How to Finance A Car Using Carmax

Each year, CarMax Auto Finance helps more than 200,000 customers obtain financing for vehicles purchased through a CarMax dealership. You can start your research online at the CarMax website, but you must apply in-person or over the phone with a CarMax sales consultant. Typically, you'll receive a decision whether you are approved or not within five minutes.

Choose a car.

Using the CarMax vehicle search tool, you can view available cars that fit your criteria. When you find a car you like, click on the "Get Financing Info" link on the right side of the page. The link will take you to a separate page where you provide your name, email address and phone number, and a sales consultant will email or call you back within 60 minutes to answer your questions.


  • The CarMax website features a payment estimator to help you figure out what your monthly payments would be based on the down payment amount, current annual percentage rates and vehicle price.

Submit an application.

When you decide on a vehicle, you can visit your nearest CarMax store to apply for financing or call your local store to apply over the phone. The application asks for:

  • Personal information such as your name, address and phone number.
  • Income information including length of time at current job and current salary.
  • Housing situation such as whether you own or rent, your monthly mortgage or rental payments, and your length of time at current residence.


  • If you apply over the phone, you'll still have to visit a local CarMax store to complete the transaction and provide needed documentation.

At the store, you'll need to show your:

  • Valid driver's license.
  • Proof of auto insurance.
  • Proof of income such as pay stub, self-employed tax documents and rental income records.
  • Proof of residence such as a utility bill, bank statement or mortgage documents.
  • Proof of phone such as a bill or statement from a landline, cellular or prepaid phone.


  • According to CarMax, it can offer financing to people with all different levels of credit, from poor to excellent.

Pick your offer.

Once approved, you'll receive several financing offers with varying down payment amounts, loan lengths and monthly payments. Pick the one that best suits your financial situation.

About the Author

Lindsey Thompson began her writing career in 2001. Her work has been published in the Cincinnati Art Museum's "Member Magazine" and "The Ohio Journalist." You'll also find her work on websites like Airbnb,, and Thompson holds a Bachelor of Science in journalism from the Scripps School of Journalism at Ohio University.