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Credit Direct
Credit Direct auto loans 2023 review. Published 2023-01-01-01 at 00:00:00
Written 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 ins and outs of securely taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with 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 aim is to assist you make smarter financial decisions by offering financial calculators and interactive tools that provide objective and original content. This allows users to conduct research and compare data for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted 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 that compensate us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be accessible to you.
Reviewer’s disclosures Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed nor accepted by any advertiser. The information, including rates and fees, presented in the review are accurate at the time of the review. Review the data at the top of this page and the lender’s website to find the most up-to-date details.
At a glance 4.0 Rating: 4 stars out five
Bankrate Score
Rating of Availability: 3.5 stars out of 5
Cost of Affordability: 3.4 stars out of 5
Customer Experience Rating: 3.8 five stars of five
Transparency Rating 5 stars out of 5
Compare 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 are available within between 48 and 72 hours
Credit Direct pros and cons The credit direct personal loans for car purchases are accessible by borrowers with different financial backgrounds and can be prequalified without impacting the credit rating. But, they’re restricted to a few states.
PROS Flexible loan amounts
No hard inquiry
Acceptance criteria for a range of categories
CONS Only offered in eleven states
A small maximum loan amount
Credit Direct is a personal loan marketplace that offers loans direct and via its reliable partner network to those who are looking for loans. The vehicle purchase loans provided by Credit Direct have a lower minimum loan amount than most, perfect for drivers who want to finance a less costly purchase. The loans are not secured, meaning that the rates of interest advertised tend to be slightly higher.
Do you qualify? Credit Direct doesn’t specify eligibility requirements on its website, or by phone. However, it does state that borrowers with all ranges in credit score are welcome to apply, and you could get approved if your score falls between 500 and 600. Also, you must be able to prove a stable, reliable source of income that permits you to pay on time monthly payment. What we like and what do not like? Think about the risks and benefits that the loan that is made through Credit Direct brings.
We like flexibility The ability to take out loans as low as $1,000 which is perfect for purchasing an older car for parts. Plus, you’ll own the car outright since it’s being . A no-hassle inquiry can look at potential rates and terms without needing to submit a hard credit check. Range of acceptance criteria: Credit Direct uses underwriting criteria which take more than the credit history into account. We are not happy with the lack of state availability: Credit Direct’s personal loans are only available in 11 states. Small limit on loan amount: A loan amount of just $40,000 isn’t enough to cover the average that surpassed $48,000 by late 2022. How do I contact Credit Direct Credit Direct Credit Direct offers limited 24 hour support through its call center at 866-414-4198. The full service is offered in its regular working hours, which are 9 a.m. to 6 p.m. ET Monday through Thursday, and 9 a.m. until 5 p.m. ET on Fridays.
Auto loan types offered Credit Direct provides personal loans which 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 car purchase personal loan through Credit Direct can be used to finance the purchase of your next car or purchase a new one for parts. This is different from a traditional auto loan it is secured by the vehicle you’re purchasing. Minimum loan amount is significantly smaller than other auto loan companies, meaning you won’t need to take out more than what you require. Also, you’ll have the option to take your money to the dealer you prefer. How do I apply for a loan using Credit Direct The application process is fully automated on Credit Direct’s website. Credit Direct site and takes only minutes with no hard inquiry. According to Credit Direct’s Credit Direct website, the process is straightforward, and you can receive the funds within up to 72 hours through direct transfer. Select loan amount. Fill in the online form with all the essential information needed to verify the expected rate. View loan options. In just a few minutes, Credit Direct will present you with several loan options to look over. Pay attention to the APR and terms. Sign and accept. If you think the loan offers meet your needs You can complete the paperwork directly online. Receive the money. Then, you’ll be able to receive your funds via direct deposit.
The information required for application is Social Security number and vehicle information Amount of loan Two months of Bank statements. One month’s pay-stubs.. 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 relies on its network of lenders to help borrowers find the most affordable deal.
Do you need co-signers when you apply through Credit Direct? Yes, co-signers can be added to loan applications to aid in determining whether you qualify for better terms.
Does Credit Direct do a hard pull? A hard credit pull is only necessary if you agree to a loan offer and proceed by submitting a formal application. However, you can view potential rates by not affecting the score of your credit.
How Bankrate rates Credit Direct
Overall score
4.0
Availability
3.8
Credit Direct only offers loans in 11 states. Its low max loan amount is offset by flexible terms as well as a tiny minimum amount.
Affordability
3.4
Credit Direct scores decently due to its flexible underwriting criteria however, it has a high APR compared to competitors.
Customer experience
3.6
While there is limited 24/7 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 and conditions as well as encourages applicants to prequalify.
Methodology Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, the rates or fees available and the APR range are all factors that affect lender scores. The scores are divided into four categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all make up this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll need to shop for, the customer service hours as well as whether an app is available and autopay availability are accounted for in this section. Transparency: This section accounts for the availability of fees and rates along with 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 approved by any advertiser. The information, including rates and fees provided in the review is accurate at the time of the review. Review the data in the upper right hand corner of the page as well as the lender’s website to find the most recent information.
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 ways and pitfalls of using loans to buy 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 the confidence to control their finances with precise, well-studied information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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