Loans

Carvana Now Offers Online Auto Loans

Carvana, the company that lets consumers browse and purchase vehicles online, has added a new virtual financing option, according to reports.

The company has teamed up with Regions Bank to provide the possibility of virtual loans to consumers in Texas, the South and the Midwest.

When someone goes to the auto center section of the Regions Bank website, they’ll be routed to a new, co-branded site from the two companies.

From there, potential buyers can browse the over 15,000 cars in stock, trade in their own vehicles or get financing from Regions Bank if they qualify. Customers can also make arrangements for pickup or delivery right away — even the next day. Every aspect of the process can be done from a computer, phone or tablet.

“The ways people search for and purchase a vehicle continue to change,” said Tom Lazenby, auto lending manager for Regions Bank. “Carvana, like Regions, is a company that is on the leading edge in terms of simplifying the purchasing process and doing it with reliability, transparency and a focus on putting the customer first.”

Carvana also has large glass towers called “car vending machines” where a customer can go pick up a car themselves. Once they get to the area, a customer helper will give the customer a large carvana coin that will retrieve the car.

There are car vending machines in 21 cities in the U.S., and Carvana has next-day delivery in 146 markets. Every vehicle comes with a seven-day return agreement.

In August, the company opened a car vending machine in Los Angeles.

“We launched as-soon-as-next-day vehicle delivery to the L.A. area in 2017,” said Ernie Garcia, founder and CEO of Carvana. “As residents have continued to welcome the transparency and ease that comes with The New Way to Buy a Car, adding our signature Car Vending Machine experience in the area allows us to address the growing demand we’re seeing here in Los Angeles.”

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