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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 is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase a car.

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 passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated 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 choices by offering interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and analyze data for no cost – so that you can 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 offers 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 may appear in the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offerings that could be open to you.

Reviewer’s disclosure The reviews are written by our staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges that are included in the review is accurate up to the date that the review was written. Look over the information at the top of this page and the lender’s website to find the most up-to-date details.

A look 4.1 Rating: 4.1 stars out of 5

Score of the Bankrate

Rating of Availability: 4.5 stars out of 5

Affordability Rating: 3.8 stars out of five

Customer Experience Rating: 4.2 5 stars from 5

Transparency Rating: 4 5 stars.

Find out about rates for auto loan rates

About Consumers Credit Union Loan amount Unknown

Min. credit score not specified

APR from Starting at 5.24%

Funds available in Unspecified

Pros and cons of Consumers Credit Union auto loans Before signing off on an application, take note of the benefits and drawbacks associated with the Consumers Credit Union auto loan.

PROS In-person availability

TrueCar purchasing service

Preapproval available

CONS Unknown loan amounts

The requirement for membership

Consumers Credit Union (CCU) is a membership-based credit union that offers new, used as well as auto refinance loans. If you are an existing member, you can be accepted for just a $5 cost and a deposit of another $5 or more to the bank account of one. CCU has numerous brick-and-mortar locations throughout the United States, along the online registration process which allows customers to shop for and finance their car.

Do you qualify? CCU does not provide specific requirements. However, the best rates are typically offered to drivers with a strong credit score since credit score is the primary measure for approval with CCU. Our favorite things and what we dislike. Although certain loan particulars aren’t made public, CCU does offer many discounts and benefits to loan holders. We appreciate the availability in person. CCU has many branches throughout the United States. TrueCar purchasing service. The partnered car-buying service helps you access additional savings. In addition, you will be able to find the perfect ride and secured financing all in one location. Preapproved financing. Drivers can utilize the online tool to review financing numbers without affecting their credit scores. We don’t like unreported 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 in order to get auto loan approval. Contact details Consumers Credit Union CCU offers assistance to its customers Monday through Friday from 8 a.m. until six p.m. CT and on Saturdays between 8 a.m. to 2 p.m. CT. Alongside assistance over the phone, any questions are answered through secure messaging on the site.

Auto loan kinds offered Consumers Credit Union offers auto loans for new and used vehicles along with an auto refinance option. New and used purchase loan

Loan quick facts Terms range from 36 to 84 month APR: From 4.94%

Financing for a used or new vehicle with CCU has no minimum requirements and can be done on the internet and in person. If you decide to use the car-buying service, you can benefit from additional savings. Prequalification is possible even if you choose not to make use of the car buying service.

Refinance

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

Refinancing can be a fantastic way to save money on your monthly payments and walk away with a better loan. It is also possible to select an earlier loan duration than the one you currently need to pay the outstanding balance faster. Details regarding refinancing is available by contact a loan expert at CCU. How to apply for a loan through Consumers Credit Union The loan application procedure can be completed entirely online, either at one at one of CCU branches, or by phone. The process takes five simple steps.

How to apply Submit the application. Fill out the application either via the internet or over the phone. You’ll need to supply your SSN and basic information about your contact. This step does not include the pulling of a credit report. But, following approval the applicant will be subjected to a full credit check. Discuss details. You will be contacted by an CCU representative who will explain the rates and terms available. Look for a car. Now is the time to begin your search by forming an estimate of the monthly payment you’ll be making. The best rates are offered to drivers that utilize the Consumers Car Buying Service. If you’re refinancing, you’ll have to give details about your current loan. Complete documentation. Once you’ve decided to purchase a car, you will forward the purchase contract to CCU via email or by fax. After that, you need to confirm the purchase agreement online or at 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.

Information required for application: The name Social Security Number and birth date Address Email address, as well as phone number Employment information Income

Consumers Credit Union FAQs

Does Consumer Credit Union offer a rate reduction if you are enrolled in autopay? Yes. Borrowers who opt for auto get a 0.25 percent reduction in rate to make their auto loan less expensive.

Do Consumer Credit Union offer extended warranties as well as guaranteed assets protection (GAP)? Consumer Credit Union does not provide extended warranties. However, it is partnered with ForeverCar to offer affordable mechanical repair insurance to borrowers. However, borrowers can purchase GAP coverage directly through Credit Union at time of the purchase.

How Bankrate rates Consumers Credit Union

Overall score

4.1

The availability

4.5

While loan amount are not publicly disclosed, CCU offers three auto loan products in every state in the 50 states.

Affordability

3.8

CCU uses traditional acceptance criteria and has an APR that is middle of the road, however it CCU does not reveal the maximum amount of APR.

Customer experience

4.2

CCU has an easy-to-navigate website that provides seven days a week of customer service with a range of hours.

Transparency

4

CCU allows borrowers to be prequalified without a hard credit test however, it doesn’t provide the entire loan data online.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether rates and fees are offered and APR range all influence lender scores. The scores are divided in four different categories. The availability of loans, repayment options, dealership requirements and availability to state make up this category. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you have to spend shopping, customer service availability, whether there’s an app or autopay option are all covered by this segment. Transparency: This category accounts for the availability of fees and rates and the availability of prequalification.

Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and are not checked or approved by any advertiser. The information such as rates and charges that are included in the review is accurate up to the date that the review was written. Review the information on the right as well as the lender’s site for the most current information.

Written by

Rebecca Betterton

Auto Loans Reporter

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

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complex subjects into digestible pieces.

Auto loans editor

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