1. Why finance at CarMax?
The CarMax finance process is fast, competitive, and features offers tailored specifically to CarMax customers.
2. How does financing with CarMax work?
The CarMax finance process is simple: Select a vehicle that meets your needs, submit a credit application with the help of a sales consultant, and, if approved, decide which finance offer suits you best.
3. Who are the CarMax financing companies?
CarMax offers financing through CarMax Auto Finance and other world-class financial institutions with customized offers tailored specifically to CarMax customers.
4. Can I apply for credit online?
To begin the financing process online, first find the vehicle you are interested in purchasing. Then request financing information by clicking the link found on the vehicle's Car Page. Or you can get started by calling your nearest CarMax store.
5. How are auto finance decisions made?
Financial institutions typically take four major factors into account:
- Vehicle selection (age, mileage, and cost)
- Application information (this may include, but is not limited to: income, time at current job, and time at residence)
- Credit history
- Down payment
6. What does your credit score mean?
Credit scores are created by credit reporting agencies to help financial institutions predict risk. They are expressed as a score generally ranging from 350 – 850. In most cases, the higher your score, the greater chance you have of receiving a better financing offer.
- Timeliness of previous and current payments
- The length of your credit history
- The type and amount of your debts
- Your public records
7. How can I find out more about my credit history?
There are three major credit reporting agencies in the United States. Each one can provide you with a copy of your credit report, including your credit score. Contact them via the Internet or call toll free:
8. I have excellent credit, what can CarMax do for me?
We offer you highly competitive terms, reduced time and effort, and a transparent transaction.
9. I have had past credit problems, what can CarMax do for me?
Our finance sources provide offers to accommodate most credit profiles. Even with past problems, you will still enjoy the same no-haggle pricing, quality, and exceptional customer service we give every CarMax customer.
10. Can I qualify for financing if this is my first vehicle purchase?
Many customers qualify for financing without a prior vehicle purchase. Most of the finance companies that CarMax works with will look at your credit history and application information to make a credit decision. If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates. Stipulations for college students vary by finance company, and may include the following: (1) Applicant has graduated from an accredited four-year university or college within the past year; (2) Applicant will graduate within the next six months and has an offer letter from an employer; (3) Applicant meets requirements for payment-to-income ratio; (4) Applicant must have no derogatory credit.
Check with your nearest CarMax store for more information.
11. What finance rate can I get?
Your finance rate depends on your past credit history, the type of car you're buying, your down payment, and overall market conditions. In most cases, we can offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. Please call or visit your nearest CarMax store for more information.
12. What factors impact monthly payment?
The factors that impact monthly payments include the amount financed, term, and APR.
13. How much should I budget for my car payment?
Most financial institutions recommend that you spend no more than 15% of your gross monthly income on your car payment. If you make $2,000 a month you should spend no more than $300 on your car payment. Want to see what you can afford? Use our Payment Calculators to estimate.
14. What documents should I bring?
All buyers should bring a valid state-issued drivers license and proof of current auto insurance. Because different financing companies may require additional documentation, you may want to contact a Sales Consultant for a complete list of what you'll need to buy a car from CarMax. If you also intend to sell a vehicle to CarMax, please see our What to Bring With You page for more information on what you need to bring.
15. What are my payment options?
Your payment options will vary depending on the company that finances your car. For information on your payment options, please speak with a representative of your finance company.
If you financed your car through CarMax Auto Finance, you have access to a variety of payment options. In all cases, you receive credit on the date we receive your payment (for late charge and finance charge purposes), although it may take 1-2 business days for your payment to post to your account.
- Pay online
By registering with MyCarMax, you can manage your CarMax Auto Finance payments with ease. You can make a single payment or set up recurring payments.
Pay Now through MyCarMax
- Payments by phone
Call us at 800-925-3612 to make a one-time payment on our automated system. You will be provided a confirmation number with your payment.
- By postal mail
Send payments to:
CarMax Auto Finance
P.O. Box 3174
Milwaukee, WI 53201-3174
Payoffs should be mailed to:
CarMax Auto Finance
Attn: Payoff Department
P.O. Box 440609
Kennesaw, GA 30160
We recommend mailing your payment 7-10 days before your due date to ensure that we receive it on time.
- Western Union/Moneygram®
You may go to any Western Union location to have your payment sent to us. Call 1-800-238-5772 to find the nearest location. You will need to reference our city code, "CarMax," along with the state code of "Georgia." Please be sure to reference your account number to ensure proper posting. We typically receive and post these payments to your account within one full business day. Our business days are Monday-Friday. Western Union may charge a fee for this service.
MoneyGram ExpressPayments® Service
You may go to any MoneyGram retail agent location to have your payment sent to us. Call 1-800-MoneyGram to find the nearest location. At the agent location, please provide the clerk with the following; Receive Code "4645," company name "CarMax," city "Kennesaw," state "GA," and your account number to ensure proper posting. We typically receive and post these payments to your account within one full business day. Our business days are Monday-Friday. MoneyGram may charge a fee for this service.
For more information about CarMax Auto Finance payment options, call us at 1-800-925-3612.