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Credit Direct
Credit Direct auto loans 2023 review published 2023-01-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.
Editor: 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 confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex 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 offering interactive tools and financial calculators as well as publishing high-quality and impartial content. We also allow users to conduct studies and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 website are provided by companies that pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely those of the reviewer , and are not reviewed or approved by any advertising company. The information, including rates and fees provided in the review is accurate as of the date of the review. Look over the information in the upper right hand corner of the page as well as the lender’s site for the most recent information.
A glance 4.0 Rating 4 stars out five
Bankrate Score
Availability Rating: 3.5 stars out of 5
The Affordability Score: 3.4 stars out of five
Customers Experience Score: 3.8 five stars of five
Transparency Rating 5 stars out of 5
Check auto loan rates
About Credit Direct Loan amount of $1,000 to $40,000
Min. credit score Not specified
APR from 5.99%-29.99%
Funds are available within 48 to 72 hours
Credit Direct pros and cons The credit direct personal loans for purchases of cars are accessible by borrowers with varying financial backgrounds and are able to be prequalified without affecting your score on credit. But, they’re limited to a handful of states.
PROS Flexible loan amounts
There is no hard question
Range of acceptance criteria
CONS Only available in 11 states
A small maximum loan amount
Credit Direct is a personal loan marketplace that provides loans both direct and via its dependable partner network to borrowers looking for loans. The car purchase loans provided by Credit Direct have a lower minimum loan amount than the majority of lenders of the other lenders, making them ideal for those seeking to finance a smaller purchase. The loans are not secured, meaning that the interest rates advertised are usually a little higher.
Do you qualify? Credit Direct doesn’t specify eligibility requirements on its website, or over the phone. However, it does state that applicants with all levels in credit score are eligible to apply, and you may be approved if your score is between 500 to 600. Also, you must have a reliable, steady source of income which allows you to pay on time monthly payment. What we like and what don’t like Consider the risks and the benefits that an loan with Credit Direct brings.
We love flexibility drivers can get loans of as little as $1000 which is perfect for purchasing an older car for parts. In addition, you’ll be able to own the car outright because it’s . There is no hard inquiry: You can look at potential rates and terms without needing to submit a hard credit check. Range of acceptance criteria: Credit Direct uses underwriting criteria that take more than just credit history into account. What we don’t like Limited availability by state Personal loans are only available in 11 states. The limit on loan sum: A maximum loan amount of just $40,000 isn’t enough to cover the average that surpassed $48,000 by the latter half of 2022. How to contact Credit Direct Credit Direct offers limited support 24 hours a day via its call center , 866-414-4198. The full service is offered during normal business hours from 9 a.m. to 6 p.m. ET Tuesday through Thursday and 9 a.m. to 5 p.m. ET during Fridays.
Auto loan kinds offered Credit Direct provides personal loans that are 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 for repairs and purchases of vehicles. A personal auto purchase loan via Credit Direct can be used to finance the purchase of your next car or to purchase another one for parts. This is different from a traditional auto loan, by the vehicle you’re purchasing. The minimum loan amount is significantly smaller than other auto loan companies, meaning you won’t need to take out more than you need. Also, you’ll have the option to take your money to the dealer of your choice. How to apply for an loan through Credit Direct The application process is fully automated on Credit Direct’s website. Credit Direct site and takes only minutes with no hard inquiry. As per the Credit Direct website, the process is simple, and you can receive the funds within up to 72 hours through direct deposits. Choose the loan amount. Complete the online form with the necessary information to check your expected rates. Check out loan options. In just a few minutes, Credit Direct will present you with varying loan options for you to consider. Pay attention to the APR and terms. Accept and sign. If the loan offerings fit your needs You can complete the application online. You will receive the funds. Then, you’ll receive the funds through direct deposit.
Information required for the application: Social Security number, vehicle information The amount of the loan Two months of Bank statements. One month’s pay-stubs.. Most recently issued W2 government ID
Credit Direct FAQs
Is Credit Direct a direct lender or does it offer 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.
Do you need a co-signer to apply for credit using Credit Direct? Yes, co-signers can be added to loan applications to aid in determining whether you get better conditions.
Does Credit Direct do a hard pull? A hard credit check is only required if you take the loan offer and proceed by submitting 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
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 when compared with competitors.
Customer experience
3.6
While there is limited 24/7 call center support, customers can only get full support during working hours.
Transparency
5.0
Credit Direct discloses expected rates and terms as well as encourages applicants to prequalify.
Methodology Bankrate considers 18 data points when choosing the best auto loans. Acceptance criteria, the rates or fees readily available and the APR range are all factors that affect lender scores. These scores are split into four categories. Availability: Loan amounts and repayment options, dealership requirements and state availability all make up this category. Affordability: This section contains APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you’ll have to wait to buy, customer service availability and whether or not there’s an app and autopay availability are accounted by this category. Transparency: This category is responsible for the availability of rates and fees and the availability of prequalification.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided 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 to find the most current 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 ways and pitfalls of borrowing money to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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