Consumers Credit Union auto loans review December 2018 | finder.com

Consumers Credit Union auto loans review

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Find some of the most competitive auto loan rates at this credit union open to residents of all 50 states.

Consumers Credit Union offers flexible auto financing with competitive rates for vehicles from 2012 or newer. Your loan term will depend on the year of your vehicle.

Product NameConsumers Credit Union Auto Loans
APR2.24% (starting at)
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
RequirementsMembership with Consumers Credit Union, residency, work, study or worship in lower Michigan or an immediate relative of a CCU member, at least 18 years old, legal US resident, be employed, plan to buy or refinance a car model that’s no older than 2007.
  • Membership with Consumers Credit Union.
  • Residency, work, study or worship in lower Michigan or an immediate relative of a CCU member.
  • At least 18 years old.
  • Legal US resident.
  • Employed.
  • Plan to buy or refinance a car model that’s no older than 2007.

First, do I qualify?

To qualify for an auto loan with Consumers Credit Union, you must meet standard eligibility:

  • Membership with Consumers Credit Union.
  • Legal US resident and at least 18 years old.
  • Employed.
  • Plan to buy or refinance a car model that’s no older than 2007.

What makes Consumers Credit Union auto loans unique?

Consumers Credit Union makes the process of getting an auto loans more personal than you’ll find with most other lenders. All borrowers are required to speak with a CCU rep to after applying to make sure it’s a good fit.

And rather than a minimum or maximum, your loan ultimately depends on the cost of your car.

What types of car loans does Consumers Credit Union offer?

Finance a new car or refinance an existing auto loan with CCU. The rates and terms you ultimately qualify for depend on the age of your car along with other factors. Loan terms range from 3 to 7 years, with the lowest rates being offered for loans with shorter terms.

CCU can also finance boats, RVs and motorcycles. You can add mechanical repair coverage to your auto loan to protect you 24/7 if your vehicle breaks down.

    What are the benefits of a CCU car loan?

    • Accepts coapplicants. If you share your car with a loved one, apply together to share the cost. Or benefit from stronger credit and higher income to increase your chances of approval and low rates.
    • Competitive rates. CCU’s rates are some of the most competitive car loan rates out there.
    • Flexible financing. There’s no limit to how much you can borrow with this lender. It all depends on the cost of your car.
    • No down payment on most loans. Unless your loan is worth 105% of your car’s value, you won’t need an upfront payment to get a competitive rate. You can get a loan with no down payment for larger amounts, though not necessarily at the lowest rates.
    • Car-buying service. If you’re not sure where to start, go through CCU’s car buying service to find a dealer and a car that works for you.
    • Available nationwide. Although CCU is an Illinois-based credit union, its auto loans are available to residents of any state.

    What to watch out for

    • Members only. Requiring membership is standard for any credit union, but it adds another step to the application process.
    • Higher costs for older cars. Although this pricing is standard among auto lenders, CCU charges higher rates for cars older than 2012. That year cutoff may seem short for some borrowers.

    Compare more car loan providers

    Rates last updated December 15th, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Term of Loan Requirements
    car.Loan.com Car Loans
    Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
    300
    Varies by lender
    Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Auto Credit Express Car Loans
    Get connected with an auto lender near you, even if you have bad credit.
    300
    Typically 3 to 6 years
    Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
    LightStream Auto Loans
    Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
    Good to excellent credit
    Flexible terms
    Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
    RateGenius Auto Loan Refinance
    Connect with a network of over 150 lenders to refinance your car loan.
    510
    Varies
    Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
    LendingClub Auto Refinancing
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    Fair or better credit
    Minimum of 2 years
    Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
    MotoRefi Car Loan Refinancing
    A car loan connection service for borrowers looking to refinance.
    525
    1–6 years
    Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
    LendingTree Auto Loans
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
    Good to excellent credit
    Typically 1 to 7 years
    Must be a US citizen and 18+ years old. Must have good to excellent credit.

    Compare up to 4 providers

    How do I apply?

    You don’t need to be a CCU member to start an application, but must join the credit union during the process of getting your loan. To join, you’ll open a savings account with a $25 sharehold that you get back after you’ve paid off your loan.

    Eligibility

    Requirements to join the credit union include:

    • You must be a legal US resident.
    • You must be at least 18 years old.

    Consumers Credit Union doesn’t advertise many hard credit requirements for its auto loans. It looks at factors like your career history, how long you’ve been at your current job and your credit rating when considering your application.

    Your likelihood of approval is higher with a credit score of at least 500 and steady employment.

    Steps to apply

    Apply for an auto loan through your dealership or directly with the credit union. If the dealership you have in mind isn’t already a CCU partner, go through AutoSmart, an auto-buying service designed to help you find a vehicle and loan that’s right for you.

    Apply online at Consumers Credit Union’s website:

    1. Click or hover over Loans in the main navigation bar and select Autos | RVs | Boats.
    2. Click Apply Now.
    3. Complete the short form, and click Create New Application.
    4. Follow the directions to complete and submit your application. If you aren’t a member, you’ll sign up while applying.
    5. Wait for a CCU rep to reach out to you with a preliminary idea of your rates and terms. At this point, they might ask to set up a meeting to make sure you’re a good fit, providing you with a list of documents to submit.
    6. Review and sign your loan documents.
    7. Wait for Consumers Credit Union to disburse your funds. For dealership payments, you’ll typically receive a cashier’s check.

    Approval for a CCU auto loan can take from 24 to 48 hours.

    What documents do I need to apply?

    Consumers Credit Union doesn’t advertise a list of required documentation for auto loans, though expect to provide government-issued ID and a copy of your most recent pay stub.

    I got the loan from Consumers Credit Union. Now what?

    • Start your repayments. If you have a credit score of 670 or higher and need extra time to get your finances together before you start repaying your loan, you can request to defer your car payments by 90 days. Otherwise, you’ll start repayments by the date indicated on your contract.
    • Sign up for autopay. You won’t have to worry about taking time out of your day to manually pay your loan each month.
    • Get support. Reach out to customer service at 800-991-2221 if you have any questions or find yourself unable to repay your loan.

    Bottom line

    Consumers Credit Union’s car loans come with some of the most competitive rates in the market. There are no fixed limits on your loan amount, and you’ll face fewer restrictions than you might with other lenders.

    To learn more about how car loans work and to compare lenders, read our comprehensive guide to auto loans.

    Frequently asked questions

    Anna Serio

    Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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