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Consumers Credit Union: 2022 Auto Loan Review

2022-05-24 07:45:00

At a glance

4.0
Rating: 4 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.2 stars out of 5
  • Affordability
    Rating: 3.8 stars out of 5
  • Customer Experience
    Rating: 4.2 stars out of 5
  • Transparency
    Rating: 4 stars out of 5
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About Consumers Credit Union

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Starting at 4.69%

  • Funds available in

    Not specified

Pros and cons of Consumers Credit Union auto loans

Before signing off on an application, consider the benefits and drawbacks of a Consumers Credit Union auto loan. 

PROS

  • Checkmark

    In-person availability

  • Checkmark

    TrueCar buying service

  • Checkmark

    Preapproval available

CONS

  • Close X

    Undisclosed loan amounts

  • Close X

    Membership requirement

Consumers Credit Union (CCU) is a membership-based credit union that offers new, used and auto refinance loans. While you must be a member, acceptance is only a $5 fee 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 process where drivers can both shop for and finance their car.  

 

Pros and cons of LendingClub auto loan refinancing

Though some loan specifics are not disclosed, CCU does offer many discounts and benefits to loan holders.  

Pros

  • In-person availability. CCU has many branches across the country.  
  • TrueCar buying service. The partnered car-buying service comes with additional savings and the ease of a one-stop shop. 
  • Preapproved financing. Drivers can lock in expected financing numbers using preapproval with CCU.  

Cons

  • Undisclosed loan amounts. CCU does not disclose loan amounts for new, used or refinance loans.  
  • Membership requirements. You must be a member of CCU to gain auto loan approval.  

Who is Consumers Credit Union best for?

An auto loan with CCU is best for a driver that prefers to finance in-person rather than fully online. Along with in-person capabilities, CCU serves those looking to buy and finance in one place. The Consumers Car Buying Service through TrueCar enables drivers to gain preapproval before heading to the dealership. This is especially beneficial to those with less than perfect credit. Using it, you can have a firm grasp on your expected monthly payments before agreeing to the loan.

Simply, CCU is great for a driver looking for the benefits that a credit union can bring, such as discounts and in-person attention. It's also good for those seeking few vehicle restrictions and flexible financing terms. 

Types of auto loans offered

Consumers Credit Union offers auto loans for new and used vehicles along with an auto refinance option.  

New and used auto loans  

Financing for a new or used vehicle through CCU holds no minimum requirement and can be done online or in person. If you choose to shop through the available car-buying service you can benefit from additional savings. Prequalification is available whether you use the car-buying service or not.   

Refinance  

Refinancing is a great way to save money on your monthly payment and walk away with a better loan. Specifics regarding the refinance process can be found by contacting a loan professional with CCU. 

Interest rates and terms

Most competitive rates will be offered to well-qualified borrowers. As of August 2022, expected rates start at 4.69 percent for all auto loan types. Terms range from 36 to 84 months.

How to apply for an auto loan with Consumers Credit Union

The loan application process can be accomplished fully online, at one of the CCU branches or over the phone. The process takes five simple steps. 

    1. Submit the application. Fill out the application either online or over the phone. You will need to provide your SSN along with basic contact information. This step does not include a hard credit pull. But, following approval, you will undergo a full credit check.  
    2. Discuss details. You will be contacted by a CCU representative who will share available rates and terms.  
    3. Shop for your vehicle. You now can begin your shopping with an idea of your expected monthly payments. The best rates are offered to drivers that utilize the Consumers Car Buying Service.  
    4. Complete documentation. After choosing a vehicle you will send the purchase agreement to CCU via email or fax. Then you must sign off on the documents online or at a CCU branch.  
    5. Funds provided to the dealership. Finally, CCU will send the loan check directly to the dealer or you can pick it up yourself.  

Auto loan requirements

CCU does not disclose any specific requirements. The best rates will be given to drivers with a strong credit history, as credit is used as the primary measure for approval with CCU.  

Customer service

CCU offers assistance to customers Monday through Friday from 8 a.m. to 6 p.m. CT and on Saturdays from 8 a.m. to 2 p.m. CT. Along with help available over the phone, questions can be answered via secure messaging on the website.  

How Bankrate rates Consumers Credit Union

Overall score 4.0  
Availability 4.2 Although loan amounts are not disclosed, CCU offers three auto loan products in all 50 states.
Affordability 3.8 CCU uses traditional acceptance criteria and holds a middle-of-the-road minimum APR but does not disclose its maximum APR.
Customer experience 4.2 CCU has an easy-to-navigate website and offers almost seven days a week of customer service with a range of hours.
Transparency 4.0 CCU allows borrowers to get prequalified without a hard credit check but doesn't list all of its loan information online.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein 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 is accurate as of the date of the review. Check the data at the top of this page and the lender’s website 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 in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Auto loans editor