Carvana's Online Financing Platform Puts Consumers in the Driver's Seat

PHOENIX, Oct. 20, 2016 /PRNewswire/ -- To further empower consumers to make smart purchasing decisions,  Carvana – the nation's leading online auto retailer and creator of the world's first-ever fully-automated, coin-operated Car Vending Machine – has launched a prequalification program that quickly and painlessly provides customers personalized financing terms without impacting their credit scores.

As the first auto retailer to integrate an online, real-time prequalification program into the car-buying experience, Carvana continues to lead the charge to modernize and disrupt the auto industry. By answering ten basic questions, customers can instantly view personalized financing options and exact payment terms for which they prequalify across all 4,700+ vehicles available on Carvana.com, all without suffering a hard inquiry on their credit history. Hard inquiries can lower credit scores by up to five points and remain on a person's history for up to two years.

"When it comes to any financial decision, it's imperative consumers shop around to ensure they receive the best interest rate," says Ernie Garcia, Carvana CEO and co-founder. "Our main focus is on consumers, with the goal to bring transparency back into the antiquated car buying process. We believe consumers should have the ability to shop around and inquire about financing options to help them better understand life events without negative effects on their credit."

Eighty-eight percent of car buyers use the internet to shop, according to the AutoTrader's 2016 Car Buyer Journey. As the industry continues to shift online, Carvana has been a dominant leader in introducing proprietary FinTech tools that allow consumers to make more informed decisions to ensure they are purchasing the best car for their budget and needs, ultimately leading to a more positive experience. No other company offers a fully transactional automotive retail platform that enables consumers to not only find a vehicle from its company-owned inventory, but qualify for financing and complete the purchase and loan with completely signed contracts in as little as 11 minutes, with delivery arriving as soon as the next day.

"A person's credit score is their gateway to financial success. With various important situations in life that can affect consumers' credit scores, such as student loans, mortgages and even rental applications and cell phone contracts, it is vital for consumers to be aware of these elements and make smart purchasing decisions," says Scott Brackin, vice president of auto finance at FactorTrust. "I applaud Carvana for realizing the need for a solution that puts the consumer first and has no burden on credit scores. I'm impressed by its ongoing commitment to helping consumers make more informed purchases and transforming the automotive space."

About Carvana
Founded in 2013 and based in Phoenix, Ariz., Carvana is the first complete online auto retailer offering vehicle purchase in as little as 11 minutes, with an average savings of $1,681. Additionally, Carvana launched the world's first-ever, fully-automated, coin-operated car Vending Machine, in Nashville, Tenn. With Carvana, you can shop for, finance, purchase and trade-in a car entirely online, while also receiving as soon as next-day vehicle delivery or pick-up at the nation's first vehicle vending machine. Carvana cars come with an accident-free guarantee, undergo a rigorous 150-point inspection and come with a 100-day/4,189-mile bumper-to-bumper warranty, as well as a 7-Day Return Policy. Carvana is revolutionizing the car buying process through proprietary technology, transparency and exceptional customer service, while eliminating the pressure, hassles and hidden fees that come with buying from a dealership.

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Media Contact:
Colleen Murphy
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404-214-0722 ext 109

SOURCE Carvana

Related Links

http://www.carvana.com