Consumers Credit Union (CCU) is a nonprofit financial cooperative offering competitive new and used auto loans to its members. CCU provides flexible loan terms along with discounts and an innovative online car buying program.
Introduction to Consumers Credit Union
Founded in 1951, Consumers Credit Union is a member-owned credit union providing banking and lending services. While originally starting in Illinois, CCU now operates in all 50 states with online and mobile access supplementing their nationwide branch locations.
CCU offers auto loans and refinancing options to its over 225,000 members. As a financial cooperative, profits go back to members in the form of better rates and reduced fees.
Consumers Credit Union Auto Loan Options
Consumers Credit Union provides the following auto lending options:
New Car Loans
- Undisclosed maximum amounts
- Terms from 36 to 84 months
- Rates starting at 5.94% APR
Used Car Loans
- Undisclosed maximum amounts
- Terms from 36 to 84 months
- Rates starting at 6.19% APR
Refinancing
- Details not published online
- Contact for personalized rate and term quotes
While CCU does not publish its exact loan amounts or full refinancing details online, borrowers can prequalify to view eligible terms. Used vehicles have rates starting slightly higher than new cars.
Becoming a CCU Member
To qualify for CCU’s lending programs, you must first become a member. Membership is open to:
- Anyone living or working within service area counties
- Immediate family members of current CCU members
- Employees of partner companies
- Join by paying $5 membership fee
You can apply easily online. This makes you eligible to open CCU accounts and apply for loans advertised for members only.
The CCU Auto Loan Application Process
The application process for CCU auto loans allows online, phone, or in-branch submissions. You can get prequalified without a hard credit check before formally applying. Information required includes:
- Contact details and income verification
- New or used vehicle details
- Loan amount and term length requested
CCU states that they review your entire financial profile, not just your credit scores. This includes income, existing debts, assets, job history, and other factors.
Additional Features from CCU Auto Loans
Along with having competitive baseline interest rates, CCU auto loans offer:
- 25 basis point discount for setting up autopay
- Online car buying program with guaranteed discounted pricing
- Option to add mechanical breakdown insurance
- No application fees or prepayment penalties
READ ALSO: Unsecured Auto Loans: How They Work and Who Should Get One
How CCU Compares to Other Lenders
PenFed Credit Union – Also has an online car buying program for added discounts. PenFed offers a few more member amenity discounts like for loyalty and hybrid vehicles.
Skyla Credit Union – Skyla discloses higher maximum loan amounts than CCU but cannot match the car buying features. Application and underwriting criteria are fairly similar between the two credit unions.
Pros and Cons of CCU Auto Loans
Pros
- Discount auto buying program
- Prequalification available
- Multiple branch locations nationwide
Cons
- Restrictive membership requirements
- Maximum loan amounts not published
- Used car rates slightly higher
Contacting CCU’s Member Services Team
Consumers Credit Union offers customer support through:
- Telephone service 6 days a week
- Secure messaging via online banking
- Email and online contact form submissions
- 100+ branch locations in 23 states
To Recap
Consumers Credit Union provides members competitive new and used auto financing rates aided by discounts and innovative car buying tools. While exact loan maximums are not disclosed, prequalification allows members to view potential terms with no credit impact. Overall CCU auto loans earn 4.4 out of 5 stars from Bankrate based on great availability, affordability, customer service and transparency.
Frequently Asked Questions About CCU Auto Loans
What is the minimum credit score for a CCU auto loan?
CCU does not disclose a minimum credit score. Applications are evaluated holistically based on credit reports, income, and other information. Those with lower scores likely pay higher interest rates or provide a down payment.
Can I get pre-approved for a CCU auto loan?
Yes, CCU allows borrowers to get pre-approved to finalize loan terms and lock rates for up to 30 days while car shopping. Pre-approvals require a hard credit check. Prequalification without the credit check is also available.
Does CCU offer special financing on new Toyota models?
No, CCU does not have a specific dealer partnership with Toyota models. However, members can utilize CCU’s car buying program to access guaranteed discounted pricing on thousands of new car makes/models when purchasing and financing together.
What is the longest repayment term offered on CCU auto loans?
CCU allows auto loan terms up to 84 months (7 years). This allows borrowers to get more affordable monthly payments by extending the repayment timeline, especially on more expensive new cars and trucks.
How can I lower my interest rate on a CCU auto refinance loan?
Enrolling in CCU’s auto pay program allows borrowers to reduce their interest rate by 0.25%. Having a loan balance over $20k and a strong credit score can also qualify refinancing members for additional rate discounts.
In another related article, How to Get an Auto Loan Online: A Complete Guide
