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Consumers Credit Union
Consumers Credit Union: 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 specializes in assisting readers in navigating the ins and outs of securely using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and well-researched content that breaks down complicated topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing original and objective content, by enabling you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the content we publish or the reviews that you see on this site. We do not cover the universe of companies or financial deals that could be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer , and are not reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review are accurate up to the date that the review was written. Check the data at the top of this page, and the lender’s website to find the most up-to-date details.
A glimpse 4.1 Score: 4.1 stars out of five
Score of the Bankrate
Availability Rating: 4.5 stars out of 5
Affordability Rating: 3.8 stars out of five
Customers’ Experience Score: 4.2 stars out of five
Transparency Rating: 4 5 stars.
Compare rates on auto loan rates
About Consumers Credit Union Loan amount Unknown
Min. credit score Not specified
APR from Starting at 5.24%
Funds available in Not specified
Pros and pros and Consumers Credit Union auto loans Before signing off on an application, think about the advantages and disadvantages of the Consumers Credit Union auto loan.
PROS In-person availability
TrueCar purchasing service
Preapproval available
CONS Undisclosed loan amounts
Membership is a requirement
Consumers Credit Union (CCU) is a member-owned credit union that provides used, new or auto refinance loans. If you are an active member, the acceptance process is only $5 and a deposit of another $5 or more in the bank account of one. CCU has a variety of brick and mortar locations throughout the United States, along and an application online procedure that allows drivers to search for and finance a car.
Do you qualify? CCU does not disclose any specific criteria. However, the most favorable rates are typically offered to customers with a solid credit score since credit score is the main factor in determining approval with CCU. What we like and do not like Although some loan specifics are not disclosed, CCU does offer many benefits and discounts for loan holders. What we like In-person availability. CCU has numerous branches throughout the United States. TrueCar buying service. The partnership with the car-buying service lets to save money. In addition, you will be able to find the ideal vehicle and secured financing all in one place. Preapproved financing. Drivers can use the online tool for preapproval to verify the amount of financing without affecting the credit score of their clients. We don’t like unreported loan amounts. CCU does not disclose loan amounts for used, new as well as refinance loans. Membership conditions. You must be an existing member of CCU to be eligible for auto loan approval. How to contact Consumers Credit Union CCU offers assistance to its customers on Monday through Friday, between 8 a.m. until six p.m. CT and on Saturdays between 8 a.m. until 2 p.m. CT. Along with help available over the phone, queries are answered through secure messaging on the site.
Auto loan types available Consumers Credit Union offers auto loans for both used and new vehicles , in addition to the option of refinancing your auto. Used and new purchase loan
Quick facts about loans Terms range from 36 to 84 month APR: From 4.94 percent
Finance for a brand new or used car through CCU does not require a minimum amount and can be done either online or in person. If you opt to use the services for buying a car, you could get additional savings. Prequalification is possible even if you choose not to use the car-buying service.
Refinance
The loan quick facts are: 36 to 84 months APR: Beginning at 4.94%
Refinancing is an excellent option to cut down on your monthly installments and get an improved loan. It is also possible to opt for the shorter loan time frame than you need to pay the outstanding balance off faster. Specifics regarding the refinance process can be found by contacting an loan professional with CCU. How to apply for an loan with Consumers Credit Union The loan application process is entirely online, either at one or more CCU branches, or by phone. The process is a simple five steps.
How to apply Submit the application. Complete the application online or over the phone. It is required to provide your SSN as well as basic information about your contact. This step does not include an actual credit check. But, following approval the applicant will be subjected to an extensive credit review. Discuss details. You will be called by a CCU agent who’ll share rates and conditions. Shop for your vehicle. You now can begin your shopping with an idea of your monthly budget. The best rates are offered to drivers that utilize this Consumers Car Buying Service. If you’re refinancing, you’ll have to give details about your current loan. Complete documentation. Once you’ve decided to purchase a car, you will forward the purchase contract to CCU by email or by fax. You must then sign off on the documents on the internet or in a CCU branch. Funds provided to the dealership. Finally, CCU will send the loan check directly to the dealer, or you may pick it up yourself.
The information required to apply for a job is: Application information: Name, Social Security number, birthdate and Social Security number Address Email address and phone number Employment information Income
Consumers Credit Union FAQs
Do Consumer Credit Union offer a rate discount when you sign up in autopay? Yes. The auto loan borrowers get a 0.25 percent rate cut so that they can make an auto loan more affordable.
Are there any guarantees that Consumer Credit Union offer extended warranties and guaranteed asset protection (GAP)? Consumer Credit Union does not offer extended warranties, but it has partnered with ForeverCar to offer low-cost mechanical repair insurance for those who borrow. However, the borrowers are able to purchase GAP coverage directly through The credit union the moment of the purchase.
What is the procedure? Bankrate Rates Consumers Credit Union
Overall score
4.1
Availability
4.5
While loan amounts aren’t disclosed, CCU offers three auto loan products that are available in every state in the 50 states.
Affordability
3.8
CCU uses traditional acceptance criteria and holds an average minimum APR, but does not disclose it’s maximum rate.
Customer experience
4.2
CCU offers a user-friendly website that offers seven days a week of customer support with a variety of hours.
Transparency
4
CCU allows borrowers to get prequalified without a credit check however, it doesn’t provide all of its loan details online.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are available and APR range all influence lender scores. These scores are split in to four groups. Accessibility : Loan amounts, repayment options, dealership requirements and state availability all make up this category. Accessibility: This section includes APR ranges, acceptance criteria, fees and discounts. Customer experience: How long you’re required to shop, the customer service accessibility, and whether there’s an app or autopay option are accounted for within this category. Transparency: This section accounts for the availability of fees and rates along with whether prequalification is available.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and are not evaluated or acknowledged by any advertiser. The information such as rates and charges, presented in the review is correct up to the date when the review first appeared. Look over the information at the top of this page, and the lender’s website to find the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely taking out loans to buy the car they want.
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 passionate about helping readers feel confident to control their finances by providing concise, well-studied data that makes complicated topics into bite-sized pieces.
Auto loans editor
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