Credible Car Loans
Loan marketplaces are a great place to get an auto loan. They give you several prequalified offers at once, cutting down the time you need to shop around. Credible is a loan marketplace offering numerous types of loans, from student loans to credit cards to mortgage refinances. Although they don’t explicitly offer auto-purchase or refinancing loans, you could use a personal loan from them for either purpose.
However, is it a good idea? Check out our Credible auto loan review to see if so.
Credible Loan Types and Terms
| Loan types | Student Loan Refinancing, Student Loans, Personal Loans |
| Loan amount | $600 – $100,000 |
| Repayment terms | Varies by lender |
| APR | 2.49-35.99% |
| Minimum credit score | 580 |
| Lender type | Market |
| Good for | Auto purchase, auto refinance |
Credible Pros
- Simple, streamlined prequalification and application process
- Live customer support (uncommon among loan marketplaces)
- Several other loan types are available
Credible Cons
- No official auto-purchase or refinancing loans — only personal loans
- Not a direct lender (terms are guaranteed, your info is given to more lenders)
Application Process
Getting yourself a personal loan for an auto purchase or refinance through Credible is easy. All you do is enter the amount you need and First, enter the amount you want. Credible then walks you through a few questions where you provide some basic information. Credible will then pull in your best prequalified personal loan offers after running a soft credit check (which doesn’t harm your score).
Credible displays these offers in a dashboard. If you see an offer you like, you submit your documents proving income, employment, and other necessary information by uploading them to Credible. You also agree to a hard credit check (which slightly dings your score). Unlike some brokers, Credible handles the entire process. They even help you sign the documentation.
Terms and Requirements
As a marketplace, Credible doesn’t have as much control over terms. Still, it does have a few general ranges.
Loan Requirements
Credible’s a marketplace, so your final loan requirements can differ. Still, you at least need to be a US citizen or permanent resident 18 or older with a valid Social Security number. Also, you need a 620 credit score.
Loan Terms
Here are some general loan terms you can expect on Credible:
- APR: 49% – 35.99%
- Loan amount: $600 – $100,000
- Types: Personal loans
Repayment Terms
Loan repayment terms vary by lender. You’ll only find out your potential terms after prequalifying.
Privacy & Security
Credible only shares your information with lenders after you submit it so it can collect your prequalified offers. The company does not sell your information. Credible also uses top-notch security measures. They use 256-bit encryption and secure socket layer (SSL) technology to keep your data and information safe from prying eyes.
Customer Support
Credible’s easy enough to use. However, if you run into trouble, the site — unlike some loan marketplaces — offers live customer service via phone. You can reach phone support at 1-866-540-6005 Monday-Thursday, 6:00 am to 6:00 pm PST; Fridays, 6:00 am to 4:00 pm PST; and Saturdays and Sundays, 7:00 am to 4:00 pm PST.
Credible also has a live chat button floating around on every web page.
If you need self-help resources, Credible also has a blog discussing financial topics and an FAQs page covering how-to’s regarding using Credible.
Final Thoughts
Although Credible doesn’t offer auto-specific loans, its personal loan offerings are pretty good for auto purchases and refinance. Despite being a marketplace, it handles much of the application process for you while pulling in plenty of good offers. Plus, it offers great customer support, making it a top marketplace.
Address
22 4th St., 8th floor
San Francisco, CA 94103
