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Credit Direct
Auto loans 2023 review. Published 2023-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated subjects into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the information we provide, or the reviews appear on this website. We do not include the entire universe of businesses or financial offerings that could be open to you.
Reviewer’s disclosures The reviews are written by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review are accurate at the time of the review. Look over the information at the top of this page and the lender’s website for the most recent details.
At a glance 4.0 Rating: 4 stars out five
Bankrate Score
Rating of Availability: 3.5 stars out of 5
The Affordability Score: 3.4 stars out of 5
Customers Experience Score: 3.8 5 stars from 5
Transparency Rating 5-stars out of 5.
Compare rates for auto loan rates
About Credit Direct Loan amount of $1,000 to $40,000
Min. credit score not specified
APR ranging from 5.99%-29.99%
Funds are available within 48 to 72 hours
Credit Direct pros and cons Credit Direct’s personal loans for car purchases are accessible by borrowers with different financial backgrounds and can be prequalified and not affect your score on credit. Still, their availability is limited to a small number of states.
PROS Flexible loan amounts
No hard inquiry
Range of acceptance criteria
CONS Only Available in the 11 US states
Small maximum loan amount
Credit Direct is a personal loan marketplace that lends both directly and through its dependable partner network to those seeking loans. The vehicle purchase loans offered through Credit Direct have a lower minimum loan amount than most of the other lenders, making them ideal for those seeking to finance a smaller purchase. The loans are unsecured, meaning that the interest rates advertised tend to be a bit higher.
Do you qualify? Credit Direct doesn’t specify eligibility requirements on its website, or by phone. However, it does indicate that all borrowers in the range of credit scores are eligible to apply, and you may be approved if your score is between 500 to 600. It is also necessary to have a steady, verifiable source of income which allows you to pay on time monthly payment. What we love and what do not like? Think about the risks and advantages that a loan with Credit Direct brings.
We like flexibility The ability to take out loans as low as $1,000 which is perfect for purchasing an older car to purchase parts. Additionally, you’ll have the car for free since it’s being . A no-hassle inquiry can view potential rates and terms without having to undergo a hard credit check. The range of criteria for acceptance: Credit Direct uses underwriting criteria which take more than credit history into account. We don’t like the limited availability in states Personal loans are available only in 11 states. A small limit on loan amount: A maximum loan amount of $40,000 won’t even be enough to cover the cost of an average loan of $48,000 when it was the latter half of 2022. How do I contact Credit Direct Credit Direct Credit Direct offers limited 24 hour support through its call center , 866-414-4198. Full service is available during normal operating hours of 9 a.m. until 6 p.m. ET from Monday to Thursday and 9 a.m. to 5 p.m. ET during Fridays.
Auto loan types offered Credit Direct provides personal loans which are used to purchase used or new vehicles.
Loan quick facts Amounts: $1,000-$40,000 Terms: 12-60 months APR: 5.99%-29.99%
Credit Direct offers personal loans to repair or purchase vehicles. A car purchase personal loan from Credit Direct can be used to finance the purchase of your next car or purchase a new one for parts. In contrast to a typical auto loan that is based on the car you’re purchasing. Its minimum loan amount is significantly smaller than other auto loan companies, meaning you don’t have to borrow more than you need. Also, you’ll have the option to transfer your funds to the dealership that you like. How do you apply for a loan through Credit Direct The application process is completely automatized via Credit Direct’s website. Credit Direct site and takes just minutes and requires no inquiry. According to the Credit Direct website, the process is simple and you can get funds in as little as 48-72 hours with direct deposits. Select loan amount. Fill in the online form with all the required information to determine your anticipated rates. Check out loan options. Within moments, Credit Direct will present you with several loan options to look over. Pay close attention to APR and length of term. Sign and accept. If the loan offers meet your needs You can complete the paperwork directly through the internet. Receive the money. Then, you’ll receive the funds through direct deposit.
Required application information Social Security number Vehicle information Loan amount Two months of Bank statements. One month’s pay-stubs. Most current W2 ID from the Government.
Credit Direct FAQs
Is Credit Direct a direct lender or does it provide loans through third-party lenders? Credit Direct both originates personal loans and is dependent on its lender network to assist borrowers in finding the most affordable deal.
Are you able to use a co-signer when applying through Credit Direct? Yes, co-signers are able to be added to loan applications to aid in determining whether you be eligible for more favorable conditions.
Does Credit Direct do a hard pull? A hard credit pull is only required if you accept an offer for a loan offer and proceed with a formal application. However, you can view potential rates by , which won’t impact your credit score.
How Bankrate rates Credit Direct
Overall score
4.0
Accessibility
3.8
Credit Direct only offers loans in 11 states. Its low max loan amount is offset by flexible terms and a modest minimum amount.
Affordability
3.4
Credit Direct scores decently due to its flexible underwriting criteria however it still has high APRs compared to competitors.
Customer experience
3.6
While there is no 24/7 helpline support customers are able to reach out for full assistance during working hours.
Transparency
5.0
Credit Direct discloses expected rates and conditions in order to encourage prequalification.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are readily available and APR range all influence lender scores. These scores are split into 4 categories. The availability of loans, repayment options, dealership requirements and availability to state contribute to this section. Affordability: This section houses APR ranges acceptance criteria, fees and discounts. Customer experience: How long you’ll need to shop and the availability of customer service and whether or not there’s an app and availability of autopay are all taken care for in this section. Transparency: This section accounts for the accessibility of rates and fees and whether prequalification is available.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review are accurate up to the date that the review was written. Look over the information in the upper right hand corner of the page as well as the lender’s site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances with concise, well-researched and well-written facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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