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Credit Direct
Auto loans 2023 review. Published 2023-01-01-01 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 to navigate the details of 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 from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with concise, well-researched and well-studied content that breaks down otherwise complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost – so that you can make financial decisions with confidence. 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 deals that are advertised on this site come from companies who pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information, including rates and fees, presented in the review are accurate at the time of the review. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most up-to-date details.
At a glance 4.0 Rating 4 stars out of 5
Bankrate Score
Availability Rating: 3.5 stars out of 5
Cost of Affordability: 3.4 stars out of 5
Customers Experience Score: 3.8 stars out of 5
Transparency Rating: 5 stars out of 5
Find out about 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 percent
Funds are available within between 48 and 72 hours
Credit Direct pros and cons The credit direct personal loans to purchase cars are accessible by borrowers who have different financial histories, and you can get prequalified without impacting your score on credit. Still, their availability is limited to a small number of states.
PROS Flexible loan amounts
No hard inquiry
The acceptance criteria can be varied.
CONS Only offered in eleven states
Maximum loan amount of a small amount loan amount
Credit Direct is a personal loan marketplace that offers loans direct and via its reliable partner network to borrowers seeking loans. The vehicle purchase loans provided by Credit Direct have a lower minimum loan amount than the majority of lenders and are ideal for people who want to finance a less costly 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 by phone. However, it states that applicants with all levels in credit score are eligible to apply. You may be approved if your score falls between 500 to 600. Also, you must be able to prove a stable, reliable source of income that allows you to pay your monthly payment. What we like and what do not like? Think about the risks and the benefits 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 older car for parts. In addition, you’ll be able to have the car for free since it’s being . A no-hassle inquiry can view potential rates and terms without needing to submit an actual credit test. Acceptance criteria vary: Credit Direct uses underwriting criteria that take more than just credit history into account. What we don’t like Limited state availability: Credit Direct’s personal loans are available only within 11 states. Small maximum loan size: A loan amount of just $40,000 isn’t enough to cover the average that surpassed $48,000 by late 2022. Contact details for Credit Direct Credit Direct Credit Direct offers limited support 24 hours a day via its call center at 866-414-4198. All support is available in its regular business hours from 9 a.m. to 6 p.m. ET Monday through Thursday and 9 a.m. to 5 p.m. ET on Fridays.
Auto loan varieties available Credit Direct provides personal loans that 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 to repair or purchase vehicles. A car purchase personal loan from Credit Direct can be used to finance your next vehicle or buy another for parts. This is different from a traditional auto loan it is secured by the car you’re buying. Its minimum loan amount is significantly less than the majority of other auto loan providers, which means you don’t have to borrow more than you need. You’ll also have the flexibility to take your cash to the dealer that you like. How do I apply for an loan through Credit Direct The application process is fully automatized on Credit Direct’s website. Credit Direct site and takes just a few minutes, with no inquiry. As per the Credit Direct website, the procedure is easy and you can get funding as soon as up to 72 hours through direct deposits. Choose the loan amount. Fill out the online form with the essential information needed to verify your anticipated rates. Review loan options. Within 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 offers meet your needs You can complete the paperwork directly online. Receive funds. In the end, you will receive the funding 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 of pay stubs Most recently issued W2 government ID
Credit Direct FAQs
Is 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 help borrowers find the best deal.
Are you able to use a co-signer to apply for credit through Credit Direct? Yes, co-signers are able to be added to loan applications to aid in determining whether you get more favorable terms.
Does Credit Direct do a hard pull? A credit pull that is hard is only required if you agree to the loan offer and move forward by making a formal request. But, you are able to view possible rates using , which won’t impact the credit rating.
What rates do Bankrate offer Credit Direct
Overall score
4.0
The availability
3.8
Credit Direct only offers loans in 11 states. The low maximum loan amount is compensated by flexible terms as well as a tiny 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
While there is limited 24/7 helpline support 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 deciding on the top auto loans. Acceptance criteria, rates and fees are available and the range of APR all affect lender scores. These scores are split in four different categories. Availability: Loan amounts as well as repayment options, dealer requirements, and availability in the state all are a part of this category. Affordability: This section contains APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’ll need to shop and the availability of customer service as well as whether an app is available and availability of autopay are all taken care for in this section. Transparency: This section accounts for the availability of rates and fees along with the availability of prequalification.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is correct at the time that the review was written. Look over the information on the right, and the lender’s site 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 with the ins and outs of securely using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing concise, well-researched and well-written information that breaks down complex topics into manageable bites.
Auto loans editor
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our website. This compensation could impact how, where and in what order products appear within listing categories, unless the law prohibits it for our mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is available in the area you reside in or is within your personal credit score may also influence the manner in which products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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