What credit score do I need to get a car loan from Carvana?
"Will Carvana approve me for a loan if I have low credit? I was looking at Carvana for my next car, but I also heard they have excellent financing. However, my credit isn't great."
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Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Carvana is one of the rare lenders that doesn’t have a minimum credit score requirement.
They do have some requirements:
- you have to make at least $833 a month
- or you make $10,000 per year
- you can’t be in bankruptcy
Keep in mind that credit score isn’t the only aspect that lenders take into account.
Lenders also look at:
- your debt
- debt-to-income ratio
- the loan-to-value ratio
But since Carvana has no credit score requirement, and they’re a rare lender that only does a soft inquiry on your credit (meaning that it doesn’t hurt your credit score), applying is a smart move. Tools like Credit Karma help you monitor your score as you make moves to grow.”
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