Carvana: 2022 Auto Loan Review - Bankrate

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Carvana auto loans review Written by Rebecca Betterton Rebecca Betterton Writer, Auto Loans and Personal Loans Ribbon Icon Expertise

• • Auto Loans
• • Personal loans

Calendar Icon 5 Years of experience Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021. Read more

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Close Rebecca Betterton Edited by Kellye Guinan Kellye Guinan Editor, Personal Loans and Auto Loans Ribbon Icon Expertise

• • Auto loans
• • Personal loans

Calendar Icon 9 Years of personal finance experience Kellye Guinan is an editor and writer with over seven years of experience in personal finance. Close Kellye Guinan Updated on June 4, 2025 Advertiser Disclosure

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

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At a glance

Find my best rate with Bankrate Not all displayed lenders are available for pre-qualification through Bankrate, and we cannot guarantee any specific rate. We'll provide you with the best offers available from our partners. Info Icon 4.3 Rating: 4.3 stars out of 5 Bankrate Score Caret Down Icon Availability Rating: 4 stars out of 5 4.0 Affordability Rating: 3.6 stars out of 5 3.6 Customer Experience Rating: 5 stars out of 5 5.0 Transparency Rating: 4.5 stars out of 5 4.5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

About Bankrate Score

Full methodology

Bankrate’s take

Carvana is a fully online dealership that offers competitive rates for its inventory of used cars, even for those who have poor credit. However, you will only be able to use its auto loans to buy a car in its inventory.

Lender Details

Money Bag Icon

Loan amount

Starting at $1,000

Rates Icon

APR from

3.99%-27.99%

Credit Good Icon

Min Credit Score

No Minimum

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Funds available in

As soon as one day

Carvana is best for shopping from home

Carvana is a no-haggle dealer that simplifies the car-buying process from start to finish. It operates solely online and features an assortment of vehicles at varying prices and, in general, is a convenient way to find and finance your car from start to finish in one place. Carvana may also be a good fit for people who lack good credit or a strong income but need a car, especially if you are only able to qualify for a bad credit auto loan.

It allows you to skip the dealership and hours of paperwork. Instead, you can take advantage of a seamless shopping and application process from your couch. Plus, you have the option to have your vehicle delivered to your doorstep or one of Carvana’s vending machines.

Carvana used auto loans

You can find competitive auto loan rates for a used car purchase through a bank or credit union, or you can streamline the process with financing from Carvana. Its auto loans are originated by Bridgecrest, but many details about its loans are not spelled out on Carvana's website. In an email, a Carvana rep stated the maximum funding amount and loan term is based on each customer's credit. Customers with "higher credit" could receive terms of up to 78 months.

Carvana's starting annual percentage rate (APR) is unimpressive compared to Bankrate's top auto loans. If you have excellent credit, you might find better rates elsewhere. However, since Carvana accepts outside financing, you can prequalify with other lenders and see whether they or Carvana offer you a better rate.

It’s also worth noting that Carvana only finances its own vehicles. If you prefer to shop with another dealer, you’ll need to secure financing elsewhere.

Where Carvana stands out

• Money-back guarantee: Like many car-selling websites, Carvana has a return policy. You can return the car within seven days after driving it up to 400 miles and get your money back, minus shipping charges. It also offers a free limited warranty for the first 100 days or 4,189 miles, whichever comes first.
• Range of credit accepted: Carvana does not have a minimum credit score requirement. While this does not always mean bad-credit borrowers can receive acceptance. In this case, a range of borrowers can qualify. You could be eligible for financing if you earn at least $5,100 annually and do not have any active bankruptcies.
• One-stop shop: Rather than having to navigate the vehicle shopping process and secure financing, Carvana streamlines the two. Borrowers can shop for a ride, arrange financing and have their car delivered all in one place.

Where Carvana falls short

• Limited inventory: Unlike traditional auto loan lenders, where your loan can be used almost anywhere, Carvana only offers financing for vehicles for sale on its site.
• Down payment: Although adding a down payment can dramatically reduce your auto loan costs, it's rarely a requirement to qualify. Carvana, though, requires borrowers to make a nonnegotiable down payment to purchase a vehicle.
• Potentially high fees: Shipping and delivery fees apply when you choose to purchase and finance with Carvana. However, you can avoid the latter by choosing to have the vehicle delivered to a Carvana location or vending machine where you can pick it up.

Carvana customer resources

Customer support

Carvana provides extensive customer support that goes beyond normal business hours to make your purchase as painless as possible. Support is available online and by phone from 8 a.m. to 10:30 p.m. ET and 8 a.m. to 10:30 p.m. ET, respectively. You can also text with a live advocate from 9 a.m. to 10 p.m. ET, seven days a week.

Digital experience

One of Carvana’s most stand-out features is its online presence. Buyers can easily shop vehicles by make, model or keyword. The site also highlights popular vehicle styles on the front page, which can make it easy to shop for in-demand cars all in one place.

Finally, the chat function on the site allows customers to ask questions or sign up for personalized recommendations on price changes and new arrivals.

How this lender compares

Carvana vs. CarsDirect

While CarsDirect, an online car shopping platform and online broker, won’t deliver your car to your doorstep, it’s a comparable option. The platform has an extensive lender network, which makes it a solid choice for those with bad and fair credit. However, Carvana is more seamless for those who prefer a fully online experience.

Carvana vs. CarMax

CarMax offers a convenient online shopping and financing experience similar to Carvana's. Both feature options for people of all credit backgrounds, and you can get prequalified with no impact on your credit score. The two offer similar limited warranties — CarMax’s lasts 90 days, while Carvana’s stretches to 100 days. However, CarMax offers brick-and-mortar locations if you prefer an in-person shopping experience.

Do you qualify for a Carvana auto loan?

You must live in the contiguous U.S. to shop through Carvana — it doesn’t operate in Alaska or Hawaii. Carvana only lists the following qualification requirements:

• Be at least 18 years old.
• Have six months of credit history.
• Have no active bankruptcies.
• Make a minimum of $5,100 a year.

You’ll need to provide documentation — like a recent utility bill, loan statement or lease agreement — for address verification purposes. Carvana will also verify your income through your two most recent consecutive pay stubs and three most recent bank statements or Plaid.

How to get a Carvana auto loan

Borrowers can secure loan prequalification with Carvana directly on its website. It should only take two minutes, and because it is a soft credit pull your credit score will not be affected. Here’s how to get started:

1. Get prequalified

   You’ll need to enter your name and contact details, residential address, date of birth, employment details and annual income.

2. View loan offers

   If there’s a match, you will then be able to view actual loan terms and monthly payments for the vehicles available for sale on the platform.

3. Finalize the loan

   Place an order for the vehicle you wish to purchase and complete the underwriting process to seal the deal.

If you plan to apply with the help of a cosigner, simply enter their information on the first application page. Your co-signer must also be present for vehicle pickup or delivery.

How Bankrate rates Carvana

Overall score	4.3
Availability	4.0	Carvana requires you to use its marketplace if you want to use its financing option.
Affordability	3.6	Carvana has unimpressive APRs. But its acceptance criteria is more flexible than other lenders.
Customer experience	5.0	Carvana offers support seven days a week. It also has a large shopping window — 45 days — and full online access.
Transparency	4.5	Carvana allows prequalification and clearly lists almost all of its rates and fees.

Methodology

• New/used auto loans
• Refinance loans

Bankrate logo

Bankrate's trusted auto loans industry expertise

Read our full methodology

48

years in business

26

lenders reviewed

20

loan features weighed

520

data points collected

The Bankrate team uses a 20-point system to evaluate auto loan lenders across four main categories.

• Availability

  Caret Down Icon

  Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.

• Affordability

  Caret Down Icon

  This section houses annual percentage rate ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewest fees and most generous acceptance criteria receive higher scores.

• Customer experience

  Caret Down Icon

  Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop after approval and customer service hours, alongside other quality-of-service factors.

• Transparency

  Caret Down Icon

  This includes prequalification and public disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Bankrate logo

Bankrate's trusted auto loans industry expertise

Read our full methodology

48

years in business

22

lenders reviewed

16

loan features weighed

352

data points collected

The Bankrate team uses a 16-point system to evaluate auto loan refinance products across four main categories.

• Availability

  Caret Down Icon

  Loan amounts, restrictions and state availability are accounted for in this category. Lenders with fewer restrictions, larger loan amounts and those that serve customers nationwide rank higher.

• Affordability

  Caret Down Icon

  Lenders with the lowest APRs and fewest fees rank better in this category. Discounts can also add to the score.

• Customer experience

  Caret Down Icon

  Our team evaluates lenders' online account access, customer service hours, automatic payments options and funding timeline.

• Transparency

  Caret Down Icon

  Prequalification and the public disclosure of rates and fees contribute to this score. Lenders that make it easy for borrowers to find how much they could pay to refinance get higher marks.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

On This Page

• At a glance
• Where Carvana stands out
• Where Carvana falls short
• Carvana customer resources
• How this lender compares
• Do you qualify for a Carvana auto loan?
• How to get a Carvana auto loan
• How Bankrate rates this lender
• Methodology

On This Page Jump to Menu List Icon

On This Page

• At a glance
• Where Carvana stands out
• Where Carvana falls short
• Carvana customer resources
• How this lender compares
• Do you qualify for a Carvana auto loan?
• How to get a Carvana auto loan
• How Bankrate rates this lender
• Methodology

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ON THIS PAGE

• At a glance
• Where Carvana stands out
• Where Carvana falls short
• Carvana customer resources
• How this lender compares
• Do you qualify for a Carvana auto loan?
• How to get a Carvana auto loan
• How Bankrate rates this lender
• Methodology

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