auto loans, cash, checks and debit cards.Ĭonvenience: You can shop and complete the transaction online, then either have the car delivered to you or schedule an express pickup. Low credit scores accepted: If you have poor credit, you’re often shut out of auto financing options, but CarMax makes an attempt to work with all types of credit profiles.Ĭompetitive APRs: For the most qualified borrowers, CarMax’s starting rate matches or is lower than other large lenders, including chief rival Carvana. But it’s not the only way to find a used car - you might be able to find better prices and lower rates elsewhere. It offers competitive starting rates through its own lending arm, CarMax Auto Finance, or one of its eight lending partners. If you’re looking for a no-haggle used car that you can buy online or at one of 220 brick-and-mortar stores, CarMax could be a good fit.