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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 is a specialist in helping readers with 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 writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and analyze data for no cost and help you make informed financial decisions. Bankrate has agreements 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 come from companies who pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial deals that could be accessible to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is correct at the time when the review first appeared. Check the data on the right, and the lender’s site for the most recent information.
At a glimpse 4.1 Score: 4.1 stars out of five
Score of the Bankrate
Available Rating: 4.5 stars out of 5
The Affordability Score: 3.8 stars out of five
Customer Experience Rating: 4.2 five stars of 5
Transparency Rating 4 5 stars.
Compare rates on auto loan rates
More about Consumers Credit Union Loan amount Not specified
Min. credit score Not specified
APR starting at 5.24%
Funds available in Not specified
Pros and cons of Consumers Credit Union auto loans Before approving an application, think about the benefits and drawbacks associated with 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 credit union based on membership which offers used, new or auto refinance loans. While you must be a member, acceptance is only $5 as well as a deposit of $5 or more to one of its bank accounts. CCU has a variety of brick and mortar locations across the country, along the online registration process that allows drivers to purchase and finance their car.
Do you qualify? CCU doesn’t provide any specific criteria. However, the best rates are usually offered to those with a good credit score, since credit score is the primary factor for approval with CCU. We like what we see and do not like Although some loan details aren’t disclosed, CCU does offer many discounts and benefits to loan holders. What we like In-person availability. CCU has numerous branches across the nation. TrueCar purchasing service. The partnership with the car-buying service lets you access additional savings. Additionally, you can locate the ideal vehicle and secure financing all in one location. Preapproved financing. Drivers can utilize the online tool for preapproval to review financing numbers without affecting their scores on credit. We are not a fan of unpublished loan amounts. CCU does not disclose loan amounts for new, used as well as refinance loans. Membership conditions. You must be an existing member of CCU to gain the auto loan approval. Contact information Consumers Credit Union CCU offers assistance to customers Monday through Friday between 8 a.m. until 6:30 p.m. CT and on Saturdays from 8 a.m. to 2.30 p.m. CT. Along with help available over the phone, any questions are answered through secure messaging via the website.
Auto loan types available Consumers Credit Union offers auto loans for new and used automobiles, as well as the option of refinancing your auto. Used and new purchases are eligible for loan
Loan quick facts Terms range from 36 to 84 month APR: Starting at 4.94%
The financing of a new or used car through CCU holds no minimum requirement and is available on the internet as well as in-person. If you decide to browse the available services for buying a car, you could benefit from additional savings. Prequalification is possible even if you choose not to use the car-buying service.
Refinance
Loan quick facts Terms: 36 to 84 months APR: Beginning at 4.94%
Refinancing can be a fantastic way to save money on your monthly payment and get the best loan. It is also possible to choose the shorter loan duration than the one you currently have to pay your outstanding balance faster. Details regarding refinancing is available by contact a loan professional with CCU. How do you apply for a loan through Consumers Credit Union The loan application procedure can be completed fully online, at one or more CCU branches or by phone. The process is a simple five steps.
Steps to apply Submit your application. Complete the application via the internet or over the phone. It is required to provide your SSN and basic information about your contact. This process does not involve a hard credit pull. But, following approval you will go through an entire credit report. Discuss details. You will be contacted by an CCU rep who’ll explain available rates and terms. Look for a car. It is now time to start your search by forming an estimate of the monthly payment you’ll be making. The best rates are offered to those who use this Consumers Car Buying Service. If you’re refinancing, then you’ll have to give details about your current loan. Complete documentation. After choosing a vehicle you’ll need to transmit the purchase agreement to CCU via email or fax. Then you must sign off on the documents on the internet or in the CCU branch. The dealership will receive the funds. Finally, CCU will send the loan check directly to the dealer or you can collect it yourself.
Required application information 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 when you sign up in autopay? Yes. Borrowers who opt for auto get the benefit of a 0.25 percent reduction in rate in order to help make the auto loan less expensive.
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 Credit Union at moment of purchase.
How Bankrate rate Consumers Credit Union
Overall score
4.1
The availability
4.5
While loan amount are not publicly publicized, CCU offers three auto loan products that are available in all 50 states.
Affordability
3.8
CCU employs traditional acceptance criteria. It has an APR that is middle of the road, however it does not disclose the maximum amount of APR.
Customer experience
4.2
CCU has an easy-to-navigate website that offers all the time customer service that is available in a variety of hours.
Transparency
4
CCU allows borrowers to get prequalified without a hard credit check however it doesn’t publish the entire loan information online.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether fees and rates are available and APR range all influence lender scores. These scores are split in four different categories. Availability : Loan amounts and repayment options, dealership requirements and state availability all are a part of this category. Affordability: This section houses APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you have to spend shopping, customer service availability, whether you have an app or autopay available are all covered within this category. Transparency: This section accounts for the availability of fees and rates and whether or not prequalification is offered.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not checked or accepted by any advertiser. The information, including rates and fees, presented in the review are accurate up to the date that the review was written. Look over the information on the right and the lender’s website to find the most recent 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 ins and outs of securely taking out loans to buy a car.
Editor: 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 with precise, well-researched and precise information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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