Consumers Credit Union Auto Loan Review 2025

Consumers Credit Union auto loan terms and requirements

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About Consumers Credit Union auto loans: a closer look

Consumers Credit Union, also known as CCU, offers auto loans to buy a new or used car, along with auto refinance loans. It also offers cash-out auto refinancing, so borrowers with vehicle equity may be able to receive cash with a new refinance loan.

CCU is especially flexible among auto lenders, with no minimum loan amount and no restrictions on vehicle mileage. The credit union has two tiers of rates based on model year, regardless of mileage or previous ownership. So refinanced or purchased cars from the previous two model years would fall under the lowest tier of rates.

Auto loan length can be any number of months between 1 and 90, whereas most lenders limit auto loan terms to 12-month increments.

You can apply for a Consumers Credit Union auto loan without being a credit union member, but you must join before an approved loan can be funded. Membership can be established by joining the Consumers Cooperative Association for a one-time fee of $5.

When reviewing and rating auto lenders, NerdWallet writers gather information about customer experience, transparency, loan affordability, loan requirements and flexibility. Consumers Credit Union scores high for its outside-the-box approach that could benefit more borrowers. CCU also scores well for transparency, although it loses some points for not offering pre-qualification with a soft credit inquiry.

Do you qualify for a Consumers Credit Union auto loan?

Here are CCU's borrower requirements to qualify for an auto loan. Meeting these requirements doesn’t guarantee approval. Also, some lenders may be more flexible with requirements when taking into account an applicant's total financial picture.

Other Consumers Credit Union auto loan details

• New vehicle definition. Based on model year regardless of mileage or previous ownership. For example, in 2025 new is defined as 2023 or newer.

• Pre-qualification and preapproval. Offers preapproval with a hard credit inquiry. Does not offer pre-qualification with a soft credit check.

• Upfront fees. Does not charge an application or document processing fee.

• Interest rate discounts. 0.25% APR discount with automatic payments. Additional 0.50% if vehicle purchased through CCU car-buying service.

• Refinancing time restrictions. Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred (no set waiting period). No requirements for balance or number of months remaining on a loan.

• Deferred payments. Qualified applicants can delay loan payment for up to 60 days after approval.

• Selected payment due date. Yes, but only prior to signing the loan agreement.

• Late payment grace period and fee. Has 10-day grace period. Charges late payment fee of $30 after grace period.

• Hardship plans. Hardship options may include deferred payments and extended loan terms.

• Contacting Consumers Credit Union. Borrowers can reach CCU by phone, email or visiting a location, with Spanish-speaking agents available. Hours are Monday-Friday 8 a.m.-6 p.m. CT and Saturday 8 a.m.-2 p.m.

• Mobile app to manage account. Yes.

• Membership. Requires paying a one-time $5 membership fee to the Consumers Cooperative Association and maintaining a $5 balance in a share/savings account. No geographic restrictions.

Back to About CCU

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

• Need more flexibility. Compared to many other lenders, Consumers Credit Union offers much flexibility — including no minimum loan amount and very flexible loan terms.

• Could benefit from having a co-applicant. CCU allows both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

• Want the benefits of credit union membership. Members who set up an automatic loan payment from their Consumers Credit Union account are eligible for a 0.25 percentage point rate discount. They can also manage their account and make payments through the credit union’s mobile banking app.

Before you apply to CCU

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. For purchase loans, use an auto loan calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price.

For auto refinance loans, use an auto refinance calculator to see your monthly payment and determine what APR and term you need to make refinancing worthwhile.

Gather documents and information. Consumers Credit Union requires the following to submit an initial auto loan application: phone, email, citizenship status, birthdate, employment status, employer name, income, housing status, time at address, housing payment amount, driver’s license number.

How to apply for a Consumers Credit Union auto loan

1. Submit your auto loan application. Consumers Credit Union has several ways to apply — including online, by phone at 877-ASK-CCCU (877-275-2228), at any CCU branch in Illinois or at 85 dealerships in Illinois and southern Wisconsin. The online application will first ask you to verify your identity by providing a government-issued photo ID. From there, the application can be completed 100% online, including document upload, and includes setting up credit union membership.

2. Review your preapproved loan offer. If you qualify, Consumers Credit Union will respond with a pre-approved offer that shows estimates for the maximum loan amount you qualify for, the loan interest rate, monthly payment and term. CCU does not offer pre-qualification with a soft credit inquiry, so submitting an application does result in a hard credit inquiry. Usually, an approval decision is provided within minutes. Approved loans can be funded the same day you apply, with funds sent directly to a dealership.

Back to About CCU

How do we review direct lenders for auto loans?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a lender must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating direct lenders and our process, read our full methodology.