The CarsDirect site is the most informative and useful of all the online auto loan sites we reviewed. In addition to including the basic features, it puts many helpful tools at your disposal.
The site includes a unique car-searching option. You can browse cars by make and model. The database includes new and used cars of every manufacturer imaginable. After you open a screen to view a car, there will be photo galleries with color options, professional and user reviews, and average costs. This information will help you get a rough idea for pricing quotes on your loan. It also helps you find the car that s perfect for your needs.
After you ve found a car that you re interested in purchasing, take the price quote to the online loan calculator. This will give you basic quotes including monthly payments for your car loan. You can adjust the length of the loan, the final price and all other options to help you figure out your approximate monthly payment. This is simply an estimate and will not necessarily reflect the actual monthly payment, but it will give you an idea of what you can afford while you re shopping.
CarsDirect also offers a trade-in value calculator. This tool will let you know how much a dealer is likely to pay for your car. Again, the price is a simple estimate, not an offer. But this will give you an idea of how much you can expect to get for your trade-in.
You will also be able to create an account with CarsDirect even before you have a loan. This will allow you to save your favorite vehicles and store all the information about loan calculations and trade-in values for future reference. After you ve secured a loan and purchased your vehicle, you ll be able to access your account for payments and all other loan information. This type of account is not available with all online loan providers, but it can be very useful.
There are very few restrictions for loan applications with this service. There are no application fees when filling out an application. The only way you ll have any bills will be if you receive a loan.
Many auto loan companies impose minimum and maximum loan limits. CarsDirect does not have these limits, so you can apply for any amount, no matter how large or small. The amount and terms you qualify for simply depend on your credit history, down payment and current income. Logically, if you have poor credit history and a low monthly income, it s unlikely that you ll receive a six-figure loan. Also, there are no maximum mileage restrictions for the car you purchase.
Our one complaint about CarsDirect is that its web security does not display an extended validation certificate. Many car loan sites advertise this certificate by placing a green bar by the website’s URL in your browser. It’s an easy way to know if a website is secure or not. Despite not having an extended validation certificate, CarsDirect does have one of the strongest site encryptions that we’ve seen in auto loan services, with 256 bit encryption.
Types of Loans
CarsDirect will lend money for the purchase of new and used cars. This is extremely important, as you may not know yet which type of car you d like to purchase. There are even options for refinancing an existing loan. This is particularly common for those who have improved their credit score recently.
You can also use the auto financing service to find vehicles available for leasing. This is not the most common option for the site, but it is available. Keep in mind that auto loan rates will vary from person to person depending on your current financial situation and credit score.
Help & Support
There are many customer service options available with CarsDirect. Our favorite was the chat feature. While we browsed the cars and loan options, we opened the chat window and asked all our questions. The customer service representatives were extremely knowledgeable and friendly, and we hardly had to wait at all to have our questions expertly answered. The phone support option also connected very quickly and was a valuable resource. When we sent emails, we received prompt and succinct answers. There are also very detailed and organized databases of frequently asked questions.
It s vital to have an auto lender that responds promptly to questions, complaints and issues. We found the representatives at CarsDirect to be attentive, helpful and very knowledgeable. If you have a question about purchasing a car, we highly recommend using this service.
CarsDirect is the ideal option for those looking to receive a loan to purchase a car or truck. The competitive interest rates and additional features make it a great research tool and lender. The online loan calculator, integrated car search and trade-in calculator are useful options for all auto shoppers.