Consumer Credit Union Auto Finance Review

Consumer Credit Union offers auto loans for those who don’t have the funds to purchase a car from their own savings. It’s a type of personal loan that is taken out to be paid off little by little with added interest.

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    It can be a great help when you need a new car or when you need repairs for your current vehicle but don’t have enough money. These tend to include monthly repayments of a fixed rate that is decided beforehand.

    Consumer Credit Union works with different dealers from all over the country. It’s easy to navigate their site and find ones in your area. Let’s take a closer look at what else they offer and whether they’re a good option for an auto loan.

    Consumer Credit Union Financing Offers

    The company offers loans for different types of vehicles. These range from cars, boats, trailers, small vehicles, and motorbikes. They also have a refinancing option.

    As far as auto loan companies go, these are very competitive rates. The prices are fair, and you get a lengthy period to pay over. It makes it easier for anyone to be able to take out a loan to get a new car.

    Consumer Credit Union Overview

    APR
    2.99%-21.99%
    Loan Amount
    $250-$500,000
    Min Credit Score
    640
    Min Income
    6,000 / year gross
    Membership Fees
    $5 fee + $5 / month
    Minimum Saving Account Balance
    Yes
    Hard Credit Check
    Yes
    Availability
    50 States

    How Much Can You Borrow?

    The most common loans tend to be for cars and include the following rates on vehicles eight years old or newer.

    The amount and rates are as follows:

    • If you select a plan of up to 48 months, you will be expected to pay 3.69% APR.
    • For a plan between 49 and 68 months, it’s the same rate; 3.69% APR.
    • If you go for a term from 69 to 78 months, you’ll be looking to pay 4.09% APR.
    • Finally, between 79 and 88 months, the APR is set at 4.79%.

    Note that we have only found that you can get an auto loan from $2,000. If you are looking for a smaller amount, maybe it’s better to look elsewhere.

    Secured and Unsecured Loans

    Both options are available as well and can be paid off over an even more extended period. A secured loan can be part of a plan of up to 120 months and includes an APR of 12.24%. Unsecured is also available up to 120 months but will set you back with APRs between 9.99% and 12.99%.

    Credit Card Rates

    Consumer Credit Union also offers rates on Mastercard. You can borrow between $2,000 and $50,000 and expect to pay 6.99% APR on Mastercard and 12.99% on Mastercard Rewards.

    What Type of Vehicles Are Eligible for Financing Loan?

    You can take out a loan for new or used vehicles. This makes it more accessible to people of all walks of life who might want to buy a cheap second-hand model or a brand new car. You can also find loans for most makes and models, so this won’t be an issue.

    How Do I Qualify?

    To find out whether you are eligible for a loan, you will first need to apply and become approved.

    You should meet the criteria mentioned below to make sure that you qualify and then follow the steps on their site to be approved for a loan.

    If you have a poor credit history, it is going to be much harder for you to obtain a loan, although it isn’t off-limits. It may well come with higher interest rates and more significant collateral.

    Loan Criteria

    To be able to even apply in the first place, you must be over 18 years old, employed, have a membership with Consumer Credit Union, and select a car no older than 2007, be it new or used. If you qualify, you will then need to complete the application process on their site.

    What Documents Should I Provide?

    Once you are ready to apply, you will need a copy of your driving license and your most recent pay stubs. This is in addition to the papers you will need to meet the criteria.

    Consumer Credit Union Fees

    1. Late Fee: Yes. If you are late with payments, you will pay a penalty.
    2. Prepayment Fee: No. Prepayment penalties don’t exist here. This might spark your interest if you think at some point down the line, you will want to pay a more substantial sum than the required payment as you won’t expect any extra fees.
    3. Other Fees: These might come up and sometimes include document fees, license fees, dealer prep fees, amongst others.

    What Is the Estimated Time for Pre-qualification and Loan Sanction?

    Approval time for loans with Consumer Credit Union will take between 48-72 hours. Once approved, your funds should be received in 24 hours.

    How to Apply for a Loan?

    1. Navigate to their website and click on the Apply Now button.
    2. Create a new application.
    3. You will need to sign up if you aren’t already a member.
    4. Once sent, you will need to wait for a representative to get in touch. They צay ask questions and ask for you to submit certain documents.
    5. If the loan is approved, you will need to review the terms and then sign.
    6. Finally, wait for your funds to arrive.

    What Payment Methods Are Supported?

    You can pay by cheque, standing order, or other methods such as Western Union and similar services.

    Can I View Loans Online?

    Yes, you can view the current status of your particular loan online and see when the next payments are due and other important information.

    Pros and Cons

    Pros

    • Very competitive rates on the market.
    • No prepayment penalties.
    • Available in many different states (50) and at various dealerships.
    • It can be used for new or used vehicles.
    • A variety of vehicles are available for loans.
    • Long periods of repayment.
    • Available to everyone.

    Cons

    • It can be tough to get a loan with bad credit.
    • Vehicles older than eight years have a higher finance rate.
    • They lack in excellent customer service.

    Is Consumer Credit Union Right for You?

    At the end of the day, it’s up to you to choose the right auto loans company for you. However, we think that Consumer Credit Union is a great option. They offer their services in 50 states, so they have managed to cover almost the whole country.

    Get Financed

    Their rates are incredibly competitive, and they offer reasonable periods to pay over. Comparing the pros to the cons, it’s easy to see that the pros far outweigh the other. The drawbacks are relatively minor and won’t affect many people out there.

    If you choose Consumer Credit Union, make sure you talk to a representative and get a quote as well as take a look at their site to see what’s on offer. You should be pleased with what they have to offer. We were!