How does Carvana verify income?

To provide proof of income if your income is commission-based, please provide one of the following: Three most recent pay stubs showing commissions. Three months of canceled checks. Three months of commission checks.

What documents does Carvana ask for?

We'll need a picture of your vehicle's 10-day payoff statement. We'll need a picture of the registration card. We'll need pictures of the driver's licenses of anyone on the registration. We'll need a picture of the current odometer reading from your dashboard.

Does Carvana verify?

To note, underwriting means our team is in the process of verifying the order details you placed! Our experts are making sure you're getting the best loan terms, checking if you have enough funds for your purchase, and dotting all the T's to make sure everything the purchase can go smoothly.

How long does it take Carvana to verify?

Once you've uploaded your documents, we'll typically verify that we have everything we need within 1-2 days. However, we may extend beyond that timeframe on occasion and we appreciate your patience as we work to quickly verify your documents.

Does everyone get approved at Carvana?

Only one out of every 20 cars evaluated gets approved. Delivery straight to your door or pick up at our state of the art Carvana Vending Machines!

Why Carvana Wouldn't Let Us get a Vehicle

Can Carvana deny me?

All credit types welcome

Carvana considers working with consumers regardless of their credit history — although there are age and income minimums. Because it doesn't require people to have minimum credit scores for a car loan, you might qualify for a Carvana loan even if you have low credit scores.

Can Carvana reject your car?

They can reject the vehicle entirely at no charge, opt to have Carvana fix the issues before delivery, or accept the car as-is and then use Carvana's after-sale repair option at no extra cost. If for any reason the customer is unhappy with their purchase, we offer a 7-day money back guarantee.

What kind of check does Carvana give you?

If I sell my car to Carvana, how and when will I be paid? We will provide you with a physical check when you hand over your vehicle to us at the time of pick-up or drop-off.

What credit report does Carvana use?

The credit bureaus that Carvana uses are Experian and Equifax. Carvana credit checks do not affect your credit rating because of the nature of the inquiry (soft pull) and because they are used for the pre-qualification stage.

How long does the Carvana selling process take?

Similar to the ease and transparency of buying a vehicle online with Carvana, the process of selling your vehicle online with Carvana can take place in as little as 15 minutes. By visiting carvana.com/trades, a person can easily input their vehicle's information before receiving a unique and accurate value in seconds.

How does carmax verify income?

Recent paystub or earnings statement from your employer reflecting taxes withheld.

Is Carvana financing easy?

Carvana has no minimum credit score or credit history requirements and says it extends credit to customers with a broad range of credit profiles. This includes car buyers with bad credit — typically FICO scores below 630 — who may have trouble getting loans from traditional dealerships and lenders.

Does Carvana ask SSN?

If you're financing through Carvana, this is when you'll finalize your credit application. You will be asked to enter your social security number, and your application will be sent to Carvana's underwriting team. This is when the hard pull on your credit will take place.

Does Carvana require proof of insurance?

When Do I Need to Provide Proof of Insurance to Carvana? If you're a first-time car buyer, it's possible that you don't have car insurance yet. At Carvana, you don't need to have car insurance at the time of purchasing a vehicle. However, you do eventually need to have car insurance and be able to show proof of it.

How does plaid work with Carvana?

Plaid allows us to link your bank account to your Carvana account and is one of the ways we can make sure you have enough funds for your purchase! We recommend this method, as it reduces the amount of time it takes for our underwriting team to approve your purchase.

Can I buy a car on Carvana with cash?

Buyers can apply for financing through Carvana's in-house Bridgecrest Acceptance, use third-party financing, or pay with cash. They can also apply a trade-in, purchase GAP coverage, and add an extended warranty.

Does Carvana hurt credit?

If I get pre-qualified through Carvana, does it impact my credit? No. When you pre-qualify with Carvana, you see real, personalized terms without affecting your credit score. Though your terms will not change, we do complete a formal credit inquiry when you schedule your delivery or pickup.

Is Carvana a soft pull?

When you agreed to the credit soft pull disclosure, this agreement allows Carvana to complete another credit soft pull at a future date in order to show you what your terms would be at that date if you traded in your vehicle or purchased a new vehicle. Don't worry, this has not affected your credit score!

Does Carvana report to the three credit bureaus?

Yes, Carvana Auto Loan reports your account activity to the following credit reporting agencies: Equifax. Experian. Transunion.

What is the downside of Carvana?

Cons for using Carvana

The prices of cars may be on the higher side compared to private party sales or other used car dealers. No opportunity to test drive the car upon delivery. Buyers might not see certain features or damage from the online pictures alone.

How long does Carvana direct deposit take?

ACH direct deposit into your checking account and payment typically deposits within 1-2 days of Carvana receiving your car. Instant payment to your debit card is typically deposited in your account at your appointment within a few minutes.

Can I sell my car to Carvana if I still owe on it?

Yes. Until the sale of your car to Carvana is final, continue to make your normal loan payments to avoid late payment penalties with your lender. Any overpayments will be reimbursed to you.

Does Carvana test drive your car?

Are there any requirements my trade-in must meet to be accepted? Yes. Carvana will accept your vehicle if it is newer than 1992, the odometer is in working condition, and we are able to safely perform a test drive.

Do Carvana cars come with oil change?

Free Oil Change

This falls into the "of course" category, but as part of that inspection we told you about, we also change out your vehicle's oil and check all the fluids.