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Consumers Credit Union
Consumers Credit Union 2023 Auto loan review Published 2023-01-01 00:00:00
Written 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 an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched, and clear information that break down complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. But this compensation does affect the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial deals that could be open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information such as rates and charges provided in the review is correct up to the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender’s website to find the most up-to-date details.
A glimpse 4.1 rating: 4.1 stars out of 5
Score of the Bankrate
Availability Rating: 4.5 stars out of 5
Cost of Affordability: 3.8 stars out of 5
The Customer Service Rating is 4.2 stars out of 5
Transparency Rating: 4 5 stars.
Compare rates for auto loan rates
About Consumers Credit Union Loan amount not specified
Min. credit score Not specified
APR from Starting at 5.24%
Funds are available in not specified
Pros and cons of Consumers Credit Union auto loans Before signing off on an application, think about the advantages and disadvantages of a Consumers Credit Union auto loan.
PROS In-person availability
TrueCar purchasing service
Preapproval available
CONS Undisclosed loan amounts
The requirement for membership
Consumers Credit Union (CCU) is a member-owned credit union which offers used, new as well as auto refinance loans. Although you have to be a member, acceptance is only $5 as well as a deposit of $5 or more in one of its bank accounts. CCU has numerous brick-and-mortar locations throughout the United States, along with an online application procedure that allows drivers to purchase and finance their automobile.
Do you qualify? CCU does not provide particular conditions. However, the most favorable rates are typically offered to those with a good credit history, as credit score is the primary measure for acceptance by CCU. We like what we see and what dislike. Although certain loan particulars aren’t made public, CCU does offer many benefits and discounts for loan holders. We like the convenience of in-person access. CCU has multiple branches throughout the United States. TrueCar purchasing 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 perfect ride and secured financing all in one place. Preapproved financing. Drivers can utilize the online tool to verify the amount of financing without affecting the credit score of their clients. What we don’t like Undisclosed loan amounts. CCU doesn’t disclose loan amounts for used, new as well as refinance loans. Membership requirements. You must be an active member of CCU to gain the auto loan approval. Contact information Consumers Credit Union CCU offers assistance to its customers from on Monday through Friday, between 8 a.m. until six p.m. CT and on Saturdays from 8 a.m. to two p.m. CT. Along with help available over the phone, questions can be addressed via secure messaging via the website.
Auto loan types offered Consumers Credit Union offers auto loans for both used and new vehicles along with an auto refinance option. Used and new purchases are eligible for loan
Quick facts about loans Terms: 36 to 84 months APR: Starting at 4.94%
Financing for a new or used car through CCU does not require a minimum amount and can be done either online and in person. If you opt to browse the available car-buying service, you can enjoy additional savings. Prequalification is possible even if you decide not to utilize the car-buying services.
Refinance
The loan quick facts are include: 36 to 84 months APR: Beginning at 4.94 percent
Refinancing is an excellent option to cut down on your monthly installments and leave with an improved loan. Or you can choose the shorter loan time frame than you must pay off your outstanding balance more quickly. The specifics of refinancing can be found by contact a loan expert at CCU. How to apply for a loan with Consumers Credit Union The loan application process can be accomplished entirely online, either at any or more CCU branches or by phone. The process is a simple five steps.
Steps to apply Submit the application. Fill out the application either via the internet or over the phone. It is required to provide your SSN along with basic contact information. This process does not involve a hard credit pull. However, if you are approved you will go through an entire credit report. Discuss details. You will be called by a CCU rep who’ll provide rates and conditions. Shop for your vehicle. It is now time to start your shopping with an idea of your monthly budget. The best rates are provided to drivers that utilize this Consumers Car Buying Service. If you’re refinancing, you’ll have to give details about the current loan. Complete documentation. When you have decided on a car, you will send the purchase agreement to CCU via email or via fax. You must then accept the agreement on the internet or in an CCU branch. Funds provided to the dealership. In the end, CCU will send the loan check directly to the dealer or you can collect it yourself.
Required application information Name Social Security number and birthdate Address Email address and phone number Information about income
Consumers Credit Union FAQs
Does Consumer Credit Union offer a rate discount if you enroll in autopay? Yes. Auto loan applicants receive the benefit of a 0.25 percent reduction in rate to make their 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 provide extended warranties. However, it is partnered with ForeverCar to offer affordable mechanical repair coverage for borrowers. However, the borrowers are able to purchase GAP insurance directly from The credit union moment of the purchase.
How Bankrate rate Consumers Credit Union
Overall score
4.1
The availability
4.5
Although loan amounts aren’t made public, CCU offers three auto loan products that are available in all 50 states.
Affordability
3.8
CCU utilizes the traditional acceptance criteria and has an APR that is middle of the road, however it CCU does not reveal it’s maximum rate.
Customer experience
4.2
CCU has an easy-to-navigate website that provides every day of the week customer support with a variety of hours.
Transparency
4
CCU allows borrowers to get prequalified without a hard credit check however, it doesn’t provide all of its loan data online.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether rates and fees are available and the APR range all affect lender scores. These scores are broken up into four categories. Accessibility : Loan amounts as well as repayment options, dealer requirements and state availability all contribute to this section. Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’re required to shop, customer service availability, whether there’s an app or autopay available are accounted for by this segment. Transparency: This section accounts for the availability of fees and rates as well as whether or not prequalification is offered.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate at the time when the review first appeared. Look over the information at the top of this page and the lender’s site for the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing concise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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