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Consumers Credit Union

Consumers Credit Union 2023 auto loan review published 2023-01-01 at 00:00:00

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and objective content, by enabling you to conduct your own research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they appear within the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial offers that may be available to you.

About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date that the review was written. Check the data on the right as well as the lender’s website for the most recent information.

At a look 4.1 Score: 4.1 stars out of five

Bankrate Score

Available Rating: 4.5 stars out of 5

Cost of Affordability: 3.8 stars out of five

Customer Experience Rating: 4.2 five stars of five

Transparency Rating 4 stars out of 5

Find out about rates for auto loan rates

Information about Consumers Credit Union Loan amount not specified

Min. credit score not specified

APR starting at 5.24%

Funds are available in not specified

Pros and pros and Consumers Credit Union auto loans Before signing off on an application, consider the advantages and disadvantages of a Consumers Credit Union auto loan.

PROS In-person availability

TrueCar is a buying service for TrueCar

Preapproval available

CONS Unknown loan amounts

Membership is a requirement

Consumers Credit Union (CCU) is a member-owned credit union which offers used, new or auto refinance loans. Although you have to be an active member, the acceptance process is just a $5 cost and a deposit of another $5 or more to one of its bank accounts. CCU has many brick-and-mortar establishments across the country, along with an online application procedure where drivers can both shop for and finance their automobile.

Do you qualify? CCU does not provide particular requirements. However, the best rates are usually offered to those with a good credit score, since credit score is the main factor in determining acceptance by CCU. We like what we see and what don’t like Though some loan particulars aren’t made public, CCU does offer many discounts and benefits to loan holders. We appreciate the availability in person. CCU has numerous branches across the nation. TrueCar purchasing service. The car buying service that is partnered with TrueCar helps to save money. Plus, you can find the ideal vehicle and secured financing all in one location. Preapproved financing. Drivers can utilize the online tool to check financing figures without affecting their credit scores. What we don’t like Undisclosed loan amounts. CCU does not release loan amounts for new, used as well as refinance loans. Membership prerequisites. You must be an active member of CCU to gain the auto loan approval. Contact details Consumers Credit Union CCU offers assistance to customers every day between 8 a.m. until 6:30 p.m. CT and on Saturdays between 8 a.m. to 2.30 p.m. CT. Along with help available over the phone, any questions can be answered via secure messaging via the website.

Auto loan types offered Consumers Credit Union offers auto loans for used and new automobiles, as well as the option of refinancing your auto. Used and new purchases are eligible for loan

Loan quick facts Terms: 36 to 84 months APR: From 4.94%

Financing for a new or used vehicle through CCU has no minimum requirements and is available either online and in person. If you choose to use the vehicle buying service, you will get additional savings. Prequalification is available regardless of whether you decide to use the car-buying service.

Refinance

Quick facts about loans Terms include: 36 to 84 months APR: Beginning at 4.94 percent

Refinancing can be a fantastic way to save money on your monthly payments and leave with an improved loan. It is also possible to opt for an earlier loan term than you currently must pay off your outstanding balance faster. Specifics regarding the refinance process is available by contacting the loan professional with CCU. How do you apply for a loan through Consumers Credit Union The loan application process can be accomplished completely online, in one or more CCU branches or by phone. The process takes five simple steps.

How to apply Submit the application. Complete the application online or over the phone. You’ll need to supply your SSN as well as basic information about your contact. This process does not involve the pulling of a credit report. After approval you will go through an extensive credit review. Discuss details. You will be contacted by an CCU agent who’ll explain the rates and terms available. Look for a car. You now can begin your shopping with an idea of your expected monthly payments. The most competitive rates are available to customers who utilize this Consumers Car Buying Service. If you’re looking to refinance, you’ll have to give details about the current loan. Complete documentation. After choosing a vehicle you will forward the purchase contract to CCU via email or via fax. After that, you need to accept the agreement on the internet or in the CCU branch. Funds are then transferred to the dealership. Then, CCU will send the loan check directly to the dealer, or you may pick it up yourself.

Required application information The name Social Security Number, birthdate and Social Security number Address Email address and telephone number Information about income

Consumers Credit Union FAQs

Do Consumer Credit Union offer a rate discount when you sign up in autopay? Yes. Borrowers who opt for auto receive an 0.25 percent reduction in rate in order to help make the auto loan more affordable.

Are there any guarantees that Consumer Credit Union offer extended warranties as well as guarantee assets protection (GAP)? Consumer Credit Union does not provide extended warranties. However, it is partnered with ForeverCar to provide affordable mechanical repair coverage for those who borrow. However, the borrowers are able to purchase GAP coverage directly through The credit union the moment of the purchase.

What is the procedure? Bankrate Rates Consumers Credit Union

Overall score

4.1

The availability

4.5

Although loan amounts are not publicized, CCU offers three auto loan products across every state in the 50 states.

Affordability

3.8

CCU utilizes the traditional acceptance criteria and holds an average minimum APR, but doesn’t disclose it’s maximum rate.

Customer experience

4.2

CCU offers a user-friendly website and offers almost 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 credit check however, it doesn’t provide all of its loan data online.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, rates and fees are offered and APR range all influence lender scores. These scores are split in four different categories. Accessibility : Loan amounts, repayment options, dealership requirements, and availability in the state all contribute to this category. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you’ll need to shop, customer service availability, whether you have an app and autopay availability are accounted for within this category. Transparency: This category is responsible for the availability of fees and rates and whether prequalification is available.

Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and have not been checked or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate as of the date when the review first appeared. Check the data at the top of this page and the lender’s site for the most recent details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy the car they want.

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

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to control their finances by providing concise, well-studied facts that break down complicated topics into bite-sized pieces.

Auto loans editor

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