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Consumers Credit Union
Consumers Credit Union: 2023 auto loan review published 2023-01-01 at 00:00:00
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.
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 gain confidence to manage their finances by providing concise, well-researched, and clear 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 choices by providing you with interactive tools and financial calculators as well as publishing original and objective content. This allows users to conduct research and analyze data for no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies who pay us. This compensation could affect how and where products are displayed on the site, such as such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be available to you.
About our reviews Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer , and are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review are accurate as of the date that the review was written. Look over the information on the right, and the lender's website for the most recent information.
At a glance 4.1 Rating: 4.1 stars out of 5
Score of the Bankrate
Availability Rating: 4.5 stars out of 5
The Affordability Score: 3.8 stars out of five
Customers' Experience Score: 4.2 5 stars from 5
Transparency Rating 4 stars out of 5
Find out about auto loan rates
Information about Consumers Credit Union Loan amount not specified
Min. credit score not specified
APR that starts at 5.24%
Funds available in Unspecified
Pros and pros and Consumers Credit Union auto loans Before signing off on an application, consider the benefits and drawbacks associated with a Consumers Credit Union auto loan.
PROS In-person availability
TrueCar purchasing service
Preapproval available
CONS Undisclosed loan amounts
The requirement for membership
Consumers Credit Union (CCU) is a member-owned credit union that offers new, used or auto refinance loans. While you must be an existing member, you can be accepted for just a $5 cost and a deposit of another $5 or more into one of its bank accounts. CCU has many brick-and-mortar establishments throughout the United States, along and an application online procedure where drivers can both search for and finance a automobile.
Do you qualify? CCU does not disclose any particular conditions. However, the highest rates are typically offered to those with a good credit score, since credit score is the primary measure for approval with CCU. What we like and dislike. Although certain loan specifics are not disclosed, CCU does offer many discounts and benefits to loan holders. We appreciate the availability in person. CCU has numerous branches throughout the United States. TrueCar buying service. The partnership with the car-buying service lets to save money. Plus, you can find the perfect ride and secure 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. What we don't like Undisclosed loan amounts. CCU doesn't disclose loan amounts for new, used as well as refinance loans. Membership requirements. You must be an existing member of CCU in order to get an auto loan approval. Contact details Consumers Credit Union CCU offers assistance to its customers from Monday through Friday between 8 a.m. to 6 p.m. CT and on Saturdays from 8 a.m. to two p.m. CT. In addition to assistance available via the phone, any questions are answered through secure messaging via the website.
Auto loan types offered Consumers Credit Union offers auto loans for new and used automobiles, as well as the option of refinancing your auto. New and used purchase loan
The loan quick facts are include: 36 to 84 months APR: Starting at 4.94%
The financing of a used or new vehicle with CCU does not require a minimum amount and can be completed on the internet or in person. If you decide to use the services for buying a car, you could enjoy additional savings. Prequalification is possible even if you choose not to use the car-buying service.
Refinance
Loan quick facts Terms range from 36 to 84 month APR: From 4.94%
Refinancing is an excellent method to reduce your monthly installments and walk away with a better loan. It is also possible to select an earlier loan duration than the one you currently have to pay your outstanding balance faster. The specifics of refinancing can be found by calling the loan professional with CCU. How to apply for an loan through Consumers Credit Union The loan application process can be accomplished entirely online, either at any of the CCU branches or by phone. The process is a simple five steps.
How to apply Submit the application. You can fill out the application via the internet or over the phone. You will need to provide your SSN and basic contact details. This process does not involve an actual credit check. After approval, you will undergo an entire credit report. Discuss details. You will be contacted by an CCU agent who'll provide rates and conditions. Shop for your vehicle. Now is the time to begin your shopping with an idea of your expected monthly payments. The most competitive rates are available to drivers that utilize this Consumers Car Buying Service. If you're looking to refinance, you'll have to give details about the current loan. Complete documentation. Once you've decided to purchase a car, you will forward the purchase contract to CCU via email or fax. Then you must sign off on the documents either online or in a CCU branch. Funds are then transferred to the dealership. Then, CCU will send the loan check directly to the dealer or you can collect it yourself.
Required application information The name Social Security Number and birth date Address Email address, as well as phone number Employment information Information on income
Consumers Credit Union FAQs
Does Consumer Credit Union offer a rate discount if you enroll in autopay? Yes. Auto loan applicants get an 0.25 percent rate reduction in order to help make the auto loan less expensive.
Are there any guarantees that Consumer Credit Union offer extended warranties as well as guaranteed assets protection (GAP)? Consumer Credit Union does not provide extended warranties. However, it is in partnership with ForeverCar to offer affordable mechanical repair insurance for borrowers. However, borrowers can purchase GAP insurance directly from Credit Union at moment of purchase.
How Bankrate Rates Consumers Credit Union
Overall score
4.1
The availability
4.5
Although loan amounts are not disclosed, CCU offers three auto loan products across every state in the 50 states.
Affordability
3.8
CCU employs traditional acceptance criteria. It has a middle-of-the-road minimum APR but CCU does not reveal the maximum amount of APR.
Customer experience
4.2
CCU has an easy-to-navigate website and offers almost every day of the week customer support with a variety of hours.
Transparency
4
CCU allows borrowers to be prequalified without a hard credit test however it doesn't publish all of its loan details online.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, rates and fees are offered and the range of APR all impact lender scores. These scores are broken up in four different categories. The availability of loans and repayment options, dealership requirements and availability to state are a part of this category. Affordability: This section houses APR ranges and acceptance criteria, along with discounts and fees. Customer experience: The length of time you'll need to shop, the customer service availability, whether you have an app or autopay option are covered within this category. Transparency: This section accounts for the accessibility of rates and fees and the availability of prequalification.
Disclaimer The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer , and are not evaluated or approved by any advertiser. The information such as rates and charges provided in the review are accurate up to the date when the review first appeared. Look over the information in the upper right hand corner of the page and the lender's site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of using 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 the end of 2021. They are committed to helping readers feel confident to manage their finances with clear, well-researched data that makes complex subjects into digestible pieces.
Auto loans editor
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