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.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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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.
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
In-person availability
TrueCar buying service
Preapproval available
CONS
Undisclosed loan amounts
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.
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.
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.
Preapproved financing. Drivers can use the online preapproval 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.
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
Terms: 36 to 84 months
APR: From 4.94%
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.
Refinance
Terms: 36 to 84 months
APR: From 4.94%
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.
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.
Discuss details. You will be contacted by a CCU representative who will share available rates and terms.
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. If you’re refinancing, you’ll need to provide information about your current loan.
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.
Funds provided to the dealership. Finally, CCU will send the loan check directly to the dealer or you can pick it up yourself.
Name
Social Security number and birthdate
Address
Email address and phone number
Employment information
Income
Consumers Credit Union FAQs
Yes. Borrowers who opt for auto receive a 0.25 percent rate reduction to make their auto loan more affordable.
Consumer Credit Union does not offer extended warranties, but it is partnered with ForeverCar to offer affordable mechanical repair coverage to borrowers. However, borrowers can purchase GAP coverage directly through the credit union at the time of purchase.
How Bankrate rates Consumers Credit Union
Overall score
4.6
Availability
4.6
Although loan amounts are not disclosed, CCU offers three auto loan products in all 50 states.
Affordability
4.8
CCU has an exceptionally low maximum APR and a number of ways to save money on its auto products.
Customer experience
4.4
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
Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.
Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
Affordability: This section houses APR ranges, acceptance criteria, fees and discounts.
Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available.
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.
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.
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.