How to finance a car with Carvana

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  • Anyone who buys a used vehicle through Carvana can apply for a pre-qualified auto loan managed by the company.
  • Carvana is able to finance anyone, regardless of their credit score, although the exact terms vary.
  • The company also allows buyers to bring financing from a bank or credit union of their choice.

The process of buying a car – new or used – can be extremely stressful. Traditionally, this process involved haggling the price of the vehicle with a seller while negotiating the value of a trade-in and the amount of a down payment. It’s a ordeal that usually takes several hours (or days), leaving buyers mentally and physically exhausted.

Fortunately, the auto industry has radically changed its practices in recent years, creating a much more user-friendly environment. Many modern dealers aim to be more transparent about their prices and are more accommodating to consumers in general. This low-pressure approach has made the car buying experience less intimidating, especially for first-time buyers.

Carvanawas one of the companies at the forefront of this revolution. Its straightforward, no-haggle approach to auto sales, along with its branded car vending machines, has earned it a loyal following. Using its website and app (available at ios and Android), Carvana used its technology to sell more than 244,000 vehicles in 2020 alone.

Many of these sales come from customers looking for an easy way to buy a car, which includes obtaining financing. As a one-stop-shop for used car sales, the company offers buyers several ways to pay for their vehicle, including providing their own financing or getting it directly through Carvana.

Here’s how the financing process with Carvana works.

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