Vroom auto loan alternatives: Try these online shopping platforms
Vroom, the online vehicle marketplace, announced in January that it is ending its online e-commerce operations and used vehicle dealership business. If you want to shop from the comfort of your home, check out these competitors.
Alternatives to Vroom auto loans
The company did not finance auto loans itself. It instead sold vehicles on its platform and matched buyers with auto loan lenders in its network. Consider these other online financing and shopping options if you enjoyed the experience Vroom offered.
Carvana | CarMax | CarsDirect | |
|---|---|---|---|
Bankrate score | 4.3 | 4.0 | 3.5 |
Better for | Less-than-perfect credit | In-person shopping | Poor to fair credit borrowers |
Loan types | Used | Used | New, used, refinance |
Loan amounts | Starting at $1,000 | $500-$100,000 | Varies by lender |
APRs | 7.95%-27.95% | Not specified | Not specified |
Loan term lengths | 12-72 months | 36-72 months | Varies by lender |
Fees |
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|
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Min. credit score | No minimum | Not specified | Accepts all credit types |
Time to funding | As soon as one day | As soon as the day you apply | 1-2 days |
Why did Vroom stop selling cars?
The online platform discontinued its sales operations in early 2024 to “preserve liquidity” and “maximize stakeholder value through its remaining businesses,” a company news release stated. The company’s chief executive officer, Thomas Shortt, explained that the company failed to raise enough capital to fund operations. However, Vroom still owns car-shopping platform CarStory and automotive finance company United Auto Credit Corporation, which continue to operate.
FAQs
If your vehicle has yet to be delivered, contact the Vroom support team at (855) 524-1300 to figure out your options.
Log onto your Vroom hub to confirm the next steps. The Vroom team will still handle the titling and registration process.
