Consumers Credit Union Auto Loan Payment

The majority of the items featured here are provided by our partners, who pay us. This could affect the products we write about as well as where and how they appear on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our affiliates, and this is how we get paid.

Best for consumers with fair to excellent credit who desire adaptable qualification standards, a rate reduction with automatic payment, and the advantages of credit union membership.

New auto purchase loan review

on Consumers Credit Unions website

Offers rate estimates through its website using a soft credit check.

Takes applications online, by phone, in branches or at authorized dealerships in Illinois and southern Wisconsin.

Offers rate discount with automatic payment.

Provides online car-buying service with discounted pricing.

Allows co-signers.

Credit union membership required to get a loan.

No rate discounts if using online car-buying service.

Social Security number required for online rate estimate.

Best for candidates who want to benefit from rate discounts and other credit union advantages

Full Review

Consumers Credit Union, also known as CCU, provides loans for refinancing and buying new and used cars. It also provides lease buyout loans, but only when a member at a dealership initiates one. With no restrictions on vehicle age or mileage, CCU is particularly accommodating compared to other auto lenders.

On the CCU website, you can find the most recent auto loan rates, but they’re only “as low as” rates that are open to applicants with excellent credit. Additionally, applicants can obtain a rate estimate on the website without having it affect their credit score. CCU will start a hard credit pull if they proceed with an auto loan, which will slightly lower their credit score.

CCU offers a 0. if automatic loan payments are established, there is a 25 percent rate discount. Rates shown on the credit union’s website reflect this discount.

There are numerous ways for borrowers to apply for a CCU auto loan. Candidates may apply at any Illinois CCU branch or one of 85 dealerships in Illinois and southern Wisconsin in addition to applying online or by phone.

In collaboration with TrueCar, the credit union also provides an online car-buying service for both new and used vehicles. Automobile shoppers can look for vehicles nearby their ZIP code and receive member pricing. Users of the service should be aware that there is no loan rate discount included, and that they may receive numerous calls and emails from participating car dealers.

Consumers Credit Union may be a good fit for those who:

Have good credit. CCU has a higher minimum credit score requirement than other auto loan providers.

Want flexible qualifying criteria. CCU offers flexibility for some qualifying criteria, such as having no minimum requirements for credit history or income.

Want the benefits of credit union membership. Members who arrange automatic payment from a CCU account, or schedule a transfer through online banking, receive the highest auto loan rate discount. Borrowers can manage their account and loan through the credit union’s website and mobile banking services.

Consumers Credit Union at a glance

Origination fee: None.

Personal information needed: Social Security number or ITIN, address, length of time at address, phone number, email address, citizenship status, birthdate, employment status, employer name, housing status, housing payment amount.

Pre-qualification available: Rate estimates available on the CCU website with a soft credit check, although the credit union does not consider this a pre-qualification.

Online, in-person or both: Applications are taken online with mailed documentation, by phone, in credit union branches and at authorized dealerships.

Approval speed: Within one business day after all information is submitted. Offers are good for 60 calendar days.

Funding speed: For refinance loans, funds are mailed directly to the previous lender by check.

Minimum FICO credit score: 620.

Minimum credit history: None.

Minimum annual gross income: None.

Maximum debt-to-income ratio: No set requirement, but is generally 50% or under for approved loans.

Bankruptcy-related restrictions: No open bankruptcies.

States covered: All 50 states.

Membership: Requires paying a one-time $5 membership fee and maintaining a $5 balance in a share/savings account.

New vehicle definition: Not older than the current calendar year minus two.

Maximum used vehicle age: None.

Maximum used vehicle mileage: None.

Other vehicle restrictions: Vehicle must be purchased from a dealership. Tesla purchases are OK.

Loan amount minimum: $7,500.

Loan amount maximum: No maximum for new car purchases. $500,000 for used car purchase and refinance loans.

Maximum loan-to-value ratio: 125%.

Refinancing time restrictions: Buyers can refinance as soon as the previous loan’s paperwork is complete and the title can be transferred.

Loan terms: 24-84 months.

Rate discount: Yes, 0.25 percentage point discount when automatic loan payments are set up.

Greater-than-minimum payments: Accepted and can be made by automatic payment. Surplus automatically applied to any accrued interest first; then directly to principal.

Biweekly payments: Accepted and can be made by automatic payment.

Late payment fee: Yes, after a 10-day grace period. Amount not disclosed.

Prepayment penalty: None.

Co-borrowers allowed: Yes.

Co-signers allowed: Yes.

Payment options: Mail-in check, phone, online banking, through website, mobile app, ACH or at a CCU location.

Selected payment due date: Borrower can select the due date before signing the loan agreement.

Cash-out refinancing: Yes, with the amount mostly based on the loan-to-value ratio.

Hardship plans: No.

Existing loan payoff: Funds are mailed directly to the previous lender by check.

Assistance provided: A credit union representative works with borrowers to discuss financing options and assist them with the loan process.

Availability: Monday-Friday 8 a.m.-6 p.m. CT.

Contact options: Phone, email, online chat, website form, in person.

How does this loan compare?

Learn more	Learn more	Learn more
Est. APR 5.19-17.54%	Est. APR 7.29-22.24%	Est. APR 6.99-12.99%
Loan amount $7,500-No max.	Loan amount $5,000-$99,999	Loan amount $5,000-$100,000
Min. credit score 620	Min. credit score 520	Min. credit score 660

Used auto purchase loan review

on Consumers Credit Unions website

No vehicle restrictions.

Offers rate estimates through its website using a soft credit check.

Offers rate discount with automatic payment.

Provides online car-buying service with discounted pricing.

Allows co-signers.

Credit union membership required to get a loan.

No rate discounts if using online car-buying service.

Social Security number required for online rate estimate.

The most suitable for applicants seeking more freedom and fewer limitations when financing a used car

Auto loan refinancing review

on Consumers Credit Unions website

No vehicle restrictions.

Offers rate discount with automatic payment.

Sends payoff directly to the previous lender.

Allows co-signers.

Credit union membership required to get a loan.

Best for candidates looking to refinance to a lower interest rate and monthly payment

With CCU’s cash-out refinancing option, borrowers with vehicle equity may be eligible to receive cash with their new refinance loan up to certain limits. Consider the benefits and drawbacks of cash-out auto refinancing before deciding.

More from Consumers Credit Union

GAP insurance and mechanical repair coverage are both available from CCU and can be rolled into the auto loan. This lender also provides financing for boats, motorcycles, and recreational vehicles.

With over $2 billion in assets, CCU is one of the biggest credit unions in Illinois. 8 billion in assets. It provides a variety of financial services, such as checking accounts, loans, credit cards, and business services, to its more than 178,000 members nationwide. Since 1930, CCU has had its main office in Lake County, Illinois, and it has an A+ rating from the Better Business Bureau.

Consumers Credit Union auto loan rates

The minimum credit requirements for auto lenders differ, but the lowest rates at Consumers Credit Union are typically only accessible to customers with good or excellent credit (a FICO score of 690 or higher). Bad or fair credit borrowers will not be eligible for the lowest interest rates.

Before requesting a car loan, you can check your credit score.

Using the VantageScore credit model, the NerdWallets auto loan calculator estimates that a borrower with a credit score between 661 and 780 would qualify for a $20,000 car loan with a 48-month repayment period and a 4 percent interest rate. 5% with no down payment would result in $457 per month in payments.

NerdWallet contacted company representatives after sending Consumers Credit Union a survey asking for more than 60 data points in order to evaluate CCU. The data was contrasted with that of other lenders who are after the same borrower or provide a comparable product.

Save on Your Car

Since CCU membership is not geographically limited, anyone can join regardless of where they live or work. Membership requires depositing and maintaining a minimum $5 balance in a share or savings account, as well as paying a one-time $5 fee to the Consumers Cooperative Association. You can open this account online and fund it with an electronic transfer.

In September 2021, Andigo Credit Union and Consumers Credit Union merged.

Shannon Bradley covers auto loans for NerdWallet. She worked as a financial education content writer for more than 30 years in the banking industry. Read more.

Benjamin Din is a writer at NerdWallet. Additionally, he has written for Bloomberg News, The Wall Street Journal, Politico, and The Washington Post. Read more.

FAQ

How do I pay my car payment Consumers credit union?

1. Select From account.
2. Select Loan account.
3. Enter Payment Type.
4. Enter Payment Amount.
5. Select Transfer Date as today’s date.
6. Enter Memo (optional)
7. Click Submit.
8. Once submitted, a confirmation window will appear.

How do I pay a loan on Consumers credit union?

1. For a small convenience fee, use a debit card from any financial institution to make your CCU Visa Card or loan payment by using a Routing Number and Account Number.
2. Log into Online Banking and select the loan you wish to pay by clicking the eXpress Pay link.

How do I make a payment on my auto loan?

1. Set up automatic payments. You select the savings or checking account from which you want the funds to be deducted each month.
2. Pay online. Sign on and select your auto loan from Account Summary.
3. Pay by phone. …
4. Pay by mail. …
5. Pay in person. …
6. Other ways to pay. …
7. Additional principal payments.

Does Consumers credit union have an app?

We offer a Mobile App for iOS and Android devices. They are available for free download from the app store on your device.