CarMax, a large retailer of used cars, recently announced that it will no longer require notaries present when purchasing a car. This change is likely to significantly reduce the cost and time required for purchase.
CarMax has developed a process that allows customers to buy a car without notaries present by using an electronic signing system. Customers sign a contract and provide basic information about their desired car.
Application process to deal with CarMax
- Origination fee: None.
- Pre-qualification available: Pre-qualification with a soft credit check is not available. CarMax and its lending partners offer preapproval, which results in a hard credit inquiry.
- Personal information needed for approval: A valid driver’s license, phone number, vehicle information, loan amount, Social Security number, down payment amount (if making one), employment information, income, co-applicant information (if using co-applicant).
- Online, in-person or both: Applications can be submitted online, over the phone or in a CarMax store.
- Approval speed: Decisions in 10 minutes or less for most applicants.
- Funding: When a customer signs the contract and takes delivery of the vehicle, the loan is funded. Funding time may differ with third-party lenders.
Qualifications required
- Minimum FICO credit score: None.
- Minimum credit history: None.
- Minimum annual gross income: Depends on CarMax finance source and application details.
- Maximum debt-to-income ratio: Depends on CarMax finance source and application details.
- Bankruptcy-related restrictions: No active bankruptcies.
- States covered: CarMax has more than 220 brick-and-mortar locations in 41 states and a nationwide inventory available online. CarMax finances any CarMax vehicle in its inventory.
How do you Decide where to Buy It?
We won’t tell you where to buy your first car or truck. Some dealerships may give you what you’re looking for — and others might give you the feeling that you’re being taken advantage of. But here at CarMax, you can feel confident that we’ll never pressure you into making a purchase.
You may like to read about the Carmaxautofinance.com
We want you to find the used vehicle that best fits your needs, for as long as you plan to own it, and we have a no-haggle, no-pressure approach that lets our customers focus on finding a vehicle that’s right for them.
You’re embarking on an exciting adventure — good luck with buying your first vehicle, and whatever you buy, we hope you enjoy it.
How important is it to have a clean or detailed Car before I bring it to CarMax?
There’s no need to spend a lot of money on professional detailing before you visit us. We’re not as concerned about minor imperfections as we are about how your car has been cared for over time. Read more articles on daily rewards.