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Credit Direct: 2022 Auto Loan Review

2022-05-25 07:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.5 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 3.8 stars out of 5
  • Transparency
    Rating: 5 stars out of 5
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About Credit Direct

  • Moneybag

    Loan amount

    $1,000 to $40,000

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from


  • Funds available in

    48 to 72 hours

Credit Direct features

Here’s a brief summary of what Credit Direct offers for auto loans.


  • Checkmark

    Flexible loan amounts

  • Checkmark

    No hard inquiry

  • Checkmark

    Range of acceptance criteria


  • Close X

    Only available in 12 states

  • Close X

    Income documentation required

Credit Direct is a personal loan marketplace that lends both directly and through its trusted partner network to borrowers looking for loans. The vehicle purchase loans offered through Credit Direct hold the same standards as the other loan offerings and hold a lower minimum loan amount than most, perfect for drivers looking to finance a smaller purchase.  

The loans are unsecured, meaning that the interest rates advertised tend to be slightly higher. But the underwriting standards do measure risk based on factors outside of credit history alone, which means borrowers without perfect credit may still qualify — though at a higher interest rate.  

Pros and cons of Credit Direct auto loans 

Consider the risks and benefits that a loan with Credit Direct brings.  


  • Flexibility. Drivers can borrow as little as $1,000 — perfect for buying a car in poor condition for parts. 
  • No hard inquiry. No credit check to get a look at potential rates and terms. 
  • Range of acceptance criteria. Credit Direct uses underwriting criteria that takes more than just credit history into account.   


  • Limited state availability. Only available in 12 states.     
  • Income documentation needed to get rates. Range of personal documents needed to apply for loan prequalification.  

Who is Credit Direct best for? 

A loan with Credit Direct is best for a borrower who is looking to finance a vehicle outside the typical realm of dealership shopping. If your intended vehicle is being sold by a private party or the vehicle holds a high odometer number, it can be challenging to find competitive rates. But a personal loan for auto purchase holds easier acceptance criteria for its loans — fewer restrictions on age and mileage. Credit Direct uses a borrower's employee and education history to measure risk along with credit, giving a much better chance of approval to poor credit borrowers.    

Types of auto loans offered 

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. 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. It also presents borrowers with a lot of flexibility in terms of vehicle purchase because you're not tied to buying from certain dealerships.  

Lending terms 

Available terms range from 12 to 60 months. Disclosed rates start at 4.99 percent APR but can be as steep as 29.99 percent APR depending on the loan amount, terms and your credit profile. These rates are much higher than traditional secure loan options. Consider the risk that comes with an unsecured loan if your financial history presents you with higher rate options. It is also important to remember that the lowest advertised rates will only go to those borrowers who meet excellent borrowing standards.  

Fees and penalties 

Cars Direct holds no fees for applying but the fees of each lending partner differ. So, review specific terms prior to signing off on a personal loan.  

How to apply for a loan with Credit Direct 

The application process is fully automated on the Credit Direct site and takes only minutes with no hard inquiry. Gather the following information for your loan application.   

  • Social Security number. 
  • Vehicle information. 
  • Loan amount.  
  • Two months of all bank statements.
  • One month of pay stubs. 
  • Most recent W2.
  • Government ID. 

According to the Credit Direct website, the process is simple, and you can receive funding as soon as 48 to 72 hours via direct deposit. The process is broken down into four main steps.   

  1. Select loan amount. Fill out the online form with the necessary information to check expected rates. 
  2. Your loan options. Within minutes, Credit Direct will present you with varying loan options to review. Pay close attention to APR and term lengths.  
  3. Accept and sign. If the loan offerings fit your needs, you can finalize the paperwork directly online. 
  4. Funds sent. Finally, you will receive the funding via direct deposit.  

Customer service 

Credit Direct offers limited 24-hour support via its call center along with full service during business hours from 9:00 a.m. to 6:00 p.m. ET Monday through Thursday and 9:00 a.m. to 5:00 p.m. ET on Fridays. Better Business Bureau scores Credit Direct with an A+ with many reviews referencing the positive interactions with Credit Direct representatives and the overall ease of the process. It is also important to note that Credit Direct only offers loans in a limited number of states.  

How Bankrate rates Credit Direct

Overall score 3.9  
Availability 3.5 Credit Direct only offers loans in 12 states and although discloses terms, does not hold a high maximum loan amount.
Affordability 3.4 Credit Direct scores decently for affordability due to its range of underwriting criteria but still holds steep APRs compared to competitors.
Customer experience 3.8 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 terms and encourages prequalification.
Editorial disclosure: All reviews are prepared by 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.
Written by
Rebecca Betterton
Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase a car.