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Credit Direct
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 specializes in assisting readers in navigating the ways and pitfalls of borrowing money to purchase 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 passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise 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 decisions by offering financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct research and compare information at no cost and help you make sound 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 products that are featured on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that you read on this site. We do not contain the universe of companies or financial deals that may be available to you.
Reviewer’s disclosures Reviewers are supervised by our staff. The opinions expressed in them are only those of the reviewer , and are not reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is correct up to the date when the review first appeared. Review the data at the top of this page and the lender’s site for the most recent information.
At a glance 4.0 Rating: 4 stars out of 5
Bankrate Score
Rating of Availability: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
The Customer Service Rating is 3.8 stars out of 5
Transparency Rating Five stars from five.
Check rates for auto loan rates
About Credit Direct Loan amount $1,000 to $40,000
Min. credit score Not specified
APR from 5.99%-29.99 percent
Funds available in 48 to 72 hours
Credit Direct pros and cons Credit Direct’s personal loans to purchase cars are accessible by borrowers with different financial backgrounds, and you can get prequalified without impacting the credit rating. Still, their availability is limited to a handful of states.
PROS Flexible loan amounts
There is no hard question
The acceptance criteria can be varied.
CONS is only available in 11 states
Small maximum loan amount
Credit Direct is a personal loan marketplace that offers loans direct and via its dependable partner network to those who are looking for loans. The car purchase loans provided by Credit Direct have a lower minimum loan amount than other lenders and are ideal for people looking to finance a smaller purchase. The loans are not secured, meaning that the interest rates offered are usually a little higher.
Do you qualify? Credit Direct doesn’t specify eligibility requirements on its website or by phone. However, it states that applicants with all levels of scores for credit are welcome to apply, and you may be approved if your score is between 500 and 600. It is also necessary to have a steady, verifiable source of income that allows you to make timely monthly payments. What we love and what don’t like Consider the risks and benefits that a loan with Credit Direct brings.
We like flexibility The ability to borrow as little as $1,000 which is ideal for purchasing an old car for parts. Additionally, you’ll be the owner of the vehicle since it’s being . No hard inquiry: You can view potential rates and conditions without having to go through an actual credit test. Range of acceptance criteria: Credit Direct uses underwriting criteria which take more than the credit history into account. We don’t like the limited state availability: Credit Direct’s personal loans are only available within 11 states. The maximal loan sum: A loan amount of just $40,000 won’t even be enough to cover the cost of an average loan , which exceeded $48,000 in the final year of 2022. How to contact Credit Direct Credit Direct offers limited 24-hour support via its contact center at 866-414-4198. The full service is offered during its normal business hours from 9 a.m. to 6 p.m. ET Tuesday through Thursday, and 9 a.m. until 5 p.m. ET during Fridays.
Auto loan kinds 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 for repairs and purchases of vehicles. An auto purchase personal loan through Credit Direct can be used to finance the purchase of your next car or to purchase another one for parts. Unlike a conventional auto loan it is secured by the vehicle you’re purchasing. Minimum loan amount is smaller than other auto loan service providers, so you won’t need to take out more than what you require. Additionally, you’ll be able to take your money to the dealership you prefer. How to apply for an loan using Credit Direct The application process is completely automatized via the Credit Direct site and takes just a few minutes, with no inquiry. According to Credit Direct’s Credit Direct website, the process is simple, and you can receive funds in as little as up to 72 hours through direct transfer. Choose the loan amount. Fill out the online form by providing the required information to determine your anticipated rates. Review loan options. Within just a few minutes Credit Direct will present you with several loan options to review. Be attentive to the APR and length of term. Accept and sign. If the loan options meet your requirements then you can sign the loan online. Receive funds. In the end, you will receive the funds through direct deposit.
Information required for the application: Social Security number, vehicle information Amount of loan Two months of statement from banks One month’s pay stubs. Most recent W2 Government ID
Credit Direct FAQs
Is Credit Direct a direct lender or does it issue loans through third-parties? Credit Direct both originates personal loans and is dependent on its network of lenders to help borrowers find the most affordable deal.
Can you use a co-signer when applying through Credit Direct? Yes, co-signers may be included in loan applications to assist or be eligible for more favorable terms.
Does Credit Direct do a hard pull? A hard credit pull is only necessary if you take an offer for a loan offer and move forward by submitting a formal application. But, you are able to view possible rates using the way, and it won’t affect the score of your credit.
How Bankrate rates Credit Direct
Overall score
4.0
The availability
3.8
Credit Direct only offers loans in 11 states. The low maximum loan amount is compensated by flexible terms and a small minimum amount.
Affordability
3.4
Credit Direct scores decently due to its flexible underwriting guidelines but still holds steep APRs when compared with competitors.
Customer experience
3.6
Although there is a limited 24-hour helpline support, customers can only reach out for full assistance during the workweek.
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 choosing the best auto loans. Criteria for acceptance, whether charges and rates are available and the APR range are all factors that affect lender scores. These scores are split into 4 categories. The availability of loans as well as repayment options, dealer requirements and state availability all are a part of this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you’ll need to shop, customer service availability as well as whether an app is available and autopay payment options are all accounted by this category. Transparency: This section accounts for the accessibility of rates and fees as well as whether prequalification is available.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions 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 is accurate at the time of the review. Check the data at the top of this page and the lender’s website to find the most current details.
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 details of taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied data that breaks complex topics into manageable bites.
Auto loans editor
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