The letter said that I would receive an anticipatory check in the mail for a refund. This means that CarMax has already processed your return and will send you the money back soon.
Anticipate is a new car insurance policy that allows drivers to pay for car insurance premiums in advance. Drivers can choose to pay monthly, quarterly, or annually, and the company will send the money directly to their car insurer. The policy is available in 20 states so far, but it is not yet available nationwide.
Why does a car’s Age and Miles Affect My Financing Options?
Financing companies may be unwilling to assign longer terms on some older vehicles. Newer vehicles can often get more competitive terms. However, for many CarMax customers, an older vehicle is a solid choice.
It’s no surprise that higher-mileage cars and trucks carry more affordable price tags, and it’s also true that all CarMax vehicles satisfy our renewal standards. All CarMax cars are eligible for financing and MaxCare extended service plans.
Do I need to make a down payment?
A down payment isn’t a requirement for financing a purchase at CarMax, but making down payment matters. Making a down payment is always a good idea because it reduces the amount you’ll need to borrow.
Any amount you choose to put down can improve your chances of approval and receiving better terms. No matter how much you decide to put down, you can also add any equity from the trade-in value of the car you drive now.
What do I need to get Pre-approved and Approved?
All you need to complete the pre-approval process is a strong idea of your budget and how much you’d like to finance, your contact information, your employment and income information, and information about a co-applicant, if you have one. Once you submit your application, we’ll be in touch quickly to discuss any financing offers available to you.
CarMax Loan Process Details
Loan terms: 24-72 months. Availability of certain terms depends on the financing source and the vehicle selected.
Automatic payment: Available but not required.
Rate discount: None.
Greater-than-minimum payments: Yes, and are accepted through automatic payment. May differ for loans through financing sources other than CarMax Finance.
Biweekly payments: Yes, and are accepted via automatic payment. May differ for loans through financing sources other than CarMax Finance.
Late payment fee: Yes, the amount depends on the CarMax finance source.
Prepayment penalty: None.
Co-borrowers allowed: Yes. Co-buyers can be added to preapproval applications or finance applications.
Co-signers allowed: No.
Payment options: Online through MyCarMax account, USPS, Western Union, MoneyGram® ExpressPayments® service, and in-person at one of more than 220 CarMax locations. May differ for loans through financing sources other than CarMax Finance.
You may like to read about the Carmax make a payment
Selected payment due date: Yes, borrowers can select the first payment date, up to 45 days from the contract date. May differ for loans through financing sources other than CarMax Finance.
Hardship plans: Hardship plans are evaluated on a case-by-case basis. If financing is through a lender other than CarMax finance, that lender’s hardship plans may apply. Read more articles on daily rewards.