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Who is Consumers Credit Union Best For?
Consumers Credit Union is best for borrowers with excellent credit who qualify for the credit union's lowest rate or for borrowers who need a cosigner on their loan. If you're unsure the amount of money you'll need, the credit union is also a great option as it has no defined minimum or maximum loan amount.
Borrowers will also avoid an origination fee, though they will fork over a late fee if they fall more than 10 days behind on their payments.
Pros and Cons of Consumers Credit Union Auto Loans
How to Apply For a Consumers Credit Union Auto Loan
1. Get together required information. This includes your address, Social Security number, income details. Consumers Credit Union will ask you to sign into your account or open one when you apply for a loan. You can apply online or over the phone. You'll need to be 18 years of age or older.
3. Submit a formal application and wait for an approval decision. You'll submit your loan application at the dealership, where the dealer will access your credit report to get a full view of your credit history.
3. Fit your monthly payments into your budget. The amount you'll pay per month will depend on the interest rate you receive, the amount of money you borrowed, and your term length. Make sure you have enough money to budget for auto loan payments.
Consumers Credit Union Frequently Asked Questions
How long does Consumers Credit Union take to approve a loan?
Consumers Credit Union may offer preapproval within 20 minutes for its loans. It will also usually fund auto loans within 48 hours.
Does a credit union car loan help your credit score?
If you make reliable, on-time payments, you may improve your credit score with an auto loan from a credit union. Consumers Credit Union will report your payments (or lack thereof) to the three major credit bureaus.
What credit score do you need to refinance your car with a credit union?
Consumers Credit Union doesn't have a minimum credit score required for its auto loans. Instead, it considers each applicant on a case-by-case basis.
Consumers Credit Union Trustworthiness
Consumers Credit Union is a Better Business Bureau-accredited business that has an A+ grade. The BBB is a nonprofit organization focused on consumer protection and trust. It grades companies by looking at their response to customer complaints, truthfulness in advertisements, and transparency about business practices.
A great BBB grade doesn't guarantee you'll have a good relationship with the credit union, so talk to others who have used it to get more information.
The company hasn't been involved in any recent controversies. Between its top-notch BBB grade and clean history, you may feel comfortable borrowing from Consumers Credit Union.
Consumers Credit Union Competitors
Consumers Credit Union vs. PenFed
Both lenders have comparable rates and require membership to get a loan. You can become a member of PenFed by opening a savings account with a $5 minimum deposit. Borrowers who pay a one-time $5 membership fee to the Consumers Cooperative Association qualify for membership with Consumers Credit Union.
Neither Consumers Credit Union or PenFed charge any origination fees. Origination fees are taken out of the overall cost of your loan and increase the cost of your borrowing.
Consumers Credit Union vs. Navy Federal
The only eligible borrowers for Navy Federal are active military members or veterans, as well as employees or retirees of the Department of Defense. Family members of any of the aforementioned groups also qualify.
Navy Federal's minimum rates are more competitive than Consumers Credit Union, but you'll need an excellent credit score to qualify for them.
Why You Should Trust Us: How We Rated Consumers Credit Union Auto Loans
We rate all auto loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Borrower accessibility (15% of rating)
- Variety of loans (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our ratings methodology for auto loans ยป