Carvana was founded back in 2012 as an online loan marketplace so that people can buy new or used cars or get loans in a much simpler manner. It is headquartered in Tempe, Arizona, and offers a wide selection of about 30,000 used cars to pick from. Apart from this, you can also choose an auto loan that you can use to purchase a vehicle from Carvana, in case you don’t have the necessary upfront sum. Using this platform is very easy as it offers a prequalification feature and also caters to people with bad credit scores.
Carvana at a Glance
Editorial Score 4.7
Online Experience 5
It has an intuitive website and a free mobile app.
Loan Types 4
Carvana offers loans for new and used cars.
Eligibility 5
All credit types are eligible for auto loans.
Client Support 5
It has excellent customer support with wide working hours.
Repayment Flexibility 4.5
Its repayment terms are flexible and range from 36 to 72 months.
Who is it suitable for?
You can use Carvana if you are on the lookout for a used vehicle and you also want to obtain a way to fund your purchase. With a large selection of 30,000 cars, you will certainly find one that suits your preferences and budget. Plus, the company can even have it delivered straight to your door. While you can also use another loan lender to fund your purchase of a car from Carvana but taking the loan from the platform will make the whole process a lot easier and quicker.
Carvana is also a very good option for people with a bad credit score or no credit history at all. The platform doesn’t take these details into account when giving you a loan. The only requirement is for you to have a yearly income of at least $4,000.
Features
Carvana has a plethora of interesting features that you can take advantage of. The most important one is the possibility to obtain funding for a used vehicle that you can also buy from Carvana. The entire purchase process is simplified and smooth so you can get your car quickly and even have it delivered to your home. You also can prequalify for a loan and the results will be active for 45 days so you have enough time to think about your next step.
A very interesting feature of this platform is the possibility to compare multiple vehicles and the down payments required for each of them. This can help you decide on the loan that you’re going to take, especially considering that you can borrow any sum from $1,000 up to $85,000. Applying for a loan is completely free and there are also no prepayment penalties to be paid.
Application Process
The whole application procedure that Carvana offers is extremely simple and only takes a few minutes. Also, it is done fully online from the official website. Here is what you need to do:
· Access the official Carvana website;
· Fill out the prequalification form with your correct personal info;
· There will be a soft credit check which will not affect your credit score at all;
· The offer that you will get will stay active for 45 days while you browse around for cars;
· Once you have decided on a vehicle, all the details of the offer will be revealed to you;
· A hard credit check will be necessary at this final stage.
Loan Types and Terms
Carvana is a marketplace that offers clients auto loans if they want to also purchase a used vehicle from Carvana. In case you have no desire to buy a car from the company, obtaining a loan will be impossible. The smallest amount that you can borrow is $1,000 and the largest amount is $85,000. When it comes to the interest rates, they can vary from 3.90% to 27.90% for people without a credit history or a bad credit score. However, the better your credit score is, the higher your rates will be too. As for repayment terms, they range from 36 to 72 months but this will also depend on your credit history and how much money you will need to borrow.
How Safe Is It?
Carvana uses SSL encryption to protect its customers’ data at all times. Its online reviews are overall positive even if this is clearly a platform that will not suit everyone’s needs. The company is also transparent and promises to not sell your information to any potentially harmful third parties.
Help & Support
In case you require support, you can call Carvana at +1 800-333-4554 seven days a week from 8 AM to 10 PM ET. There is also a live chat available where you can talk to a representative in case you have any issues. The schedule for it is Monday to Sunday from 9 AM to 8 PM ET. The company also has a fax number that you can use which is 866-221-3833 and an e-mail address where you can write: investors@carvana.com.
Summary
To sum it all up, Carvana is a different type of online auto loan marketplace that can offer you funding to purchase a used car through its platform. You can also buy a car from it without accessing any loan. There are a lot of advantages to this platform such as the prequalification feature, the resources, and excellent customer support. It offers a huge selection of over 30,000 used cars to pick from and doesn’t require a specific credit score to apply.
Physical Address
1930 West Rio Salado Parkway, Tempe, AZ 85281