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.
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.
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:
Applying for a loan
Applying for a loan at Consumer Credit Union is seamless, thanks to a well-defined six-step process.
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.
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.
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.
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.
|Consumer Credit Union||Lending Tree ||Car Gurus|
|APR||5.94% -9.19%||Minimum 1.01%; maximum varies||Varies|
|Minimum credit score||Not specified||None||None|
|Loan amounts||Not specified||$5,000-$300,000||Varies|
|Loan term||Up to 84 months||12-84 months||36-72 months|
|Best for||Getting pre-approved before car shopping, shopping for cars, and securing vehicle financing in one place||Comparing car loan options from different lenders||Getting pre-prequalified before car shopping|
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.
Consumers Credit Union
1075 Tri-State Parkway, #850
Gurnee, IL 60031
The information used to create this review was gathered from the company’s website.