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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 has a specialization in helping readers with the ins and outs of securely taking out loans to purchase an automobile.
Edited 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 gain confidence to control their finances through providing precise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
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, publishing original and objective content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies who pay us. This compensation may impact how and where products appear on this site, including such things as the order in which they may appear within the listing categories, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible 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, including rates and fees that are included in the review is accurate at the time that the review was written. Look over the information at the top of this page as well as the lender’s site for the most up-to-date information.
At a glance 4.1 rating: 4.1 stars out of 5
Score of the Bankrate
Rating of Availability: 4.5 stars out of 5
Cost of Affordability: 3.8 stars out of five
Customers’ Experience Score: 4.2 5 stars from five
Transparency Rating: 4 stars out of 5
Find out about rates on auto loan rates
More about Consumers Credit Union Loan amount Not specified
Min. credit score Not specified
APR starting at 5.24%
Funds available in Not specified
Pros and pros and Consumers Credit Union auto loans Before signing off on an application, take note of the benefits and drawbacks associated with a Consumers Credit Union auto loan.
PROS In-person availability
TrueCar buying service
Preapproval available
CONS Unknown loan amounts
Membership is a requirement
Consumers Credit Union (CCU) is a member-owned credit union that offers new, used and auto refinance loans. Although you have to be an existing member, you can be accepted for only a $5 fee and a deposit of $5 or more into the bank account of one. CCU has many brick-and-mortar establishments throughout the United States, along the online registration procedure which allows customers to purchase and finance their automobile.
Do you qualify? CCU does not provide particular requirements. However, the most favorable rates are usually offered to those with a good credit score since credit is used as the primary measure for approval by CCU. Our favorite things and dislike. Although certain loan specifics are not disclosed, CCU does offer many benefits and discounts for loan holders. We like the convenience of in-person access. CCU has multiple branches throughout the United States. TrueCar purchasing service. The partnered car-buying service helps you save even more money. Plus, you can find the perfect ride and secure financing all at one time. Preapproved financing. Drivers can access the online preapproval tool to review financing numbers without affecting their scores on credit. We are not a fan of unpublished loan amounts. CCU does not disclose loan amounts for new, used and refinance loans. Membership prerequisites. You must be an active member of CCU in order to get auto loan approval. How to contact Consumers Credit Union CCU offers assistance to customers Monday through Friday between 8 a.m. to six p.m. CT and on Saturdays from 8 a.m. until 2.30 p.m. CT. In addition to assistance available via the phone, any questions are answered through secure messaging on the site.
Auto loan kinds offered Consumers Credit Union offers auto loans for new and used 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
The financing of a used or new vehicle with CCU does not require a minimum amount and can be done either online as well as in-person. If you choose to shop through the available services for buying a car, you could enjoy additional savings. Prequalification is offered regardless of whether you decide to use the car-buying service.
Refinance
Quick facts about loans Terms range from 36 to 84 month APR: Beginning at 4.94 percent
Refinancing is an excellent option to cut down on your monthly installments and leave with the best loan. Or you can choose a shorter loan duration than the one you currently have to pay your outstanding balance faster. The specifics of refinancing is available by contacting an loan professional at CCU. How to apply for the loan through Consumers Credit Union The loan application procedure can be completed entirely online, either at any or more CCU branches, or by phone. The process is a simple five steps.
Steps to apply Submit your application. Fill out the application either online or over the phone. It is required to provide your SSN along with basic contact information. This process does not involve a hard credit pull. However, if you are approved the applicant will be subjected to a full credit check. Discuss details. You will be contacted by a CCU agent who’ll explain rates and conditions. Find the perfect car. Now is the time to begin your shopping with an idea of your monthly budget. The best rates are offered to those who use this Consumers Car Buying Service. If you’re looking to refinance, you’ll need to provide information about the current loan. Complete documentation. When you have decided on a car, you will send the purchase agreement to CCU by email or fax. Then you must confirm the purchase agreement online or at an CCU branch. Funds provided to the dealership. Then, CCU will send the loan check directly to the dealer, or you can pick it up yourself.
Information required for application: Application information: Name, Social Security number and birthdate Address Email address, as well as phone number Employment information Income
Consumers Credit Union FAQs
Do Consumer Credit Union offer a rate discount when you sign up in autopay? Yes. Auto loan applicants receive a 0.25 percent rate cut to make their auto loan less expensive.
Does 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 affordable repair services to borrowers. However, the borrowers are able to purchase GAP insurance directly from the credit union at the moment of the purchase.
How Bankrate rate Consumers Credit Union
Overall score
4.1
The availability
4.5
Even though loan amounts are not publicized, CCU offers three auto loan products in all 50 states.
Affordability
3.8
CCU employs traditional acceptance criteria. It has an average minimum APR, but doesn’t disclose its maximum APR.
Customer experience
4.2
CCU has an easy-to-navigate website that offers seven days a week of customer service with a range of hours.
Transparency
4
CCU allows borrowers to get prequalified without a hard credit test however it doesn’t publish the entire loan details online.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Criteria for acceptance, whether rates and fees are available and APR range all influence lender scores. The scores are divided in four different categories. The availability of loans and repayment options, dealership requirements and state availability all are a part of this category. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you’ll need to spend shopping, customer service availability, whether you have an app or autopay option are all covered in this section. Transparency: This section accounts for the accessibility of rates and fees along with the availability of prequalification.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been evaluated or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate as of the date that the review was written. Check the data at the top of this page and the lender’s site for the most current 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 ways and pitfalls of using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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