Credit Direct auto loans: 2023 review

Credit Direct pros and cons

Credit Direct’s personal loans for car purchases are accessible by borrowers with varying financial backgrounds, and you can get prequalified without impacting your credit score. Still, their availability is limited to a handful of states.

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 have 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.

Do you qualify?

Credit Direct doesn’t specify eligibility criteria on its website or by phone. However, it does indicate that borrowers with all ranges of credit scores are welcome to apply, and you could get approved if your score is between 500 and 600. You should also have a steady, verifiable source of income that allows you to make timely monthly payments.  

What we like and what we don’t like

What we like

• Flexibility: 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 take more than just credit history into account.   

What we don’t like

• Limited state availability: Credit Direct’s personal loans are only available in 11 states.     
• Small maximum loan amount: A maximum loan amount of just $40,000 won’t even cover the average price of a new car, which exceeded $48,000 in late 2022. 

How to contact Credit Direct

Auto loan types 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. 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.

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. 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.

1. Select loan amount. Fill out the online form with the necessary information to check your expected rates. 
2. View 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. Receive funds. Finally, you will receive the funding via direct deposit.

Credit Direct FAQs

How Bankrate rates Credit Direct

Methodology 

Bankrate considers 18 data points when selecting top auto loans. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

• Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
• Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
• Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
• Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.