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Consumers Credit Union
Consumers Credit Union: 2023 Auto loan review, published 2023-01-01 at 00:00:00.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and analyze data for no cost to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are featured on the site, such as such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that could be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed in them are only those of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges, presented in the review are accurate at the time of the review. Review the information in the upper right hand corner of the page as well as the lender’s site for the most recent details.
At a glimpse 4.1 Score: 4.1 stars out of five
Score of the Bankrate
Rating of Availability: 4.5 stars out of 5
Cost of Affordability: 3.8 stars out of 5
The Customer Service Rating is 4.2 stars out of five
Transparency Rating 4 stars out of 5
Find out about rates on auto loan rates
Information about Consumers Credit Union Loan amount Not specified
Min. credit score not specified
APR from Starting at 5.24%
Funds available in Unspecified
Pros and cons of Consumers Credit Union auto loans Before you sign off on an application, take note of the advantages and disadvantages of a Consumers Credit Union auto loan.
PROS In-person availability
TrueCar buying service
Preapproval available
CONS Unknown loan amounts
Membership requirement
Consumers Credit Union (CCU) is a credit union based on membership which offers used, new as well as auto refinance loans. While you must be an active member, the acceptance process is only a $5 fee as well as a deposit of $5 or more in any of their bank accounts. CCU has numerous brick-and-mortar locations throughout the United States, along with an online application procedure that allows drivers to search for and finance a vehicle.
Do you qualify? CCU doesn’t provide any specific conditions. However, the highest rates are generally given to those with a good credit score since credit score is the primary measure for approval with CCU. What we like and don’t like Though some loan particulars aren’t made public, CCU does offer many benefits and discounts to loan holders. We appreciate the availability in person. CCU has many branches throughout the United States. TrueCar purchasing service. The partnership with the car-buying service lets you save even more money. Additionally, you can locate the perfect ride and secure financing all in one place. Preapproved financing. Drivers can utilize the online tool for preapproval to verify the amount of financing without impacting their scores on credit. We are not a fan of unpublished loan amounts. CCU does not release loan amounts for new, used and refinance loans. Membership prerequisites. You must be an active member of CCU to gain an auto loan approval. Contact information Consumers Credit Union CCU offers assistance to customers Monday through Friday from 8 a.m. until 6:30 p.m. CT and on Saturdays from 8 a.m. to two p.m. CT. Along with help available over the phone, queries can be answered via secure messaging via the website.
Auto loan kinds offered Consumers Credit Union offers auto loans for used and new vehicles along with an auto refinance option. Used and new purchase loan
The loan quick facts are include: 36 to 84 months APR: From 4.94 percent
The financing of a new or used car through CCU holds no minimum requirement and is available online or in person. If you decide to browse the available car-buying service, you can enjoy additional savings. Prequalification is available regardless of whether you decide to make use of the car buying service.
Refinance
Quick facts about loans Terms: 36 to 84 months APR: Starting at 4.94 percent
Refinancing can be a fantastic way to save money on your monthly payment and leave with the best loan. You can also opt for the shorter loan time frame than you have to pay your outstanding balance more quickly. Details regarding refinancing can be found by calling an loan expert at CCU. How do you apply for the loan through Consumers Credit Union The loan application process can be accomplished entirely online, either at one of the CCU branches or over the phone. The process involves just five steps.
Steps to apply Submit your application. Complete the application on the internet or by phone. It is required to provide your SSN along with basic contact information. This is not the pulling of a credit report. However, if you are approved the applicant will be subjected to an entire credit report. Discuss details. You will be contacted by a CCU representative who will share available rates and terms. Find the perfect car. It is now time to start 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 have to give details about the current loan. Complete documentation. When you have decided on a car, you will transmit the purchase agreement to CCU by email or by fax. Then you must accept the agreement on the internet or in the CCU branch. Funds are then transferred to the dealership. Finally, CCU will send the loan check directly to the dealer or you may pick it up yourself.
Required application information Application information: Name, Social Security number and birth date Address Email address and telephone number Information about income
Consumers Credit Union FAQs
Do Consumer Credit Union offer a rate reduction if you are enrolled in autopay? Yes. Borrowers who opt for auto receive the benefit of a 0.25 percent rate reduction so that they can make an auto loan less expensive.
Do Consumer Credit Union offer extended warranties and guaranteed assets protection (GAP)? Consumer Credit Union does not provide extended warranties, however it is partnered with ForeverCar to offer low-cost mechanical repair coverage for borrowers. However, customers can purchase GAP coverage directly through the credit union at the time of purchase.
What is the procedure? Bankrate Rates Consumers Credit Union
Overall score
4.1
Availability
4.5
While loan amount are not publicly made public, CCU offers three auto loan products across every state in the 50 states.
Affordability
3.8
CCU utilizes the traditional acceptance criteria. It has an average minimum APR, but does not disclose its maximum APR.
Customer experience
4.2
CCU has an easy-to-navigate website that provides seven days a week of customer service that is available in a variety of hours.
Transparency
4
CCU allows borrowers to be prequalified without a hard credit test but doesn’t list all of its loan details online.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether fees and rates are available and the APR range all affect lender scores. These scores are split in to four groups. Accessibility : Loan amounts and repayment options, dealership requirements and state availability all make up this category. Affordability: This section contains APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: How long you’re required to shop, customer service availability, whether you have an app and autopay availability are accounted for within this category. Transparency: This section accounts for the availability of fees and rates as well as the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been evaluated or acknowledged by any advertising company. The information, including rates and fees, presented in the review are accurate at the time that the review was written. Check the data on the right, and the lender’s website to find the most up-to-date details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy a car.
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 committed to helping readers to control their finances through providing concise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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