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Consumers Credit Union
Consumers Credit Union: 2023 Auto loan review Published 2023-01-01 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 to navigate the ins and outs of securely using loans to buy the car they want.
Editor: 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 with concise, well-researched, and clear information that breaks down complicated topics into digestible chunks.
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 financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and analyze data for no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers including, 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 site are from companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct at the time of the review. Check the data at the top of this page and the lender’s website for the most current information.
A glance 4.1 rating: 4.1 stars out of 5
Bankrate Score
Rating of Availability: 4.5 stars out of 5
Affordability Rating: 3.8 stars out of five
Customers’ Experience Score: 4.2 5 stars from 5
Transparency Rating 4 5 stars.
Find out about auto loan rates
More about Consumers Credit Union Loan amount Unknown
Min. credit score Unspecified
APR starting at 5.24%
Funds available in Unspecified
Pros and pros and Consumers Credit Union auto loans Before approving an application, consider the benefits and drawbacks of the Consumers Credit Union auto loan.
PROS In-person availability
TrueCar is a buying service for TrueCar
Preapproval available
CONS Undisclosed loan amounts
Membership is a requirement
Consumers Credit Union (CCU) is a membership-based credit union that offers new, used or auto refinance loans. If you are a member, acceptance is only a $5 fee as well as a deposit of $5 or more to any of their bank accounts. CCU has a variety of brick and mortar locations throughout the United States, along the online registration process that allows drivers to search for and finance a car.
Do you qualify? CCU doesn’t provide any specific conditions. However, the most favorable rates are generally given to customers with a solid credit score, since credit score is the primary measure for approval by CCU. Our favorite things and dislike. Although certain loan particulars aren’t made public, CCU does offer many benefits and discounts to loan holders. We appreciate the availability in person. CCU has multiple branches throughout the United States. TrueCar purchasing service. The car buying service that is partnered with TrueCar helps to save money. In addition, you will be able to find the ideal car and secured financing all at one time. Preapproved financing. Drivers can access the online tool for preapproval to check financing figures without impacting their credit scores. We are not a fan of unpublished loan amounts. CCU doesn’t disclose loan amounts for used, new and refinance loans. Membership conditions. You must be an active member of CCU in order to get the auto loan approval. Contact information Consumers Credit Union CCU offers assistance to its customers every day from 8 a.m. to six p.m. CT and on Saturdays from 8 a.m. until 2 p.m. CT. Alongside assistance over the phone, questions can be addressed via secure messaging via the website.
Auto loan kinds offered Consumers Credit Union offers auto loans for used and new automobiles, as well as an auto refinance option. Used and new purchases are eligible for loan
The loan quick facts are range from 36 to 84 month APR: Beginning at 4.94 percent
Finance for a brand new or used vehicle through CCU does not require a minimum amount and can be done online or in person. If you choose to shop through the available services for buying a car, you could get additional savings. Prequalification is possible regardless of whether you decide to use the car-buying service.
Refinance
Loan quick facts Terms: 36 to 84 months APR: Beginning at 4.94 percent
Refinancing can be a fantastic option to cut down on your monthly installments and get an improved loan. It is also possible to select a shorter loan time frame than you have to pay your outstanding balance off faster. Details regarding refinancing can be found by contact the loan professional with CCU. How to apply for an loan with Consumers Credit Union The loan application process is entirely online, either at one or more CCU branches or over the phone. The process is a simple five steps.
How to apply Submit the application. Fill out the application either via the internet or over the phone. You will need to provide your SSN as well as basic information about your contact. This step does not include the pulling of a credit report. But, following approval you will go through a full credit check. Discuss details. You will be contact by an CCU rep who’ll share rates and conditions. Find the perfect car. You now can begin your search with an idea of the monthly payment you’ll be making. 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 your current loan. Complete documentation. Once you’ve decided to purchase a car, you will transmit the purchase agreement to CCU by email or fax. Then you must accept the agreement either online or in an CCU branch. Funds provided to the dealership. Then, CCU will send the loan check directly to the dealer, or you can collect it yourself.
The information required to apply for a job is: The name Social Security Number, birthdate and Social Security number Address Email address and telephone number Employment information Information on income
Consumers Credit Union FAQs
Does Consumer Credit Union offer a rate discount when you sign up in autopay? Yes. Borrowers who opt for auto get a 0.25 percent rate reduction so that they can make an auto loan less expensive.
Are there any guarantees that Consumer Credit Union offer extended warranties as well as guaranteed Asset Protection (GAP)? Consumer Credit Union does not provide extended warranties. However, it is in partnership with ForeverCar to offer affordable repair services for those who borrow. However, the borrowers are able to purchase GAP insurance directly from the credit union at the time of the purchase.
What is the procedure? Bankrate rates Consumers Credit Union
Overall score
4.1
Accessibility
4.5
Even though loan amount are not publicly publicized, CCU offers three auto loan products across every state in the 50 states.
Affordability
3.8
CCU uses traditional acceptance criteria and holds an average minimum APR, but doesn’t disclose 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 be prequalified without a hard credit check but doesn’t list 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 split in to four groups. The availability of loans as well as repayment options, dealer requirements and state availability all contribute to this section. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: The length of time you’re required to shop, the customer service availability, whether there’s an app and autopay availability are all covered within this category. Transparency: This section accounts for the availability of fees and rates along with whether prequalification is available.
Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is correct up to the date of the review. 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 is a specialist in helping readers to navigate the details of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to control their finances with precise, well-researched and precise facts that break down complex topics into manageable bites.
Auto loans editor
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