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Consumers Credit Union: 2024 auto loan review

2024-01-01 14:00:00

At a glance

4.3
Rating: 4.3 stars out of 5

Bankrate Score

  • Availability
    Rating: 4.2 stars out of 5
  • Affordability
    Rating: 4 stars out of 5
  • Customer Experience
    Rating: 4.6 stars out of 5
  • Transparency
    Rating: 4.5 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 6.84%

  • Funds available in

    Not specified

Best for online car buyers

By getting a new or used car loan with Consumers Credit Union (CCU), you can take advantage of its online car-buying service. The program, enabled by TrueCar, allows you to shop by ZIP code and find the right vehicle and secure financing all in one place. On top of this, buyers benefit from a slight discount when using this service.

Consumers Credit Union pros and cons 

A loan with CCU boasts in-person support and the ability to prequalify for a loan, but membership is required.

Green circle with a checkmark inside

Pros

  • In-person service available
  • TrueCar buying service
  • Preapproval available
Red circle with an X inside

Cons

  • Undisclosed loan amounts
  • Membership requirement
  • Higher rates for older cars

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. 

Do you qualify?

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

Consumers Credit Union versus Skyla Credit Union

Another membership-based credit union lender option, Skyla Credit Union boasts a large funding range. Its loans go up to $150,000, great for borrowers who are looking to finance a more expensive vehicle. Both credit unions offer similar starting rates, with Skyla's starting slightly lower.

Consumers Credit Union versus PenFed

PenFed offers borrowers looking to work with a credit union another great option. One standout feature is the ability to prequalify. With prequalification, you can compare multiple lenders without a credit score hit before signing off on the best for your needs. PenFed and CCU both work with an online car-buying service with some slightly higher incentives and discounts.  

See our Consumers Credit Union vs. PenFed breakdown

What we like and what we don’t like

Though some loan specifics are not disclosed, CCU offers benefits to loan holders.  

What we like

  • Autopay discount: You can get 0.25 percent your annual percentage rate (APR) by signing up for automatic payments. 
  • TrueCar buying service: The partnered car-buying service helps you access additional savings while shopping for your new vehicle. 
  • Prequalification: Drivers can use the online prequalification tool to check financing figures without affecting their credit scores.      

What we don’t like 

  • 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. 
  • Higher rates for older cars: Vehicles on model years from 2016 or earlier will not benefit from the minimum available APR and instead can be as high as 10.19 percent. 

How to contact Consumers Credit Union

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 live chat on the website.

Auto loan types offered

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

New and used purchase loan 

  • Amount: Not specified
  • Terms: 36-84 months
  • APR: From 6.84%

Financing for a new or used vehicle through CCU 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 even if you choose not to use the car-buying service. Use purchase loans start at 7.13 percent.

Refinance 

  • Amount: Not specified
  • Terms: 36-84 months
  • APR: Not specified 

Refinancing is a great way to save money on your monthly payment and walk away with a better loan. You can also choose a shorter loan term than you currently have to pay your outstanding balance off faster. Specifics regarding the refinance process can be found by contacting a loan professional with CCU.

How to apply for a 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.

Features and perks

Borrowers who arrange for automatic payments drawn from a CCU account or other financial institution will benefit from a 0.25 percent rate reduction. The credit union also offers the option to bundle mechanical repair coverage through ForeverCar.

Fees and penalties

Consumers Credit Union does not charge any fees or penalties. 

Consumers Credit Union frequently asked questions

How Bankrate rates Consumers Credit Union

Overall score 4.3
Availability 4.2 Although loan amounts are not disclosed, CCU offers three auto loan products in all 50 states.
Affordability 4.0 CCU has a reasonably low starting APR and a number of ways to save money on its auto products.
Customer experience 4.6 CCU has an easy-to-navigate website and offers six days a week of customer service with a range of hours.
Transparency 4.5 CCU allows borrowers to get prequalified without a hard credit check but doesn't list all of its loan information online.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

  • Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
  • Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
  • Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
  • Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

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
Writer, Auto Loans and Personal Loans

Rebecca Betterton, a Certified Financial Education Instructor℠, is a writer for Bankrate who has been reporting on auto loans since 2021.

Edited by Editor, Personal and Auto Loans