can you use outside financing with carvana

Cruisin’ to Your Dream Car: Can You Use Outside Financing With Carvana?

So, you’ve got your eye on that sleek sports car or spacious SUV at Carvana, and the thought of driving it off the lot is making your heart race. But hold on! Before you dive headfirst into that “Buy Now” button, let’s talk about financing options. Specifically, can you use outside financing to snag your dream ride through Carvana?

The short answer is: yes! Carvana allows you to use pre-approved financing from another lender. This means you have the freedom to shop around for the best loan rates and terms before settling on your purchase.

Here’s why using outside financing with Carvana can be a smart move:

* Competitive Rates: Carvana offers financing options, but by exploring other lenders (banks, credit unions, online platforms), you might find even better interest rates or loan terms that suit your budget perfectly.
* Flexibility and Control: Using pre-approved financing gives you more control over the process. You’ll know exactly how much you can afford before even starting to browse Carvana’s inventory. This can help you narrow down your choices and avoid getting swept up in the excitement of a car that might be outside your price range.
* Potential Savings: Lower interest rates translate into lower monthly payments and potentially significant savings over the life of your loan.

How Does It Work?

1. Get Pre-Approved: Before you even start browsing Carvana, reach out to banks, credit unions, or online lenders and apply for pre-approval on an auto loan. This will give you a clear picture of the amount you’re eligible to borrow and the interest rate you qualify for.
2. Choose Your Ride: Once you have your pre-approval in hand, head over to Carvana’s website and browse their vast selection of vehicles. Find the car that makes your heart sing!
3. Provide Financing Details: During the checkout process on Carvana, simply select “Use External Financing” and provide the details from your pre-approved loan (lender name, loan amount, etc.).

4. Finalize the Purchase: Once everything checks out, Carvana will work directly with your chosen lender to finalize the financing and get you behind the wheel of your new car.

Important Considerations:

* Timeline: Make sure your pre-approval is valid for the duration of your purchase process. Some lenders have a limited window for their pre-approvals.
* Loan Amount: Ensure the loan amount from your pre-approved financing covers the full cost of the vehicle, including taxes and fees.

Carvana typically offers competitive financing rates themselves. However, don’t hesitate to explore external options to see if you can snag a better deal.

By comparing different lenders and understanding your financial position beforehand, you can make an informed decision that puts you in the driver’s seat!