Auto Loans Direct

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If your FICO credit score is under 640 it can be very difficult, or even impossible, to obtain an auto loan through a traditional lender such as a bank or car manufacturer. Our national network of dealers use lenders that can get you financed using special plans tailored to your financial needs, saving you money and frustration. Get Started »

New Roads Auto Loans is the direct lending arm of Consumer Portfolio Services (CPS). Since it's inception in 1991, CPS has financed nearly 1 million vehicles. CPS is publicly traded under the NASDAQ symbol CPSS. We are a "real" finance company that can finance your next vehicle purchase.

One of these options is direct auto financing, which is when you get financing directly from a lender. While the process can vary by lender, consider the benefits before determining if direct financing is right for you.

Direct auto financing is a type of car loan that is readily available through online lenders, banks and credit unions. Its counterpart, indirect financing, is available through car dealers and loan marketplaces.

If you prefer a streamlined car buying and financing process direct financing could potentially be a hassle. Along with this, you may also have a hard time finding a lender that offers decent rates for no- and low-credit borrowers.

Financing your car through a dealership is one of the easiest ways to acquire financing for a new vehicle, but the right financing option for you depends on your circumstance. For example, if you already have an account with a bank or credit union, you may qualify for a lower interest rate through direct auto financing. Just be sure to shop around with at least three lenders to ensure you get the best deal on a new auto loan.

Personalized service. Same-day decisions. No speed bumps or surprises. All at the lowest rates around. With Direct Federal, applying for an auto loan almost feels like a joyride. Here are just some of the benefits:

You may finance automobiles, SUVs, pickup trucks and minivans for consumer use. You may not use your Direct Federal AutoCheck to finance boats, motorcycles, RVs or campers or any vehicles for commercial use.

Direct Federal is a community chartered credit union. This means that ANYONE who lives, works (or regularly conducts business in), worships, or attends school in Norfolk or Middlesex Counties, Massachusetts; or, has an immediate family member that lives, works (or regularly conducts business in), worships, or attends school in Norfolk or Middlesex Counties is eligible to join. Joining is free! There is no cost to you and no separate application. Just open an account or apply for a loan and we'll automatically open your membership for you. Join the 30,000 plus members we currently have. Once a member, you're a member for life.

Of all the companies advertising online auto lending, very few are direct lenders. Of the top 50 results returned on Google search engine for the term 'auto loan' in July 2003, only 5 provide at least some auto financing products directly, referred to as "direct lending". The others are middlemen - loan brokers and companies that generate leads by taking your application, and selling it to other brokers and direct lending companies.

For direct lending, an online loan application is completed by you via the Internet. The application is transmitted to the direct lending company's automated application processing system, and within seconds, a credit bureau report is accessed and a credit score is computed.

Based on this information, the direct lending company's proprietary automated underwriting system approves or declines the applicant and the decision is electronically sent to the applicant. The direct lending company's underwriting and collateral guidelines as well as proprietary credit scoring parameters form the basis for the credit decision.

All credit decisions made via the direct lending company's automated application processing system are valid for a 45-day period. Declined applicants are provided with appropriate notification of the decision.

The applicant and dealer complete the loan package and submit the package to either the direct lending company or its online lending partners for funding. Direct loan packages received directly by the direct lending company are processed in a manner similar to indirect loans. In the case of loans originated through one of the direct lending company's Internet partners, the dealer deposits a documentary draft that is presented to the partner for funding. Once cleared for funding, direct lending company electronically transfers funds to the partner and purchases the loan.

Horizon Digital Finance® (HDF) technology and processes are patented under U.S. Patent Nos. 7,630,933 and 7,647,274 and 8,095,458 and 8,359,264. This site is directed at, and made available to, persons in the continental U.S. excluding Alaska and Hawaii.

We all know the story. After the major indirect lending banks retreated from indirect, credit unions swooped in to fill the gap. But why did the banks let indirect go? Low margins and, at the time, higher than average delinquency rates.

Millions of indirect borrowers became members. According to NCUA, by the end of Q1 2019, membership totalled over 117 million. This was the largest membership increase ever seen in such a short period of time.

Indirect lending is short term thinking. Start thinking long term. Whether the member is celebrating 20 years of loyalty or their first month, create a path that encourages them to utilize more of your services. Be creative.

Think outside the loan. Institutions that provide programs such as Rewards and Value-Added Checking enjoy more services per member. This helps build direct loan volume while differentiating your credit union from all the Fintechs trying to steal members away.

Plus Member Benefit Qualifications:Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income) to your checking account, excluding HSA Checking Accounts.

¹APR = Annual Percentage Rate. Rates are determined by your personal credit history, loan term, Member Benefits Level, and payment method, your rate may differ. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. Rates listed are for this product only and are subject to change at any time. Rates and terms on loans for other types of ve