Carvana Adds Cosigner Funding Option for Qualified Baltimore Applicants
PHOENIX–(BUSINESS WIRE)–carvana (NYSE: CVNA), the industry pioneer of online used car buying and selling, is further simplifying its vehicle finance qualification process by offering Baltimore residents the opportunity to add a co-signer to buy the vehicle they like. By sharing car loan responsibility, eligible Carvana Baltimore customers can unlock more attractive financing offers, including lower down payments, lower interest rates, or lower monthly payments.
Adding a co-signer couldn’t be easier. Customers can simply apply alongside their co-signer and include the co-signer’s information on the Carvana website or app. Customers will see their financing terms, with and without their co-signer, in seconds, with no impact on either’s credit rating. If eligible customers wish to move forward with a co-signer, Carvana collects driver’s licenses and other documents from both individuals and schedules a delivery where both individuals must be present to verify the new ride.
“Since day one, Carvana’s core values have guided our mission to create a better car buying and selling experience for people and we are excited to launch our cosigner offering at a time when the opportunity to helping customers is bigger than ever,” says Ernie Garcia, Founder and CEO of Carvana. “As we continue our work to improve and modernize the automotive experience for people, this feature provides the ability to qualify for lower payments, lower interest rates, or less upfront money, all contributing to this savings. .
Carvana’s co-signer option allows customers to apply for vehicle finance with another person, such as a parent, child, partner or family member, as an option to help unlock more attractive finance terms . This benefit is ideal for new drivers or young adults, especially those looking to improve their credit scores at the start of fall semesters or early in their careers. This offer also benefits couples or family members looking to expand their selection of affordable inventory, as well as anyone who wants the best possible financing deal for the purchase of their next car. Carvana co-signer financing is available to qualified Baltimore customers ahead of its official nationwide launch.
Carvana was named the #2 automotive brand in the United States on Forbes’ 2022 list of Most Customer-Centric Companies. This recognition reinforces the company’s leadership as the fastest-growing used auto retailer in U.S. history, proving it has successfully changed the way people shop and sell cars, as evidenced by its industry-leading Net Promoter Score (NPS) and 4.7 out of 5 star customer average experience rating. Carvana serves over 80% of the US population in over 300 markets. With a focus on human values, customer service, industry-leading technology and innovation, Carvana has become the second largest used auto retailer in the United States and one of the fastest companies to debut in the Fortune 500.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy and sell cars. With a focus on customers, technology and innovation, Carvana provides an intuitive and convenient online car buying, selling and financing experience. Carvana.com makes it quick and easy for customers to purchase over 75,000 Vehicles, finance, trade or sell their current vehicle in Carvana, sign contracts and schedule delivery or pickup at one of its patented car vending machines. Carvana is a Fortune 500 company, offering next day delivery to customers in more than 300 US markets.