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Credit Direct
Credit Direct auto loans: 2023 review Published 2023-01-01-01 at 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-researched and well-studied content that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices 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 — so that you can 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 Profit The offers that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information that is included, including rates and fees that are included in the review is accurate at the time when the review first appeared. Check the data at the top of this page and the lender’s website to find the most recent details.
At a glance 4.0 Rating: 4 stars out five
Bankrate Score
Available Rating: 3.5 stars out of 5
Cost of Affordability: 3.4 stars out of five
The Customer Service Rating is 3.8 5 stars from five
Transparency Rating: 5 stars out of 5
Find out about rates for auto loan rates
About the amount of a Credit Direct Loan, which is $1,000 to $40,000
Min. credit score not specified
APR ranging from 5.99%-29.99%
Funds available in 48 to 72 hours
Credit Direct pros and cons The credit direct personal loans to purchase cars can be accessed by people with different financial backgrounds, and you can get prequalified without affecting your score on credit. But, they’re limited to a small number of states.
PROS Flexible loan amounts
No hard inquiry
Acceptance criteria for a range of categories
CONS Only available in 11 states
Small maximum loan amount
Credit Direct is a personal loan marketplace that provides loans both direct and via its reliable partner network to those looking for loans. The car purchase loans provided by Credit Direct have a lower minimum loan amount than the majority of lenders and are ideal for people seeking to finance a smaller purchase. The loans are not secured, meaning that the rates of interest advertised tend to be slightly higher.
Do you qualify? Credit Direct doesn’t specify eligibility requirements on its website or over the phone. However, it states that all borrowers in the range of scores for credit are able to apply. In fact, you may be approved if your score falls between 500 and 600. Also, you must have a reliable, steady source of income that permits you to pay on time monthly payment. What we like and what don’t like Consider the risks and advantages that the loan that is made through Credit Direct brings.
We love flexibility The ability to borrow as little as $1,000 — perfect for buying a car in poor condition to purchase parts. Plus, you’ll have the car for free because it’s . No hard inquiry: You can view potential rates and conditions without having to go through an in-depth credit assessment. Range of acceptance criteria: Credit Direct uses underwriting criteria that take more than just credit history into account. We are not happy with the lack of availability by state Personal loans are only available within 11 states. A small limit on loan size: A maximum loan amount of just $40,000 won’t even be enough to cover the cost of an average loan of $48,000 when it was late 2022. How to contact Credit Direct Credit Direct offers limited 24-hour support via its call center at 866-414-4198. The full service is offered during normal operating hours of 9 a.m. to 6 p.m. ET from Monday to Thursday, and 9 a.m. until 5 p.m. ET on Fridays.
Auto loan types offered Credit Direct provides personal loans that 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 for auto purchases and repairs. A car purchase personal loan through Credit Direct can be used to finance your next vehicle or buy another to replace parts. In contrast to a typical auto loan that is based on the vehicle you’re purchasing. The minimum loan amount is much smaller than other auto loan providers, which means you don’t have to borrow more than what you require. Also, you’ll have the option to take your cash to the dealer that you like. How do you apply for a loan using Credit Direct The application process is fully automated via Credit Direct’s website. Credit Direct site and takes only minutes with no hard inquiry. As per Credit Direct’s Credit Direct website, the process is simple and you will receive funds in as little as 48-72 hours with direct deposits. Select loan amount. Fill in the online form with the required information to determine your anticipated rates. Check out loan options. Within moments, Credit Direct will present you with various loan options to review. Be attentive to the APR and terms. Accept and sign. If the loan offers meet your needs then you can sign the loan on the internet. Receive funds. Finally, you will be able to receive your funds via direct transfer.
Required application information Social Security number and vehicle information Loan amount Two months of all statement from banks One month’s pay stubs. current W2 ID from the Government.
Credit Direct FAQs
Is Credit Direct a direct lender or does it issue loans through third parties? Credit Direct both originates personal loans and relies on its lender network to assist customers in finding the most affordable deal.
Can you use co-signers when you apply with Credit Direct? Yes, co-signers are able to be added to loan applications to assist or qualify for more favorable conditions.
Does Credit Direct do a hard pull? A hard credit check is only required if you agree to the loan offer and proceed by submitting a formal application. But, you are able to view the potential rate by using , which won’t impact your credit score.
What rates do Bankrate offer Credit Direct
Overall score
4.0
The availability
3.8
Credit Direct only offers loans in 11 states. Its modest maximum loan amount is offset by flexible terms and a modest minimum amount.
Affordability
3.4
Credit Direct scores decently due to its flexible underwriting guidelines however, it has a high APR in comparison to its competitors.
Customer experience
3.6
While there is limited 24/7 call center support customers are able to get full support during working hours.
Transparency
5.0
Credit Direct discloses expected rates as well as terms, as well as encourages applicants to prequalify.
Methodology Bankrate considers 18 data points when selecting top auto loans. Criteria for acceptance, whether the rates or fees readily available and the range of APR all affect lender scores. The scores are divided into four categories. The availability of loans as well as repayment options, dealer requirements and state availability all contribute to this category. Affordability: This section contains APR ranges acceptance criteria, fees and discounts. Customer experience: The length of time you’ll need to shop, customer service availability and whether or not there’s an app and autopay availability are accounted within this segment. Transparency: This section accounts for the availability of fees and rates as well as whether or not prequalification is offered.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information such as rates and charges that are included in the review are accurate at the time that the review was written. Look over the information on the right and the lender’s site for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing precise, well-studied facts that break down complex topics into manageable bites.
Auto loans editor
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