Consumers Credit Union Auto Loans Review 2021
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auto loan refinancing?
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Use Jerry to compare loan rates from dozens of lenders and make it easier to pay off your financed vehicle. All you need is a few minutes and a smartphone.
Calculate your APR
Here’s a handy tool to help you calculate your approximate loan interest rate:
Average Annual Interest RateAverage Monthly Payment8.45$362
Consumers Credit Union auto loans overview
Consumers Credit Union (CCU) is a credit union based in Illinois, although it offers auto loans and auto refinancing to customers across the country.
Here’s everything you need to know about Consumers Credit Union auto loans:
- Starting APR: 2.69% to 21.24%
- Minimum loan amount: $5,000
- Loan terms: Up to 84 months
- Application fee: No
- Prequalification or preapproval: Yes
- How to apply: Online, by phone, or in-person
Consumers Credit Union auto loan prosConsumers Credit Union auto loan consAvailable in 50 statesMust become a CCU member to get a loanLow rates for qualified borrowersHard credit checkInterest is only required on your unpaid balanceAPRs go up to 21.99%Rate reduction (up to 0.50%) available for CCU members who set up autopayOrigination feeService for car buyingNo preapproval with soft credit checkOlder vehicles eligible$29 late fee
What kind of auto loans does Consumers Credit Union offer?
Consumers Credit Union offers loans for new and used vehicles, motorcycles, RVs, and boats, as well as auto loan refinancing.
How much do they cost?
Your interest rate will depend on factors like your credit score, your car’s model year, and loan term. Consumers Credit Union offers APRs starting from 2.24%.
Who is eligible?
To qualify for a Consumers Credit Union auto loan, you must:
- Be at least 18 years old
- Have a valid U.S. government-issued ID
Getting a quote
To apply for a Consumers Credit Union auto loan, you’ll need to apply online, over the phone, or in person at a local CCU branch. You will need to provide the following information:
- Loan type
- Loan amount
- Date of birth
- Social Security number
- Employment status
You will also need to pay a $5 membership fee and make a minimum deposit of $5.
Consumers Credit Union does not offer financing for vehicles over 40 years old or vehicles with over 300,000 miles on the odometer.
Consumers Credit Union offers auto loans starting at $5,000.
Refinancing your Consumers Credit Union auto loan
You can refinance an existing auto loan of up to $150,000 with Consumers Credit Union. To qualify, you must have an annual income of at least $6,000.
You may want to think about refinancing if:
- You can no longer afford your monthly payments
- You have high interest rates
- Your credit score has significantly improved since you took out the loan
What if Consumers Credit Union isn’t the right choice for you?
Your loan terms may vary based on your credit score, employment status, income, and more. If you want to compare rates, it’s a good idea to shop around.
Jerry is the super app that helps you save on all your car-related expenses, including auto loan refinancing.
After a quick sign-up, Jerry will compare loans from dozens of different lenders to find you the best loan terms. Even better, Jerry will handle all the hard parts of refinancing so that you can sit back and enjoy the monthly savings.
Here are average rates from some of the most popular lenders:
LenderStarting APRTerms (months)Loan amountBank of America2.59%48–72$7,500+Lightstream2.49%24–84$5,000–$100,000myAutoLoan2.49%24–72$8,000+Carvana3.9%36–72$1,000–$85,000Capital One3.99%36–72$4,000–$50,000
What credit score do you need to get a Consumers Credit Union auto loan?
Consumers Credit Union will consider borrowers with credit scores as low as 640.
How do you apply for a Consumers Credit Union auto loan?
You can apply for a CCU auto loan online, over the phone, or in-person at a local branch.