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Credit Direct
Auto loans 2023 review. Published 2023-01-01 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 to navigate the details of using loans to buy the car they want.
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 committed to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare information 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 Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will affect the information 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 open to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information such as rates and charges provided in the review are accurate at the time that the review was written. Review the data on the right as well as 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
Cost of Affordability: 3.4 stars out of 5
The Customer Service Rating is 3.8 stars out of five
Transparency Rating 5-stars out of 5.
Find out about 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 are available within between 48 and 72 hours
Credit Direct pros and cons Credit Direct’s personal loans for purchases of cars can be accessed by people who have different financial histories and are able to be prequalified and not affect the credit rating. But, they’re limited to a small number of states.
PROS Flexible loan amounts
There is no hard question
Range of acceptance criteria
CONS Only offered in eleven states
A small maximum loan amount
Credit Direct is a personal loan marketplace that provides loans both directly and through its reliable partner network to borrowers seeking loans. The car purchase loans provided by Credit Direct have a lower minimum loan amount than the majority of lenders, perfect for drivers who want to finance a less costly purchase. The loans are unsecured, 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 of credit scores are eligible to apply. In fact, you may be approved if your score falls between 500 and 600. You should also be able to prove a stable, reliable source of income which allows you to pay your monthly payment. What we like and what don’t like Consider the risks and advantages that a loan through Credit Direct brings.
We love flexibility: Drivers can get loans of as little as $1000 which is ideal for purchasing an old car for parts. In addition, you’ll be able to own the car outright because it’s . No hard inquiry: You can look at potential rates and conditions without having to go through an in-depth credit assessment. Range of acceptance criteria: Credit Direct uses underwriting criteria which take more than credit history into account. What we don’t like Limited state availability Personal loans are available only within 11 states. A small maximal loan size: A maximum loan amount of $40,000 won’t even meet the minimum of $48,000 when it was late 2022. Contact details for Credit Direct Credit Direct Credit Direct offers limited support 24 hours a day via its call center , 866-414-4198. Full service is available in its regular operating hours of 9 a.m. to 6 p.m. ET Monday through Thursday, and 9 a.m. until 5 p.m. ET for Fridays.
Auto loan types offered Credit Direct provides personal loans which are used to purchase new or used cars.
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. An auto purchase personal loan from Credit Direct can be used to finance your next vehicle or purchase a new one to purchase parts. In contrast to a typical auto loan that is based on the car you’re purchasing. Minimum loan amount is significantly less than the majority of other auto loan companies, meaning you won’t need to take out more than what you require. Additionally, you’ll be able to take your money to the dealer of your choice. How do I apply for a loan using Credit Direct The application process is fully automated through 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 get funds in as little as 48 to 72 hours via direct deposits. Select loan amount. Complete the online form with the essential information needed to verify your expected rates. Review loan options. In just a few just a few minutes Credit Direct will present you with various loan options to look over. Pay attention to the APR and term lengths. Accept and sign. If you feel that the loan options meet your requirements, you can finalize the loan on the internet. Receive the money. Then, you’ll receive the funds through direct deposit.
Required application information Social Security number Vehicle information The amount of the loan Two months of all bank statements One month of pay stubs. Most current W2 ID from the Government.
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 is dependent on its lender network to help borrowers find the best deal.
Can you use a co-signer when applying with Credit Direct? Yes, co-signers can be added to loan applications to help or be eligible for better conditions.
Does Credit Direct do a hard pull? A hard credit pull is only necessary if you take a loan request and then proceed by making a formal request. You can however, look up the potential rate by using the way, and it won’t affect 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. Its low max loan amount is compensated 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 when compared with competitors.
Customer experience
3.6
While there is limited 24/7 call center support Customers can only reach out for full assistance 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, whether the rates or fees available and APR range all influence lender scores. These scores are broken up into four categories. The availability of loans, 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 have to shop, customer service availability, whether there’s an app and autopay payment options are all accounted by this category. Transparency: This category accounts for the availability of rates and fees along with the availability of prequalification.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review is accurate at the time that the review was written. Look over the information on the right as well as the lender’s website for the most current information.
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 an automobile.
Edited 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 manage their finances with concise, well-researched and well-written information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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