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Does CarMax buy cars with loans on them?
I’ve read that CarMax will give you great value for your vehicle, and I don’t want to go through the hassle of selling my car privately. The only issue is that I have a car loan on my vehicle, but I have positive equity. Will CarMax buy my car if it has a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
CarMax will buy a vehicle with a
car loan
on it in most cases, but since you have positive equity, you should have no problems.To sell a vehicle to CarMax that has a car loan on it, stop by your local CarMax branch or schedule a meeting. They may inspect the vehicle, so make sure the car has been meticulously cleaned and bring any maintenance records. You will also need:
- Lienholder’s name and contact information
- A payoff letter (not necessary, but handy)
With this information, CarMax will call your lender to facilitate a payoff. Since you have positive equity, CarMax is all but guaranteed to purchase your car if it’s in good condition.
Make sure you have an idea of what your car is worth beforehand so you don’t take a low-ball offer. Kelley Blue Book and Edmunds provide adequate valuations, so those are some good places to start.
Whether or not CarMax buys your car, make sure you’re saving the most money by searching and comparing car insurance prices via the Jerry app.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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