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Credit Direct
Credit Direct auto loans 2023 review published 2023-01-01-01 at 00:00:00
Authored 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 ins and outs of securely taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-researched and well-studied content that break down complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing high-quality and impartial content. This allows users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not include the vast array of companies or financial offerings that could be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed nor approved by any advertising company. The information such as rates and charges that are included in the review are accurate as of the date that the review was written. Look over the information at the top of this page and the lender's website for the most recent information.
A quick glance 4.0 Rating 4 stars out of 5
Bankrate Score
Available Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
Customers Experience Score: 3.8 stars out of five
Transparency Rating Five stars from five.
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 for car purchases can be accessed by people who have different financial histories and can be prequalified without impacting the credit rating. But, they're limited to a small number of states.
PROS Flexible loan amounts
No specific inquiry
Acceptance criteria for a range of categories
CONS is only available in 11 states
Maximum loan amount of a small amount loan amount
Credit Direct is a personal loan marketplace that offers loans directly and through its trusted partner network to borrowers looking for loans. The car purchase loans offered through 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 unsecured, 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 via phone. However, it does state that all borrowers in the range of scores for credit are eligible to apply, and you may be approved if your score falls between 500 to 600. Also, you must have a steady, verifiable source of income that permits you to make timely monthly payments. What we love and what don't like Consider the risks and benefits that an loan that is made through Credit Direct brings.
We like flexibility: Drivers can take out loans as low as $1,000 which is ideal for purchasing a car in poor condition for parts. Plus, you'll own the car outright as it's . There is no hard inquiry: You can view potential rates and conditions without having to go through a hard credit check. The range of criteria for acceptance: Credit Direct uses underwriting criteria that take more than the credit history into account. What we don't like Limited state availability Personal loans are only available across 11 states. A small limit on loan size: A maximum loan amount of $40,000 won't even be enough to cover the cost of an average loan , which exceeded $48,000 in the latter half of 2022. How do I contact Credit Direct Credit Direct Credit Direct offers limited 24 hour support through its call center at 866-414-4198. Full service is available in its regular operating hours of 9 a.m. until 6 p.m. ET Monday through Thursday and 9 a.m. until 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 for repairs and purchases of vehicles. An auto purchase personal loan via Credit Direct can be used to finance the purchase of your next car or to purchase another one to purchase parts. In contrast to a typical auto loan it is secured by the vehicle you're purchasing. The minimum loan amount is much lower than most other auto loan providers, which means you don't have to borrow more than you need. Additionally, you'll be able to take your cash to the dealership of your choice. How to apply for a loan using Credit Direct The application process is completely automatic on the Credit Direct site and takes just minutes and requires no inquiry. According to Credit Direct's Credit Direct website, the process is straightforward and you will receive funds in as little as 48 to 72 hours via direct deposits. Select loan amount. Fill in the online form with all the required information to determine the expected rate. 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 terms. Accept and sign. If you think the loan options meet your requirements then you can sign the application through the internet. You will receive the funds. In the end, you will be able to receive your funds via direct payment.
Required application information Social Security number Vehicle information Amount of loan Two months of all Bank statements. One month's pay-stubs. Most recent W2 Government ID
Credit Direct FAQs
Are you sure that Credit Direct a direct lender or does it issue loans through third parties? Credit Direct both originates personal loans and depends on its network of lenders to assist borrowers in finding the best price.
Do you need a co-signer to apply for credit through Credit Direct? Yes, co-signers can be added to loan applications to aid in determining whether you get more favorable conditions.
Does Credit Direct do a hard pull? A hard credit pull is only necessary if you agree to a loan offer and proceed with a formal application. You can however, look up possible rates using , which won't impact your credit score.
What are the rates of Bankrate? Credit Direct
Overall score
4.0
Availability
3.8
Credit Direct only offers loans in 11 states. The low maximum loan amount is offset by flexible terms and a small 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
Although there is a limited 24-hour customer support via the call center, customers can only contact the center for assistance during work hours.
Transparency
5.0
Credit Direct discloses expected rates as well as terms, in order to encourage prequalification.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, charges and rates are readily available and APR range all influence lender scores. These scores are broken up into 4 categories. The availability of loans, repayment options, dealership requirements and state availability all contribute to this category. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you'll need to shop, customer service availability, whether there's an app and autopay availability are accounted within this segment. Transparency: This category is responsible for the accessibility of rates and fees along with whether prequalification is available.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information such as rates and charges provided in the review is correct at the time that the review was written. Check the data at the top of this page as well as the lender's site for the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down complex topics into manageable bites.
Auto loans editor
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