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Consumer Credit Union Auto Loans Review

Reviews 14
Consumers Credit Union
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Consumers Credit Union
Consumers Credit Union
Poor
Reviews 14
Sean Lapointe
Apr. 17, 2024
4 min read
LaPointe
Consumers Credit Union Summary
Consumers Credit Union (CCU) provides loans for purchasing new and used cars and for refinancing existing loans. It also offers a car-buying service in partnership with TrueCar, making it a one-stop solution for both vehicle shopping and financing. CCU offers repayment terms of up to 84 months. Customer support is available on the phone 24/7 and via live chat during regular business hours on weekdays.

Pros

  • Can be used for both new and used cars
  • Provides 24/7 customer service on the phone
  • Offers a car-buying service with special member pricing
  • Available nationwide

Cons

  • Credit union membership required to receive a loan offer
  • Higher rates for older cars

Consumers Credit Union at a glance

8.8
Editorial score

Online experience

Limited learning resources, access to rates, mobile app
8.0

Customer services and support

Award winning
10.0

Loan Types

Offers most loan types
8.0

Repayment Flexibility

Offers flexible repayment plans & the option for special repayment programs
10.0

Eligibility (credit score)

Doesn't cover bad credit
8.0

Consumers Credit Union Consumers Credit Union Visite Site

Suitable For?

Consumer Credit Union is suitable for people who want to get pre-approved before they shop for a car. Pre-approval lets you know the rate you can get, monthly payment estimates, and your maximum loan amount ahead of time. This enables you to set a budget and focus on searching for cars within your price range.

CCU can also be a great option for people who want to shop for a car and secure financing all in one place. The credit union offers an online car-buying service—for both new and used cars—powered by TrueCar. You can use the service to search for your ideal vehicle by zip code and enjoy special member pricing.

Features

Consumer Credit Union offers loans for new and used car purchases as well as refinance loans. There are no mileage or vehicle age restrictions, but older cars come with higher rates.

Although all of CCU’s physical branches are in Illinois, its loans are available nationwide. 

Application Process

Joining Consumer Credit Union

You don’t have to be a member of the credit union to apply for a loan. However, to receive an official offer, you’ll have to join first. The latter is easy to do online via the Consumer Credit Union website and costs only $5.

To apply for a loan or become a CCU member, you must:

  • Be 18 years and above
  • Have a valid government ID
  • Have a valid Social Security Number

Applying for a loan

Applying for a loan at Consumer Credit Union is seamless, thanks to a well-defined six-step process. 

  1. Check your rate by completing a brief application online or over the phone. This includes providing personal information (such as your name, Social Security Number, phone number, and birthdate) and vehicle specifics like type and model year. During this step, the company will conduct a soft credit check, which won’t affect your credit score.
  2. Provide more information, like proof of identity and income, to get a formal loan offer. This time, CCU will carry a hard credit check, which can impact your credit score.
  3. Wait for a CCU representative to get in touch to discuss your loan terms and options.
  4. Now that you have specifics about the loan amount, rate, and expected monthly payments, you can start shopping for a car. Do this either on your own or through CCU’s TrueCar service.
  5. After choosing your vehicle, forward your purchase agreement to CCU via fax or email. Then, sign the official loan documents. You can do this electronically or in person at a local CCU branch.
  6. Pick up the loan check at the branch or instruct CCU to send it directly to the seller or dealership.

Loan Types and Terms

CCU doesn’t reveal its maximum and minimum amounts for purchase or refinancing loans. CCU rates include a 0.25% discount when you set up automatic payments.

Repayment Terms

CCU offers repayment terms of up to 84 months. This is in line with what many other top loan lenders currently offer. 

The company provides a cushion if you experience financial hardship by allowing you to skip loan payments twice a year. Confirm you qualify for this feature by logging in to your online banking account. 

CCU also extends a 10-day grace period before it charges you any late fees.

How Safe Is It?

Consumer Credit Union uses AES 256-bit encryption and Secure Sockets Layer (SSL) technology to secure online interactions between you and the company. Together, these effectively scramble any information you send to CCU, preventing hackers and third parties from accessing and reading it.

The company also employs Enhanced Authentication, a feature that recognizes your device and usage patterns and uses that information to deter suspicious activity. For example, if there’s a questionable login attempt from an unrecognized device, the system will trigger additional identity verifications before allowing access.

A transparent privacy policy is available on CCU’s website. It provides extensive details about the information the company collects from you, plus how it shares and protects it from misuse.

Help and Support

CCU offers 24/7 phone support at 877-275-2228. The company doesn’t guarantee a response time, however. 

Credit union members can also access customer service through live chat within their online banking account from Monday-Friday, 9am-5pm CT.

In addition, residents of Illinois can receive face-to-face assistance at local CCU branches. Those outside the state can visit a Co-op shared branch location. Visit the locations & hours page of CCU’s website to check each branch’s working hours or schedule an in-person support appointment.

Elsewhere on the company’s website is a helpful FAQ section that offers quick answers to common inquiries about CCU’s auto loans.

How Consumer Credit Union Compares

 


Consumer Credit Union
Lending Tree 
Car Gurus
APR5.94% -9.19%Minimum 1.01%; maximum variesVaries
Minimum credit score
Not specifiedNoneNone
Loan amounts
Not specified$5,000-$300,000Varies
Loan term
Up to 84 months12-84 months36-72 months
Best for
Getting pre-approved before car shopping, shopping for cars, and securing vehicle financing in one placeComparing car loan options from different lendersGetting  pre-prequalified before car shopping

Summary

Consumer Credit Union is a solid option for people looking to purchase or refinance a car. Its rates and terms compete favorably with those of other top lenders in the market, and support is available 24/7 via phone.

The lender’s pre-approval process lets you know the amount you can afford to buy ahead of time so you can budget appropriately. Additionally, CCU’s integration with the car-buying service TrueCar means you can shop for a car and secure financing in a single place.

Physical Address

Consumers Credit Union

1075 Tri-State Parkway, #850

Gurnee, IL 60031

Consumers Credit Union Consumers Credit Union Visit Site

Methodology

The information used to create this review was gathered from the company’s website. 

LaPointe
Written by
Sean Lapointe
Sean LaPointe is a freelance personal finance writer with a passion for helping readers make informed financial decisions. With over 8 years of personal finance writing experience, Sean has written for a wide variety of top publications, including The Motley Fool, Angi, Top10.com, and BestMoney. Sean’s commitment to providing readers with the most up-to-date information means he’s always researching the latest financial products.
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