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Carvana Review

Reviews 10,638
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Reviews 10,638
Michael Graw
Dec. 10, 2023
3 min read
Michael Graw
Carvana Summary
Carvana is an online marketplace with a selection of tens of thousands of used vehicles that offers an auto lending program for purchases. Before you shop with Carvana, you can pre-qualify to see exactly how much any vehicle will cost you. There is no minimum credit score with Carvana, making it a good option for buyers with bad credit. In addition, Carvana lets you add a co-signer for a fast pre-qualification process and more affordable rates.


  • No minimum credit score
  • Pre-qualify for 45 days
  • Shop tens of thousands of used vehicles online


  • Funding only available if you buy from Carvana
  • Higher interest rates for excellent credit borrowers

Carvana at a glance

Editorial score

Online experience

Has learning resources, access to rates, mobile app

Customer services and support

Multiple ways of reaching lender, wide range of hours

Loan Types

Offers most loan types

Repayment Flexibility

Offers flexible repayment plans & the option for special repayment programs

Eligibility (credit score)

Accepts all credit types

Carvana Carvana View Rates

Suitable For?

Carvana auto loans are a convenient way to fund your purchase if you’re buying a used vehicle through Carvana. This online auto marketplace has a selection of tens of thousands of vehicles and can deliver your car straight to your door. While you can use a third-party lender to finance a purchase through Carvana, using Carvana’s auto loan program makes the purchasing process seamless. Carvana also allows you to add a co-signer which has many potential benefits such as lower interest rates and payments.

Another benefit to financing with Carvana is that there is no minimum credit score required. As long as you make at least $5,100 per year, you will likely qualify for a loan.


Carvana offers loans for used vehicles sold through Carvana exclusively. You can pre-qualify for a loan using the online application, which only involves a soft credit check. Your pre-qualified loan offer is good for up to 45 days, during which time you can look for cars on Carvana and see what your down payment and monthly payments will be for each vehicle. Carvana also allows you to add a co-signer for fast and easy pre-qualification process with no impact to your credit score.

  • Pre-qualify for 45 days with a soft credit check
  • No minimum credit score required
  • Add a co-signer 
  • Compare down payments as you browse vehicles
  • Borrow as little as $1,000
  • Repayment options from 36 to 78 months
  • No prepayment penalty

Application Process

The application process at Carvana is entirely online. You can pre-qualify in less than 2 minutes simply by filling in your personal information and allowing Carvana to run a soft credit check (this doesn’t impact your credit score). Your pre-qualified offer is valid for 45 days while you shop Carvana’s marketplace. Once you select a vehicle for purchase, Carvana will run a hard credit check and finalize your offer terms. If you're applying with a co-signer, include the cosigner's information with no impact to your credit score.

Loan Types and Terms

Carvana only offers auto loans for used vehicles purchased through the Carvana online marketplace. You cannot get financing from Carvana for a third-party vehicle purchase.

You can borrow as little as $1,000. Interest rates range from 7.90% to 27.90% for borrowers with bad or no credit. Your down payment and monthly payments will depend on the vehicle you choose, and you can see what your payments will be as you browse vehicles on Carvana.

  • No minimum credit score
  • Must have an income of $5,100 per year
  • Borrow $1,000 or more
  • Terms from 36-78 months
  • APR from 7.90%
  • No prepayment penalty

Repayment Options

Carvana loans carry terms of 36 to 78 months, depending on the amount you want to borrow and your credit history. There is no prepayment penalty, so you’re free to pay off your loan early to reduce interest payments.

How Safe Is It?

Carvana protects your personal information with SSL encryption during the application process. Once you purchase a vehicle, you have up to 7 days to return it and cancel your loan if it’s not what you expected.

Help & Support

Carvana offers support by phone and live chat 7 days a week from 8:00am to 9:00pm ET.

Phone: 1-(800)-333-4554

How Carvana Compares

Minimum credit score
Loan amounts
$1,000 or more
Loan term
36-78 months
24-84 months
Suitable for
Buying a used car online
Borrowers with excellent credit

Carvana Carvana View Rates


Carvana is an online marketplace with tens of thousands of used cars and auto loans to match. There’s no minimum credit score required, and you can pre-qualify in just 2 minutes to see what your payment terms will be as you shop. You can borrow as little as $1,000 or more, and Carvana doesn’t penalize you for paying off your loan early. You can also add a co-signer for a fast and easy pre-qualification process with no impact to your credit score.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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