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Consumers Credit Union
8.3
ratings

Overview

Consumers Credit Union (CCU) offers a set of flexible auto loans with competitive rates for vehicles from 2012 or newer. The loan term will depend on the year of your vehicle, no matter if it’s for highways or waterways, or if it is a motorcycle or a car.

Consumers Credit Union’s process of getting an auto loan is more personal as compared to other lenders. All the borrowers are required to speak with a CCU representative after applying to make sure that the loan is a good fit. Moreover, there is no minimum or maximum limit with CCU. The term of your loan ultimately depends on the cost of your car.

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Pros

  • Competitive rates of interest
  • Offers loans with no down payment
  • Provides useful tools and programs

Cons

  • Membership required to get loans
  • Higher interest rates for older vehicles
  • Company runs a hard credit inquiry

Disadvantages

You need to be a member of CCU to avail of an auto loan. Though it’s pretty standard, CCU charges higher rates of interest on cars older than 2012. This factor might put off some borrowers.

Advantages

With CCU, you can share your loan with your partner or benefit from stronger credit and higher income that increases your chances of approval and gets you lower rates of interest. CCU provides you with some of the most competitive rates on auto loans. Since it all depends on the cost and condition of the car, there’s no specific limit to the amount of loan offered by CCU.
You won’t need to give an upfront payment to get competitive rates unless your loan is worth 105% of your car’s value. You can also get a loan with no down payment for larger amounts, though this is not valid for the lowest rates of interest.

Other offerings

Besides auto loans, Consumers Credit Union also provides home equity loans which you can use for home remodeling, college tuition, and travel and vacation. They also offer credit cards which can help you save money or earn rewards for both home and business purposes. The small business loans by CCU provides business owners with some extra funding. CCU also offers other loans like share secured loans, personal loans, and unsecured loans. They provide great services and offer competitive rates.
CCU also has a Consumers Credit Smart program that helps you build your payment history to qualify for the loan you need. Once the program is completed, you’re guaranteed to get a Consumers Credit Union auto loan or credit card. If you enroll in this program, you will complete a budgeting session with their partner GreenPath Financial Services during the term of the loan. They provide money management and financial education, free of charges, to CCU members.

Terms and conditions

To get an auto loan with Consumers Credit Union, you must meet its standard eligibility requirements like you must be a member of the Consumers Credit Union. You must be a lawful resident of the country and at least 18 years of age to avail of a loan. You should be employed with a regular source of income. They also have a requirement according to which you can only plan to buy or refinance a car model that’s no older than 2007.
Consumers Credit Union does not press hard on credit requirements for its auto loans. It looks at other factors like your career history, how long you’ve been at your current place of employment, and your credit rating while considering your application. You are more likely to get approval if you have steady employment.

Tools offered

To make your task easy, CCU provides you with four tools to help you select your ideal car and auto loan. “Auto Loan Rate” lists all the interest rates for every type of vehicle, based on their model number, price, and age. You can use these charts to find your ideal loan. The “Vehicle Pricing” helps customers approach the loan from a vehicle’s perspective. Customers can use it to determine the interest rate and estimated loan amount for their dream vehicle.

The “CCU Calculator” helps you determine the monthly payment, and using this figure, you can find out if you can afford the vehicle. The “Auto Inventory” helps you apply for the loan directly or through a partnered dealership.

Credit score

Consumers Credit Union will offer an auto loan to people who have a minimum credit score of 640. Note that this financial organization will run a hard credit inquiry which may pull down the credit scores a little. While it has a maximum APR of 21.99%, on an average, borrowers pay an interest rate of 5.09%. This figure will vary depending on the applicant’s credit score, and people with low scores may have to pay high rates of interest.

Applying for a loan

You don’t need to be a member of CCU to apply for a loan, but during the process of getting a loan, you must join it. You will need to open a savings account with a $25 shareholder that you get back after you’ve paid off your loan.

You can apply for a loan either from CCU directly or through a dealership. If the dealership you have chosen isn’t a CCU partner, then you can use AutoSmart, which is an auto-buying service designed to help you find a vehicle and loan that’s right for you.

  • To apply for an auto loan from CCU, you can go to their website and click on “loans” on the menu bar and select “Auto.”
  • Select “Apply now” and fill a small form. Then, click on “Create new application.”
  • Follow the set of instructions given to complete and submit the form. If you are not a member, then you have to sign up during the process.
  • Now, wait for a CCU representative to reach out with a preliminary proposal of rates and terms. They might provide you with a list of documents for submission.
  • Once you get the loan papers, review and sign them.

Wait for CCU to disburse your funds. You will get a cashier’s check for the dealership payment.

Consumers Credit Union