Carsdirect’s platform connects buyers with lenders; therefore, requirements may vary depending on the lender you choose to go with. However, borrowers with bad or no credit history should keep in mind that they may be faced with higher interest rates and more fees. Generally, people with a credit score higher than 660 will get better loan terms.
CarsDirect Auto Loans Review
CarsDirect auto loan process has a quick and easy application process, which the platform uses to connect you to lenders. The application generally takes under 2 minutes and a dealer partner will reach out to you within 24 hours to discuss your options. CarsDirect works with people with bad credit and no credit; they also work with clients with past bankruptcies.
CarsDirect Auto Loans Highlights
LOAN AMOUNT
min $1
MIN CREDIT SCORE
298
APR VARIABLE RATE
Min -1%
FUNDING TIME
2 days
ORIGINATION FEE
None
PREPAYMENT FEE
None
OTHER FEES
Yes
MAX VEHICLE AGE
years
SOFT CREDIT PULL
Yes
LENDER TYPE
Marketplace
Pros & Cons
- Quick application process
- Access to multiple lenders and variety of used and new cars in one place
- No minimum credit score to apply
- Loan is issued by 3rd party lenders, not CarsDirect
- High interest rates and/or down payments for low credit scores
- Insufficient published information about loan details
Auto Loans Types
- New Car Loan
- Used Car Loan
- Lease Buyouts
- Auto Refinance Loans
Vehicle Types
- Car
CarsDirect Auto Loans Terms & Requirements
How to Apply
CarsDirect’s application process is simple and easy, users should head to their homepage and click Auto Loans at the top of their screen. From there you will be redirected to their auto loans page where you can click “Get Started”. The application is simple and easy, and should only take about 2 minutes.
Required Information
CarsDirect has an online application that should take 2 minutes. It requires some personal information, including but not limited to name, date of birth, home address, rental details, contact information, social security number, income and occupation, and list any previous bankruptcies.
Application Steps & Time Frames
Once the application is submitted:
- A lender should reach out to you within 24 hours to discuss your financing options.
- You can search and select a vehicle.
- Get approved and drive off with your vehicle within 2-4 days.
State Availability
Available in all states
Privacy & Security
Though CarsDirect does not have a Better Business Bureau (BBB) profile, they have a Trustpilot page. Some customers have provided 5-star feedback, while others have disseminated a few complaints. The company also has a privacy policy that applies to the sites and services rendered to borrowers. It covers all information collected, how the garnered information is used, and the choices available to access and update that information.
Customer Support
CarsDirect has the address and phone number for their corporate headquarters listed on their website, however, they do not list any business hours. CarsDirect has an email and phone number listed on their website for inquiries, and usually reply within 48 hours to any emails. Should any customer have a question about a specific vehicle or loan, they will be redirected to the respective dealership or lender, and a representative will reach out soon after.
In Conclusion
CarsDirect provides an all-in-one site for purchasing and financing vehicles. They have a reputation for finding financing options for people with bad or no credit history; however, it would be wise to compare different options when purchasing a vehicle. Borrowers with bad credit may end up with higher fees and higher interest rates.
FAQ
CarsDirect Disclaimer
We are not a lender and do not make loans or credit decisions in connection with loans or pre-qualify any consumer for a loan. When you submit a request for financing or information using our services, we may submit your information to one or more third party lenders or other brokers, aggregators or referral services, and other reputable third parties in connection with fulfilling your loan request or other request for insurance, marketing, vehicle sales or leasing, or other products and services, and your information may be shared in accordance with this Supplemental TOU and our Privacy Policy. We generally send a user’s information to one or more lenders based on the consumer’s location, the requirements provided to us by the lender and other agreements between us and the lenders and we may receive compensation from the lender in connection with submitting your loan request. Although we strive to connect all users with a lender in their area, we do not guarantee that we will be able to connect you with any lender. In some circumstances, we may not be able to send your information to a lender or other brokers, aggregators or referral services, for reasons which may be based on the information you provided in your loan request, your location, or the lender requirements communicated to us.
All lending decisions are made by the lender and we do not guarantee approval or that any loan terms or rates provided or offered to you will be the best terms or the lowest rates available in the market. We do not guarantee that submitting your information through the sites or services will result in you being matched with a lender for further processing. We do not guarantee that you will be offered auto financing related to your loan request, nor do we guarantee that any auto financing or loan product you are offered by a lender will include rates or terms satisfactory to you. Any offerings made to you will be done so by the lender and not by us. We do not endorse or recommend any specific lender or act as a representative or agent for any lender. Services listed on the site do not represent all financing or credit options, products or services available in the market. Not all consumers may be approved and individual loans terms and rates may vary based on the lender’s credit determinations, amount financed and other factors. The lender may perform a credit check or other credit evaluation in making their lending decisions. Nothing contained on our sites, services or in these Supplemental TOU constitutes an offer or promise for a loan commitment or interest rate lock-in agreement. There is no guarantee that a loan will be given to any user using these services.
You should rely on your own judgment in deciding which available loan product best suits your needs and financial means. The lender you select is solely responsible for its services to you, and you agree that we will not be liable for any damages or costs of any type arising out of or in any way connected with a loan obtained from any lender or your use of a lender’s products or services.
The services listed on our sites may not be available in all states and you should check with the lender for availability. We and the lenders expressly reserve the right to discontinue, suspend or terminate the offering of any services at any time.
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