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Credit Direct
Credit Direct auto loans 2023 review published 2023-01-01-01 00:00:00
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase a car.
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 with clear, well-researched information that breaks down otherwise complex subjects into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare information at no cost to help you make informed 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 Make Money The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this website, for example such things as the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be available to you.
Reviewer’s disclosures: All reviews are prepared by staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is accurate at the time of the review. Check the data in the upper right hand corner of the page, and the lender’s website for the most recent details.
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 five
Customer Experience Rating: 3.8 five stars of 5
Transparency Rating 5-stars out of 5.
Find out about rates on 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 between 48 and 72 hours
Credit Direct pros and cons Credit Direct’s personal loans for purchases of cars are available to borrowers with varying financial backgrounds and can be prequalified and not affect your credit score. But, they’re limited to a handful of states.
PROS Flexible loan amounts
There is no hard question
The acceptance criteria can be varied.
CONS is only offered in eleven states
Maximum loan amount of a small amount loan amount
Credit Direct is a personal loan marketplace that provides loans both in-person and by its reliable partner network to those who are looking for loans. The car purchase loans offered through Credit Direct have a lower minimum loan amount than most of the other lenders, making them ideal for those who want to finance a less costly 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 criteria on its website or over the phone. However, it does state that borrowers with all ranges in credit score are eligible to apply. You could get approved if your score falls between 500 to 600. It is also necessary to have a reliable, steady source of income which allows you to make timely monthly payment. What we like and what do not like? Think about the risks and the benefits that an loan through Credit Direct brings.
We love flexibility The ability to get loans of as little as $1000 — perfect for buying an older car for parts. Plus, you’ll have the car for free because it’s . A no-hassle inquiry can view potential rates and conditions without having to go through a hard credit check. Range of acceptance criteria: 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 in 11 states. The maximal loan amount: A loan amount of just $40,000 will not even cover the average of $48,000 when it was the latter half of 2022. How to contact Credit Direct Credit Direct offers limited 24 hour support through its call center at 866-414-4198. The full service is offered during its normal working hours, which are 9 a.m. to 6 p.m. ET from Monday to Thursday, and 9 a.m. until 5 p.m. ET during Fridays.
Auto loan kinds offered Credit Direct provides personal loans that can be used to purchase new or used 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 personal auto purchase loan through Credit Direct can be used to finance the purchase of your next car or to purchase another one to replace parts. Unlike a conventional auto loan it is secured by the car you’re buying. Minimum loan amount is lower than most other auto loan service providers, so you won’t need to take out more than you’ll need. Also, you’ll have the option to take your cash to the dealer you prefer. How do I apply for a loan with Credit Direct The application process is fully automatic on Credit Direct’s website. Credit Direct site and takes only minutes with no hard inquiry. Based on Credit Direct’s Credit Direct website, the process is simple and you can get funding as soon as 48 to 72 hours via direct transfer. Select loan amount. Fill out the online form with all the required information to determine your anticipated rates. Review loan options. In just a few minutes, Credit Direct will present you with varying loan options to look over. Pay attention to the APR and length of term. Sign and accept. If the loan offers meet your needs You can complete the paperwork directly on 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 and vehicle information Loan amount Two months of Bank statements. One month’s pay-stubs.. Most current W2 ID from the Government.
Credit Direct FAQs
Are you sure that Credit Direct a direct lender or does it provide loans through third-parties? Credit Direct both originates personal loans and depends on its lender network to assist borrowers in finding the best deal.
Are you able to use a co-signer to apply for credit with Credit Direct? Yes, co-signers can be included in loan applications to help or qualify for better conditions.
Does Credit Direct do a hard pull? A hard credit check is only required when you take the loan offer and proceed by making a formal request. But, you are able to view the potential rate by using not affecting the credit rating.
What rates do Bankrate offer Credit Direct
Overall score
4.0
Availability
3.8
Credit Direct only offers loans in 11 states. Its modest 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 requirements but still holds steep APRs in comparison to its competitors.
Customer experience
3.6
Although there is a limited 24-hour helpline support customers are able to get full support during the workweek.
Transparency
5.0
Credit Direct discloses expected rates and conditions in order to encourage prequalification.
Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, the rates or fees available and APR range all influence lender scores. These scores are broken up into 4 categories. Availability: Loan amounts as well as repayment options, dealer requirements, and availability in the state all make up this category. Accessibility: This section includes APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you have to shop for, the customer service hours 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 Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and are not reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate up to the date when the review first appeared. Review the data in the upper right hand corner of the page and the lender’s website 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 to navigate the details of borrowing money 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 the end of 2021. They are passionate about helping readers gain confidence to take control of their finances by providing concise, well-researched and well-written information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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