What is the lowest credit score Carvana will accept? (2024)

What is the lowest credit score Carvana will accept?

Carvana does not have a minimum credit score requirement and considers many factors, in addition to traditional credit score, in determining credit offers.

Will Carvana approve me with bad credit?

If I have bad credit, can I still finance my purchase through Carvana? Yes.

What are the minimum requirements for Carvana?

As long as you are 18 years or older†, make at least $5,100 per year, and have no active bankruptcies, you can finance your purchase through Carvana.

Does Carvana hard pull your credit?

We complete a hard inquiry into your credit history during the purchase process. If the credit terms you're given are too high, there are a few options to improve your terms.

How does Carvana verify income?

You can upload your 2 most recent, consecutive pay stubs for your proof of income or address verification. We may also look at pay stubs as part of your employment verification. You may be asked to submit pay stub documents during the purchase process.

How long does it take for Carvana to approve?

If you see a “You stumped us” page, we're in the process of reviewing your vehicle's details before providing an offer. This usually takes 24-48 hours.

Is Carvana or CarMax better for bad credit?

Carvana has no minimum credit score for a car loan, and you can get a prequalified online offer that's good for 30 days. CarMax has an estimate tool you can use to get prequalified for an auto loan. From there, CarMax works with its network of lenders to help you find the best car loan rates.

How does Carvana down payment work?

Your down payment is due before you schedule your appointment. When you arrive at the payment step in the purchase process, please ensure funds are available before proceeding. If you have a credit on your Carvana account from a previous purchase, you'll see this amount applied.

Does Carvana buy cars with mechanical problems?

Q. Does Carvana buy cars with mechanical problems? Yes, Carvana buys cars with few mechanical problems however it should be in a running condition.

Does Carvana always verify income?

You may be asked to submit proof of income and/or proof of employment during the purchase process. If you're self-employed, we require documentation to verify your income.

How does Carvana pick up your car?

You let us know the time and place and we'll come to you and pick up your vehicle. All pick-ups are touchless and completed with your safety in mind. We'll finalize your sale or trade-in on the spot, including your payment. If you bought a car from us, we'll bring your new ride and take your old one.

Does Carvana test drive your car before buying it?

When you buy a car with Carvana, you forego a traditional test drive. Instead, you test drive the vehicle when it's delivered (we'll get to that later). If this scares you from proceeding, know that each Carvana vehicle comes with a seven-day money-back guarantee.

Which score does Carvana use?

While most auto lenders require a FICO® Score of 700 or above to give you a good deal on the loan, Carvana has no minimum credit score requirement. They check for factors like employment, income, and past debts, in addition to credit scores.

What credit company does Carvana use?

I financed my loan with Carvana. Who is Bridgecrest? Bridgecrest Credit Company (“Bridgecrest”) is our third-party loan servicer. Once a title is issued in your name with Carvana as the lienholder, Bridgecrest will secure and manage the title† until the loan is refinanced or paid in full.

How do I know if my Carvana purchase was approved?

Our verifications team will review your order and send a confirmation when the purchase has been approved. Once you receive your vehicle, you'll also have a 7-Day Money Back Guarantee.

Does Carvana check your bank account?

Bank Account Verification is the process Carvana uses to verify your bank account before scheduling an appointment. Verification can be completed through Plaid by signing into your bank account during the Bank Account Verification Step in the purchase process.

Do you need paystubs for Carvana?

We will need your official employment offer letter along with your first pay stub in order to verify your income. Your offer letter must include your name, your employer's name, and your confirmed start date.

Does Carvana call your bank?

We recommend this method, as it reduces the amount of time it takes for our underwriting team to approve your purchase. If you do not use Plaid, you will need to call Carvana so that we can initiate a 3-way call with your bank to confirm you have enough funds in your bank account.

Can I finance a car with a 500 credit score?

It's possible to get a car loan with a credit score of 500, but it'll cost you. People with credit scores of 500 or lower received an average rate of 14.08% for new-car loans and 21.32% for used-car loans in the first quarter of 2023, according to the Experian State of the Automotive Finance Market report.

Do most people get approved for Carvana?

Get approved online in just 2 minutes. 99% of customers who apply get approved and your terms are good for 30 days.

Does Carvana pay instantly?

Carvana will pay you for your car at your pickup or drop-off appointment. We'll either hand you a printed check or initiate payment via an ACH direct deposit into your checking or savings account (ACH transfers normally take between 2-5 business days).

What banks does Carvana not work with?

What company is better than Carvana?

CarMax is a nice alternative to Carvana for those who prefer to have the option to see and test drive a vehicle in person before making a purchase. Its competitive pricing and more generous return policy make it a convenient and stress-free option for car buyers.

Can I haggle with Carvana?

All advertised prices are final, as Carvana offers no-haggle pricing. More information on How Carvana Works can be found here.

Can you test drive at Carvana?

Drawbacks of Carvana

No test drive. Unlike on the lot, you will not be able to take the car for a spin before signing off. This means you may miss exterior damage not revealed by pictures, and you won't have a chance to learn how specific features work before purchasing the vehicle.