High APRs: CarMax financing for bad credit is possible but can be expensive. This may be true no matter where you borrow, but maximum APRs vary from lender to lender. That’s why it’s important to shop around for your best rate. No negotiation: No haggling doesn’t always mean you’re getting the best deal. In general, CarMax vehicle prices are competitive, depending on where you live. But you never want to pay more than a car is worth. Research car values and compare offers with those from other dealers or private sellers before making your purchase. If you are interested in buying a car from CarMax, and using a loan from CarMax Auto Finance or its partners to pay for it, you’ll first need to pick out a vehicle. You can easily browse cars by location or vehicle type on the CarMax website. Before you fall in love with any specific vehicle, it’s wise to figure out how much you can afford. You can do this by using the CarMax preapproval tool, which will initiate a hard pull on your credit. This can have a small negative impact on your credit report, and is a routine step in securing financing from almost any lender, though it may come later in the process with other lenders. Step 2: Decide how you want to receive the car If you would prefer to get a ballpark number without going through the CarMax preapproval process, you can estimate payments and APRs using the CarMax payment calculator. You’ve figured out your budget and picked out a car. When you put a hold on a car, you’re reserving a test drive. You must schedule your test drive for a date within seven days. This service allows you to complete most of your paperwork online and schedule a pickup appointment that fits in your schedule. When you visit, you’ll park in a designated express pickup parking space, turn in your trade-in if you have one and take off in your new car. If the car you want is not at your local CarMax location, you can choose to have it sent there. If the car is close by, you may pay nothing. For longer distances, there may be a fee. CarMax says this fee is usually between $99 and $999, though there are a few occasions where it can be as high as $1,999. This is in addition to a possible processing fee up to $399, depending on the state where you live.
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