Congrats on getting approved for a vehicle. Did you go all the way through with the process? and please let us know how it goes. Warning  - you are going to need to owe less on the car than it is worth in order to refinance it. Anyone looking for a car should def check out Carvana. Got some pruning to do... No more new cards! DriveTime claims it is the largest car dealership that specifically helps customers with “credit issues” purchase a quality vehicle. I hate seeing people recently freed of years of bad debt jump right back into it and that's sadly what this is. The car's price was "meh" but the financing deal was much better than what I had gotten pre … I did go through the whole process. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Congrats, and Carvana does seem like a good option. Carvana is the best choice for people who want to take care of financing and buying a car — all from the comfort of home. Loving my Carvana car no problems at all. Potential customers can pre-qualify to see their interest rate before looking for a vehicle. I assumed that buying from Carvana would be about $1000 more than buying from a dealer. Out $500 delivery fee. I am new to Carvana and somewhat skeptical on the process and getting approved, but you have a success story that has inspired me. DriveTime. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. The financing process requires the same basic documentation as any other lender. I was desperate for a car but didn’t want to run my credit a million times or deal with a dealership so I tried Carvana.com. APR 10.3. Carvana use to use Go Financial(bad company) but recently (this year) changed to Ally Financial. FTC's website on credit. Learn more. I put $1500 down, my interest rate is very high but as soon as I get my discharge I will refinance with someone like Cap1 or a credit union. Although living in NYC we have public transportation it’s not easy to get my daughter to daycare and then head to work. Your interest rate can change a lot with a little as a few points increase. Carvana Review: Making Used Auto Loans (and Car Shopping) Easy. This only counts as a soft inquiry on a credit report and won’t damage their credit score. MY EXPERIENCES | CARVANA. Carvana does not accept credit cards; you can’t give your down payment or make your car payment with a credit card; You can only finance a Carvana car with a Carvana loan. But Carvana isn’t as strict: You may qualify for a loan with an income as low as $4,000. All rights reserved. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. As we’ve already mentioned, Carvana is an online used car marketplace that also offers in-house financing.