Carvana does not generally require proof of income to finance a vehicle, but it may ask for documents to verify the information you’ll be asked to provide on the pre-qualification form. Carvana is willing to work with all types of income situations and credit levels. For specifics, read on.
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.
If you live in one of Carvana’s 60+ local markets, your vehicle will be delivered free of charge. 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.
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. Alternately, Carvana will pay 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.
Does Carvana Require Proof of Income?
Will you need to provide proof of income before financing a car through Carvana? It depends, a customer service representative said. For some purchases, particularly those involving more expensive vehicles, Carvana will want to validate the information you’ll be asked to provide on the pre-qualification form.
- Applicants must be at least 18 years old
- Earn a minimum annual income of $10,000
- Have no active bankruptcies
To pre-qualify, you’ll need to provide your name, income, age, and address. After selecting your vehicle, you’ll see the available finance options, including your APR, monthly payment amount, loan term, and necessary down payment. Rates remain valid for 45 days.
Upon finalizing your purchase, you’ll be asked to provide your Social Security number. Carvana will do a “soft pull” on your credit from one of the three reporting agencies; this will not impact your credit score.
If you are asked to provide proof of income, you can upload paycheck stubs to the site or provide information to verify direct deposits to your bank account. For non-traditional work situations, Carvana will examine three months of bank statements to determine your income or review tax returns.
Carvana wants to make the car-buying process simpler for consumers. That attitude seems to carry over to its financing too. Although you may not need to provide proof of income to finance through Carvana, it makes sense to prepare to do so beforehand.