Customer Relations

CarMax financing FAQ

1. Do you offer financing?

Yes. We offer fast, competitive financing through several finance companies, including CarMax Auto Finance, a division of CarMax. Most of our customers' financing is approved in 20 minutes or less. And if you can find better financing elsewhere, you have three days to change it, penalty free.

CarMax also works with the finance companies of all new car brands we sell. You can find out if a manufacturer’s finance company offers a special financing plan on a particular new vehicle on our new car page.

2. 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.

3. Can you finance me even though I have credit problems?

CarMax has many options to help you obtain the car financing that’s right for you. With approved credit, you’ll find:

  • A broad range of finance companies with customized programs to serve most credit profiles
  • Competitive car financing terms and payments
  • The same low CarMax vehicle price and exceptional customer service
  • A seamless and easy transaction
4. 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.

5. How are financing decisions made?
Financing decisions are based on individual circumstances. CarMax is associated with several financing organizations that finance customers with nearly every budget and credit profile. Call your nearest CarMax store for more information.
6. 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 low, 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.

7. What are my payment options?

Your payment options will vary depending on the company who 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.

  1. Pay online

    Want to make a one-time payment online? We'll guide you through the step-by-step process.

    Pay online now

  2. Automated Payment Program

    Automatically deduct your monthly payment from your checking or savings account by printing and completing our enrollment form.

  3. 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.

  4. 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.

  5. Western Union/Moneygram®

    Western Union
    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 CAF payment options, call us at 1-800-925-3612.