Carvana Review

ByMichael GrawJan. 31, 2021
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In a Nutshell

Carvana is an online marketplace with a selection of nearly 30,000 used vehicles that also 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.

pros

  • No minimum credit score
  • Pre-qualify for 45 days
  • Shop 30,000 used vehicles online

cons

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

Carvana at a Glance

Direct lender or marketplace? Direct lender
Loan types Used vehicle auto loans
Loan amount $1,000-$85,000
Repayment terms 36-72 months
APR 3.90%-27.90%
Minimum credit score None
Suitable for Bad credit; Buying a used car through Carvana

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 nearly 30,000 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.

Another benefit to financing with Carvana is that there is no minimum credit score required. As long as you make at least $4,000 per year, you will likely qualify for a loan.

Features

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.

  • Pre-qualify for 45 days with a soft credit check
  • No minimum credit score required
  • Compare down payments as you browse vehicles
  • Borrow as little as $1,000 or as much as $85,000
  • Repayment options from 36 to 72 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.

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 with Carvana or as much as $85,000. Interest rates range from 3.90% 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 $4,000 per year
  • Borrow $1,000 to $85,000
  • Terms from 36-72 months
  • APR from 3.90%-27.90%
  • No prepayment penalty

Repayment Options

Carvana loans carry terms of 36 to 72 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


Carvana
MyAutoLoan
APR
3.90%-27.90%
2.05%-29.40%
Minimum credit score
None
575
Loan amounts
$1,000-$85,000
$5,000-$99,000
Loan term
36-72 months
24-84 months
Suitable for
Buying a used car online
Borrowers with excellent credit

Carvana Carvana View Rates

Summary

Carvana is an online marketplace with nearly 30,000 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 as much as $85,000, and Carvana doesn’t penalize you for paying off your loan early.

Carvana customer testimonials

GreatReviews 3,538
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
55%
Great
11%
Average
5%
Poor
7%
Bad
22%
  • author
    Angela Jordan
    2 hours ago
    The whole process with Carvana was…

    The whole process with Carvana was seamless! I would recommend Carvana to anyone. It was so easy, fast, and actually pleasant. I’ll never go back to a dealership again.

    ...

  • author
    Wylder Smtih
    4 hours ago
    Should have gone with Motorphlia.

    I'm really wishing we just went with Motorphilia. They were upfront and told us the 4Runner we were buying from Carvana was going to be rusted out. It was. We would have paid about the same, but my husband and I both fell for better marketing, I guess. It took us a month to find out the frame of our truck was just painted over. This is why it's best to have experts you can talk with and not just some website with prices posted.

    ...

  • author
    Jessica
    13 hours ago
    3 months later....

    Most of these reviews are right after purchase (which is when they email prompt you). They make it REALLY easy to take your money of course, so the buying process is super simple and easy. Everything after is a DISASTER. My car was delivered with wet paint dripping off the car, which was ridiculous but I overlooked it because they said they'd pay for it to get repainted. They then recommended me to the worst body shop in the area (a Maaco)... the new paint coat came back with sand and dirt in it. If I wanted to go somewhere else, then the $$ is coming out of my pocket and they gave me a completely unrealistic timeline for finding my own shop so I basically had no choice. PLUS, get ready to wait 5 months for your registration and license plate (my estimated wait is 70+ days after buying the car 3 months ago). Took 2 months to even get the title in the mail. I live right next to the DMV and could get an appointment tomorrow if I needed. Frustrating process.

    ...

  • author
    S C
    17 hours ago
    Don't expect a lot of communication

    The lack of communication is Carvana's biggest problem. Only once did someone reach out to us, and that only occurred after many phone calls from us. Every time we called we had to be transferred at least twice and verify who we are and what we wanted again. No one seemed to know what was going on. They need to assign a Rep. to each customer that handles the entire process. Aside from that, we love the car.

    ...

  • author
    Rebecca
    17 hours ago
    WORST EXPERIENCE

    Terrible company! The day the car was due to be delivered, they called and said it was delayed. Did not offer any rental to keep us going. Left without a car for 3 days!! Then finally they give us another date for it to be delivered, to then say they cannot deliver it and we need to collect ourselves. Get there and the windscreen is damaged and we need to take it to the dealers ourselves!!!! absolutely do not buy from them!

    ...

Carvana