Carvana Auto Loans Eligibility and Application

Carvana is one of the best dealers to purchase a car from. They offer an easily accessible online store that allows car owners to purchase cars easily. Customers can shop from over 25,000 vehicles listed on their website. One downside of this dealer is that customers cannot negotiate the prices of cars on their website. To make purchasing cars easier, Carvana auto loans were made.

Carvana is an online-only dealership that renders auto loans for cars sold on its site. This auto loan comes with prequalification for application, a free limited warranty, and a seven-day return policy, and it is best for online used-car buyers. Car buyers who intend to shop at Carvana but cannot afford a car can get auto loans to purchase a car and pay off the loan over time.

Carvana Auto Loans

However, with this financing option, Carvana has made purchasing cars easier and better for car buyers. Directly from their online platform, online car buyers can select a car along with auto loan terms right from their comfort zone. This write-up contains insights on Carvana auto loans and how they work.

Advantages and Disadvantages

Meanwhile, acquiring auto loans with Carvana is an advisable way for car buyers to buy cars easily. Just like every other auto loan, Carvana auto loans have advantages and disadvantages. These are things car buyers need to consider before processing the loan. Below are the advantages and disadvantages of Carvana auto loans.


  • Available customer service is available seven days a week.
  • 100% online application.
  • Prequalification that does not require an in-depth credit check.
  • Cosigners are allowed.


  • They are only for loans for vehicles sold by Carvana.
  • Higher maximum APR.
  • Not available to those in Hawaii and Alaska.

This auto loan is best for car buyers who want flexible online car shopping and buying along with better financing options.

Who Are Carvana Auto Loans Best For?

This auto loan may not be a good option for everyone. In addition, car buyers who prefer purchasing cars in person or prefer having a different financer for car loans may not need to consider Carvana auto loans. Carvana car loans are best for people who fall into any of the below categories.

  • Need better flexible credit requirements.
  • Also, People who require a streamlined process for car buying and financing.
  • Car buyers who may benefit from having a cosigner.
  • Lastly, Carvana makes buying a car easier for those who fall into these categories.

Who is Eligible for Carvana Auto Loans?

Not every car buyer is eligible to get this auto loan. Applicants who meet the following requirements for Carvana auto loans are eligible for loans.

  • Applicants should be 18 years of age or older to apply.
  • They must have a valid Social Security number.

Unfortunately, meeting the above requirements does not guarantee that you will be approved for the loan.

How to Qualify for Carvana Auto Loans

Before applying for a Carvana auto loan, you need to first know how to qualify. Knowing this gives you a better chance of getting approved for a loan. Before you apply for an auto loan at Carvana, you need to first consider the following:

  • Review your credit.
  • Put together all your information.
  • Determine what monthly payment you can afford to make.

After doing these, you can now proceed to apply for a Carvana auto loan.

How to Apply for Carvana Auto Loans

To apply for this loan, you need to follow the below steps accurately.

Prequalify for a loan

After selecting the car you wish to buy from Carvana, you should proceed with prequalifying for an auto loan and confirm if you are eligible for any financing options. Carvana carries out a soft credit check, which means no harm will be caused to your credit. Through prequalification, you can check rates, terms, and the amount of money you can borrow.

Confirm your information

If you decide to proceed with getting a Carvana auto loan, you may need to confirm the information you have provided during your application. You may also be required to provide some documentation, like a copy of your proof of income and ID.

Complete your loan application

At the end of the loan process, you will need to submit a strong credit report and sign your auto loan agreement. Doing a hard credit pull may affect your credit a bit, but it is just for the short term. Your loan agreement and terms will be stated in your Carvana contract; ensure to carefully read through them.