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Consumers Credit Union

Consumers Credit Union: 2023 Auto loan review, published 2023-01-01 at 00:00:00.

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched, and clear information that breaks down complicated subjects into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing original and objective content. This allows users to conduct research and analyze data for no cost – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products are displayed on the site, such as such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the information we publish, or the reviews you see on this site. We do not cover the universe of companies or financial offers that may be accessible to you.

About our reviews . Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct at the time when the review first appeared. Check the data on the right as well as the lender’s website for the most up-to-date details.

At a glance 4.1 Score: 4.1 stars out of five

Bankrate Score

Availability Rating: 4.5 stars out of 5

Affordability Rating: 3.8 stars out of 5

Customer Experience Rating: 4.2 5 stars from five

Transparency Rating: 4 5 stars.

Check auto loan rates

More about Consumers Credit Union Loan amount Unknown

Min. credit score Unspecified

APR starting at 5.24%

Funds are available in not specified

Pros and pros and Consumers Credit Union auto loans Before approving an application, take note of the benefits and drawbacks associated with the Consumers Credit Union auto loan.

PROS In-person availability

TrueCar buying service

Preapproval available

CONS Undisclosed loan amounts

Membership requirement

Consumers Credit Union (CCU) is a credit union based on membership that provides used, new or auto refinance loans. If you are a member, acceptance is only $5 and a deposit of another $5 or more into one of its bank accounts. CCU has numerous brick-and-mortar locations across the country, along the online registration process where drivers can both purchase and finance their vehicle.

Do you qualify? CCU does not provide specific criteria. However, the best rates are typically offered to customers with a solid credit score since credit score is the main factor in determining approval with CCU. What we like and what we do not like Although some loan details aren’t disclosed, CCU does offer many discounts and benefits to loan holders. We appreciate the availability in person. CCU has multiple branches across the nation. TrueCar buying service. The car buying service that is partnered with TrueCar helps you save even more money. In addition, you will be able to find the ideal car and secure financing in one location. Preapproved financing. Drivers can use the online tool to check financing figures without impacting their scores on credit. We don’t like unreported loan amounts. CCU does not disclose loan amounts for used, new as well as refinance loans. Membership requirements. You must be an active member of CCU to gain an auto loan approval. How to contact Consumers Credit Union CCU offers assistance to its customers every day from 8 a.m. to six p.m. CT and on Saturdays between 8 a.m. to 2.30 p.m. CT. Alongside assistance over the phone, questions can be addressed via secure messaging on the website.

Auto loan types offered Consumers Credit Union offers auto loans for used and new vehicles , in addition to the option of refinancing your auto. Used and new purchase loan

The loan quick facts are: 36 to 84 months APR: Beginning at 4.94 percent

Financing for a new or used vehicle through CCU has no minimum requirements and can be done online as well as in-person. If you choose to browse the available vehicle buying service, you will enjoy additional savings. Prequalification is possible regardless of whether you decide to use the car-buying service.

Refinance

Quick facts about loans Terms range from 36 to 84 month APR: Beginning at 4.94 percent

Refinancing is a great way to save money on your monthly installments and leave with a better loan. You can also opt for an earlier loan time frame than you must pay off your outstanding balance more quickly. Details regarding refinancing can be found by calling the loan professional at CCU. How do you apply for the loan with Consumers Credit Union The loan application procedure can be completed fully online, at one of the CCU branches or over the phone. The process is a simple five steps.

Steps to apply Submit your application. Fill out the application either online or over the phone. You’ll need to supply your SSN along with basic information about your contact. This process does not involve a hard credit pull. After approval the applicant will be subjected to an extensive credit review. Discuss details. You will be called by an CCU agent who’ll share available rates and terms. Look for a car. It is now time to start your search by forming an estimate of your expected monthly payments. The best rates are offered to customers who utilize this Consumers Car Buying Service. If you’re refinancing, you’ll be required to disclose information regarding the current loan. Complete documentation. After choosing a vehicle you will transmit the purchase agreement to CCU via email or by fax. After that, you need to accept the agreement either online or in an CCU branch. The dealership will receive the funds. In the end, CCU will send the loan check directly to the dealer, or you can collect it yourself.

Information required for application: Application information: Name, Social Security number and birth date Address Email address and phone number Information about income

Consumers Credit Union FAQs

Does Consumer Credit Union offer a rate reduction if you are enrolled in autopay? Yes. The auto loan borrowers receive a 0.25 percent rate reduction in order to help make the auto loan less expensive.

Are there any guarantees that Consumer Credit Union offer extended warranties and guaranteed asset protection (GAP)? Consumer Credit Union does not offer extended warranties, but it has partnered with ForeverCar to offer low-cost mechanical repair insurance to borrowers. However, borrowers can purchase GAP coverage directly through Credit Union at moment of purchase.

How Bankrate rate Consumers Credit Union

Overall score

4.1

Availability

4.5

Although loan amounts are not disclosed, CCU offers three auto loan products that are available in every state in the 50 states.

Affordability

3.8

CCU employs traditional acceptance criteria and has an average minimum APR, but CCU does not reveal it’s maximum rate.

Customer experience

4.2

CCU has an easy-to-navigate website that provides seven days a week of customer service that is available in a variety of hours.

Transparency

4

CCU allows borrowers to be prequalified without a hard credit check however it doesn’t publish the entire loan information online.

Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are offered and APR range all influence lender scores. These scores are broken up into four categories. Availability : Loan amounts as well as repayment options, dealer requirements, and availability in the state all contribute to this category. Affordability: This section houses APR ranges and acceptance criteria, along with discounts and fees. Customer experience: The length of time you have to spend shopping, customer service availability, whether you have an app and autopay availability are all covered within this category. Transparency: This category accounts for the availability of fees and rates along with the availability of prequalification.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information, including rates and fees, presented in the review is accurate as of the date when the review first appeared. Check the data on the right, and the lender’s website to find the most current details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase an automobile.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances by providing precise, well-researched and precise data that makes complicated topics into bite-sized pieces.

Auto loans editor

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