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October 26, 2020
Here's my honest review of CarsDirect, the online platform aimed at helping people buy and finance new and used cars. CarsDirect connects buyers to its robust network of dealers and lenders, seeking to make the process easy.
With CarsDirect, you can buy your car online and receive it in as little as 48 hours. But is the process really that simple?
In this post, we review CarsDirect, how it works, and go over the good and the bad.
Table of Contents
CarsDirect is a car-buying website. As a user, you can trade in an old car and even acquire financing for your new car. Essentially, CarsDirect helps you shop online for the right car and loan. CarsDirect provides car buying advice, car reviews, and let's you request car prices.
CarsDirect also connects you with lenders for car loans, particularly loans for people with bad credit. Typically, customers can purchase their vehicle within 24-48 hours after completing the application process with a lender.
Yes, CarsDirect is a legitimate business owned by Internet Brands, a huge media company that operates websites in a number of verticals. Based out of Segundo California, CarsDirect was founded in 1988 by Scott Painter.
CarsDirect is free for consumers. They provide information and car buying advice to equip car buyers and they will connect you with local dealers and lenders.
How Does CarsDirect Make Money?
CarsDirect is free to consumers and makes their money from referrals to dealerships and lending institutions.
CarsDirect doesn't offer financing directly, but they do connect customers with local lenders and dealerships for financing. They also specialize in helping consumers with bad credit find car dealers.
To qualify for loans through CarsDirect, you must be employed or receive a guaranteed income, be 18+, and be a US resident. However, individual borrowers will also have to meet the qualifications set by the finance companies and banks that CarsDirect refers to.
CarsDirect will try to help you connect with the right lenders for your situation. Just keep in mind that the lenders will still do a hard credit check and base your interest rate on that information.
Buying a car on CarsDirect is quite similar to doing so from other car buying websites. To do so you:
Here are the important policies to keep in mind:
CarsDirect does offer a wealth of information, but some alternatives include:
CarsDirect offers a ton of detail for the cars in their marketplace. However, CarsDirect does not actually sell the cars or the financing options, they simply connect you to third-parties. This does help you compare many options but also exposes you to many unwanted calls.
Yes, CarsDirect can help connect buyers with lower credit scores with lenders. Keep in mind that the lender will still perform a hard credit check and that your credit score will impact your interest rates. You can also opt for a co-signer to help.
No, they do not charge an application fee for submitting an auto loan request. The lenders must pay to join their network.
You do not have to pay to use CarsDirect. They are often a great option for borrowers with lower credit. Those with great credit may be able to find a better financing deal from a bank, credit union, or different lender.
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Posted in Car Buying Tips |