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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 in navigating the ways and pitfalls of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched 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 that provide objective and original content, by enabling users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that could be accessible to you.
About our reviews Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review are accurate up to the date when the review first appeared. Review the information at the top of this page and the lender’s site for the most up-to-date details.
A look 4.1 Rating: 4.1 stars out of 5
Bankrate Score
Rating of Availability: 4.5 stars out of 5
Cost of Affordability: 3.8 stars out of five
The Customer Service Rating is 4.2 five stars of 5
Transparency Rating 4 stars out of 5
Compare rates on auto loan rates
More about Consumers Credit Union Loan amount Not specified
Min. credit score Not specified
APR that starts 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 the Consumers Credit Union auto loan.
PROS In-person availability
TrueCar buying service
Preapproval available
CONS Undisclosed loan amounts
Membership requirement
Consumers Credit Union (CCU) is a credit union based on membership that provides used, new or auto refinance loans. While you must be a member, acceptance is only a $5 fee as well as a deposit of $5 or more into one of its bank accounts. CCU has numerous brick-and-mortar locations throughout the United States, along and an application online process that allows drivers to search for and finance a vehicle.
Do you qualify? CCU does not disclose any specific conditions. However, the most favorable rates are typically offered to drivers with a strong credit score since credit score is the primary measure for acceptance by CCU. We like what we see and do not like Although some loan particulars aren’t made public, CCU does offer many discounts and benefits to loan holders. We like the convenience of in-person access. CCU has numerous branches across the nation. TrueCar buying service. The partnership with the car-buying service lets to save money. Plus, you can find 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 the credit score of their clients. We don’t like unreported loan amounts. CCU does not release loan amounts for used, new and refinance loans. Membership conditions. You must be an existing member of CCU in order to get auto loan approval. Contact information Consumers Credit Union CCU offers assistance to customers Monday through Friday between 8 a.m. until 6 p.m. CT and on Saturdays between 8 a.m. until 2 p.m. CT. Alongside assistance over the phone, queries can be answered via secure messaging on the site.
Auto loan kinds offered Consumers Credit Union offers auto loans for used and new vehicles along with an option to refinance your vehicle. New and used purchase loan
The loan quick facts are range from 36 to 84 month APR: Beginning at 4.94%
The financing of a new or used vehicle through CCU has no minimum requirements and is available on the internet and in person. If you choose to use the vehicle buying service, you will benefit from additional savings. Prequalification is possible even if you decide not to use the car-buying service.
Refinance
Loan quick facts Terms range from 36 to 84 month APR: From 4.94%
Refinancing can be a fantastic option to cut down on your monthly payments and get the best loan. It is also possible to select the shorter loan duration than the one you currently must pay off your outstanding balance off faster. Specifics regarding the refinance process can be found by calling the loan professional with CCU. How to apply for an loan through Consumers Credit Union The loan application process is fully online, at any at one of CCU branches or by phone. The process involves just five steps.
Steps to apply Submit your application. Complete the application via the internet or over the phone. You’ll need to supply your SSN along with basic information about your contact. This process does not involve a hard credit pull. After approval you will go through a full credit check. Discuss details. You will be called by an CCU rep who’ll share rates and conditions. Shop for your vehicle. You now can begin your shopping with an idea of your monthly budget. The most competitive rates are available to customers who utilize the Consumers Car Buying Service. If you’re refinancing, then you’ll be required to disclose information regarding your current loan. Complete documentation. After choosing a vehicle you’ll need to forward the purchase contract to CCU via email or via fax. Then you must confirm the purchase agreement online or at a CCU branch. Funds are then transferred to the dealership. Finally, CCU will send the loan check directly to the dealer or you can collect it yourself.
Information required for application: Application information: Name, Social Security number and birthdate Address Email address, as well as phone number Information about income
Consumers Credit Union FAQs
Do Consumer Credit Union offer a rate reduction if you are enrolled in autopay? Yes. Auto loan applicants get a 0.25 percent reduction in rate so that they can make an auto loan more affordable.
Does 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 low-cost mechanical repair insurance for borrowers. However, customers can 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
The availability
4.5
Although loan amounts are not made public, CCU offers three auto loan products in all 50 states.
Affordability
3.8
CCU employs traditional acceptance criteria and holds a middle-of-the-road minimum APR but doesn’t disclose its maximum APR.
Customer experience
4.2
CCU offers an easy-to-use website that provides seven days a week of customer support with a variety of hours.
Transparency
4
CCU allows borrowers to be prequalified without a hard credit check however it doesn’t publish all of its loan information online.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether rates and fees are available and the APR range all affect lender scores. These scores are split into four categories. Accessibility : Loan amounts and repayment options, dealership requirements, and availability in the state all contribute to this section. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: The length of time you’ll need to shop, the customer service accessibility, and whether there’s an app and autopay availability are accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees as well as whether prequalification is available.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges provided in the review is correct as of the date that the review was written. Check the data in the upper right hand corner of the page as well as 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 in navigating the ins and outs of securely taking out loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with precise, well-researched and precise information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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