Is CarsDirect a legitimate company?

Yes, CarsDirect is a legitimate service that connects customers with auto lenders and dealers nationwide. It has been in business since 1998, and there is no obligation to go forward with any loan you find through CarsDirect.

What happened to CarsDirect?

It was the first company to sell vehicles online directly to consumers, rather than referring consumers to brick-and-mortar dealers. In June 2014, the company announced that it had been acquired by Kohlberg Kravis Roberts (KKR) for $1.1 Billion.

Does Cars Direct do a hard credit pull?

Lenders are able to pre-qualify and pre-approve potential applications by performing a “soft pull” of credit-related information. This means that they do not formally place a “hard inquiry” on a person’s credit.

How does CarsDirect make money?

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.

Is Getting pre approved for a car a hard inquiry?

Car loan preapprovals trigger a hard credit inquiry when the lender checks your credit, which could knock your credit score a few points temporarily. Multiple hard inquiries for auto loan preapprovals are generally treated as a single inquiry by scoring models if they occur within a 14-day window.

Does getting preapproved hurt your credit?

Inquiries for pre-approved offers do not affect your credit score unless you follow through and apply for the credit. The pre-approval means that the lender has identified you as a good prospect based on information in your credit report, but it is not a guarantee that you’ll get the credit.

How much will a dealer come down on a new car?

An offer of 3-5% over a dealer’s true new car cost is a very acceptable offer when purchasing a new car. Although it’s not a huge profit, a dealer will sell a new vehicle for a 3-5% margin any day of the week.

Can I use my car as collateral for a loan if I still owe on it?

In short, it is possible to use your car as collateral for a loan. However, to use an item you own as collateral on a secured loan, you must have equity in it. Equity is the difference between the value of the collateral and what you still owe on it.

How are the reviews on CarsDirect.com?

CarsDirect has a consumer rating of 3.69 stars from 32 reviews indicating that most customers are generally satisfied with their purchases. CarsDirect ranks 11th among Car Buying sites.

What kind of car website is cars direct?

Cars Direct – Cars direct is a relatively unknown used car website. That is because it was predominantly created as a new car website containing only dealer cars.

What are the main concerns with CarsDirect.com?

The main concern is that the car was delivered to me with the engine light on. I tried calling them with no success and the driver who delivered the vehicle said I should take it up with them on the Monday. On the same day of delivery, I made a list of all the faults and sent a what’sapp to one of the agents.

Is it a good idea to use cars direct?

Unless you are looking for a totally generic car, cars direct is a total waste of your time and energy. Sad, because this could be a useful service with just a little basic search engine design competency.