Consumers Credit Union: 2023 auto loan review

Consumers Credit Union auto loans are best for online car buyers

Getting a new or used car loan with Consumers Credit Union offers the ability to 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 preapprove for a loan, but membership is required for eligibility.

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.  

What we like and what we don’t like

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

What we like

• In-person availability: CCU has many branches across the country.  
• TrueCar buying service: The partnered car-buying service helps you access additional savings. Plus, you can find the perfect ride and secure financing all in one place. 
• Prequalification: Drivers can use the online prequalification tool to check financing figures without impacting 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 9.04 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 secure messaging 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 5.94%

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 even if you choose not to use  the car-buying service. Used car rates start at 6.19%.

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. Or you can 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 additional perks

Borrowers that 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 enforce any fees or penalties.

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.