Carvana Proof of Income + Finance & Insurance Requirements Detailed

A Carvana "car vending machine" building

Short Answer

Carvana may require proof of income when you finance a vehicle; it requests documents to confirm application information on a case-by-case basis. Pay stubs, bank statements, or tax returns qualify as proof of income. You will also need to verify your down payment through funds verification and provide proof of insurance before vehicle pick-up or delivery.

The Carvana Car Buying Process

Carvana was founded in 2012 as a way for consumers to purchase a car entirely online. Carvana’s website has a wide variety of used cars available. And its 360-degree photo technology lets you view the inside and outside of any vehicle. Pop-ups highlight any damaged areas. All cars have undergone a 150-point inspection, and you can view each car’s CARFAX history report for free.[1]

After you purchase a car from Carvana, you can then test drive it, and if you decide you don’t like it for whatever reason, you can return it under Carvana’s seven-day money-back guarantee.

Carvana Financing

Carvana has in-house financing available. You can get pre-qualified on the Carvana website. After pre-qualification, you can select your vehicle to see the available finance options, including your APR, monthly payment amount, loan term, and necessary down payment. Rates remain valid for 45 days.[2]

Carvana Delivery

If you live in one of Carvana’s 60+ local markets, your vehicle will be delivered free of charge. If you live outside a local market, Carvana will arrange for a third party to deliver your vehicle for a fee; fees vary by location.

Alternatively, Carvana will subsidize up to $200 of the cost of a one-way plane ticket to one of its Car Vending Machine locations, where you can test drive the vehicle before submitting payment. You are still eligible for the seven-day money-back guarantee, minus the delivery fee.[3]

Does Carvana Require Proof of Income?

The Carvana proof of income policy for financing varies depending on the specifics of your application, customer service representatives said. When you apply for pre-qualification with Carvana, one of the things you’ll be asked to provide is your annual income.

Carvana’s minimum requirements to finance a vehicle are:

  • Applicants must be at least 18 years old
  • Earn a minimum annual income of $10,000
  • Have no active bankruptcies

In addition to your annual income, the pre-qualification form asks for your name, address, and age. Your personal information will be confirmed before you finalize your purchase. You’ll need to provide your Social Security number for a “soft pull” credit check (which will not impact your credit score).

For some purchases, particularly those involving more expensive vehicles, Carvana will want to validate the information you list on the pre-qualification form. Depending on your credit history, income level, and the vehicle you intend to purchase, Carvana may decide to request proof of income to confirm your ability to pay.

Acceptable Documents for Proof of Income

The documents Carvana requires as proof of income may vary depending on your occupation. For example, a landlord or someone who works for commissions generally won’t be able to produce paycheck stubs. Carvana provides multiple options suited for all occupations.

The following documents can qualify as proof of income at Carvana:

  • Copies of your three most recent paycheck stubs[4]
  • Three months of full bank statements showing proof of deposits[5]
  • Three canceled checks for business owners[6]

If you have a non-traditional job, such as self-employment or a freelance contract, Carvana will examine your employment contract, as well as one of the following:

  • Three months of bank statements showing deposits
  • Three months of qualifying peer-to-peer statements showing income, such as Venmo or Paypal
  • Three months of canceled checks
  • Your government tax document1099[7]

Otherwise, either your pay stubs or bank statements should be sufficient. Any necessary documents can be scanned and uploaded to the Carvana site for approval.

Carvana Funds Verification

Whether or not you finance with Carvana, you will need to verify the funds for your down payment. You can link your bank account for easier verification of down payment funds when you place your order.[8]

If you choose not to link your bank account, a Carvana representative will call you to verify the down payment at least 48 hours before your delivery date. The representative will then conduct a three-way call with your bank to confirm that you have the required funds available for the down payment.

The verification call may take only a few minutes if a bank representative is readily available or may take up to an hour or more if the call is placed on hold.[8]

Once the bank verifies your funds, the delivery will proceed as scheduled, and Carvana will complete your order. While funds verification will take place several days before you receive your new car, Carvana will not process your payment until the time of delivery or pick-up.

Carvana Insurance Requirements

When you purchase a vehicle from Carvana in most states, you will need to show proof of insurance when you pick it up or receive the delivery.

When you purchase insurance, you can set the date of your policy so that it will take effect on the day you receive your vehicle.[2]

Coverage Requirements

Insurance coverage requirements will vary depending on whether you are financing and, if so, with which lender. The coverage requirements are as follows:

  • Cash purchases: State minimum liability insurance
  • In-house Carvana financing: Full coverage insurance, including collision and comprehensive coverage
  • Third-party financing: Third-party lenders have their own minimum requirements; you will need to contact your lender to find out how much insurance you need.[2]

Lienholder Address

If you use Carvana’s in-house financing, the address you should list as the lienholder address on your insurance policy is:

Carvana LLC
PO Box 29002
Phoenix, AZ 85038[2]

Vehicle Returns

As noted above, Carvana offers a seven-day return policy for vehicles. Should you choose to return the vehicle, you must keep active insurance on it until Carvana picks it up.

You can then contact your insurance provider to cancel the policy; refund policies vary by insurer, so you may or may not receive a full or prorated refund.[2]

Want to learn more about Carvana? Check out our article about where Carvana gets its cars.


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