At a glance
- Availability
- Affordability
- Customer Experience
- Transparency
About Credit Direct
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Loan amount
$1,000-$40,000
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Min. credit score
Not specified
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APR from
6.99%-29.99%
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Funds available in
48-72 hours
Credit Direct auto loans: 2024 review
Published 2024-10-28 14:00:00
Written by
Edited by
Credit Direct is best for comparing rates
Unlike a bank or direct auto lender, Credit Direct is a loan marketplace. This makes it the ideal choice for those interested in comparing lenders and rates without submitting multiple applications. Depending on your credit standing, you will be presented with multiple loan options to compare. When comparing loans, pay close attention to the advertised interest rate, available terms and any fees that the lender charges.
Credit Direct auto purchase loans
Credit Direct offers personal loans for auto purchases and repairs. An auto purchase personal loan through Credit Direct can be used to finance your next vehicle or buy another for parts. Unlike a conventional auto loan, these loans aren’t secured by the vehicle you’re purchasing.
The minimum loan amount is much lower than most 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 money to the dealership of your choice, which can help with negotiation.
Where Credit Direct stands out
- Flexible loan amounts: Drivers can borrow as little as $1,000 — perfect for buying a car in poor condition for parts. Plus, you’ll own the car outright since it’s being purchased with a personal loan.
- No hard inquiry: You can view potential rates and terms without having to undergo a hard credit check.
- Range of acceptance criteria: Credit Direct uses underwriting criteria that takes more than just credit history into account. It may consider other factors, like your ability to repay the loan, when determining approval.
Where Credit Direct falls short
- Limited state availability: Credit Direct’s personal loans are only available in 15 states. Most banks and online lenders have larger footprints, including some that service all 50 states and U.S. territories.
- Small maximum loan amount: A maximum loan amount of just $40,000 won’t even cover the average price of a new car, which sits at about $48,000.
- Significant documentation needed: In order to prequalify, you must present two months of bank statements along with one month’s worth of pay stubs.
Credit Direct customer experience
Customer support
Credit Direct offers 24-hour support via its call center at 866-414-4198. You can also get in contact with customer service by emailing info@creditdirect.com or by filling out the online form on Credit Direct’s contact page.
Digital experience
Credit Direct has a fairly basic online presence. On its website's homepage, you can check your potential rate and explore commonly asked questions. Outside of that, there are very few add-ons to take advantage of.
What people are saying about Credit Direct
Although Credit Direct has fewer than 500 reviews on Trustpilot, 285 in total, the company has a fairly high score — 4.6 out of 5 stars. Reviewers mention a positive customer experience with representatives responding to requests in a timely manner.
How this lender compares
If you don’t live in one of the states that Credit Direct serves or want to see other funding options, start by comparing the best auto loan rates along with top lenders.
Credit Direct vs. LightStream
A comparable unsecured loan option, LightStream offers drivers the ability to finance a new or used vehicle, refinance their current auto loan or buy out their leased car. LightStream has a much larger state footprint than Credit Direct, and it also has a much higher maximum loan amount of $100,000 — perfect for those looking to purchase a vehicle that costs more than Credit Direct’s low maximum of $40,000.
Credit Direct vs. Regions Bank
Regions Bank offers similar regional coverage to Credit Direct, primarily serving the southern United States. Although it does not disclose its credit requirements, banks like Regions tend to serve those with good to excellent credit. In addition, Regions offers a much larger range of loan amounts, from $5,000 to $125,000.
Do you qualify for a Credit Direct auto loan?
Credit Direct doesn’t specify eligibility criteria on its website or by phone — aside from being a U.S. citizen or permanent resident and living in a state it serves. However, it does indicate that borrowers with all ranges of credit scores are welcome to apply, and it evaluates more than just your credit score when reviewing your application. You should also have a steady, verifiable source of income that allows you to make timely monthly payments.
How to get a Credit Direct auto loan
The application process is fully automated, so it should only take a few minutes and won’t require a hard credit inquiry. According to Credit Direct, the process is simple, and you can receive funding as soon as 48 to 72 hours via direct deposit.
- Select your loan amount: On Credit Direct’s website, you can select your loan amount and loan purpose to get started on your application.
- Complete the application: Credit Direct will ask you if you are applying with a coapplicant and your general credit score range. You will also have to provide basic information about yourself, including personal details like your Social Security number.
- View loan options: Within minutes, Credit Direct will present you with auto loan options to review. Pay close attention to APR and term lengths.
- Accept and sign: If a loan offer fits your needs, you can finalize the paperwork directly online.
- Receive funds: Once your loan documents are signed, you should receive your auto loan funds via direct deposit.
How Bankrate rates Credit Direct
| Overall score | 4.0 | |
|---|---|---|
| Availability | 3.7 | Credit Direct only offers loans in 15 states. Its low max loan amount is only slightly offset by flexible terms and a small minimum amount. |
| Affordability | 3.4 | Credit Direct scores decently due to its flexible underwriting criteria but still holds steep APRs compared to competitors. |
| Customer experience | 4.1 | While there is limited 24/7 call center support, customers can only reach out for full assistance during the workweek. |
| Transparency | 4.5 | Credit Direct discloses expected rates and terms and encourages prequalification. |
Methodology
Bankrate's trusted auto loans industry expertise
48
years in business
37
lenders reviewed
18
loan features weighed
666
data points collected
The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.
Editorial disclosure: All reviews are prepared 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, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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Written by
Rebecca Betterton
Writer, Auto Loans and Personal Loans
Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.
