Consumers Credit Union Auto Loans: 2020 Review

Consumers Credit Union offers its members flexible loan terms and low rates on auto loans.

Sean PylesAugust 21, 2020

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Auto loan reviews

Consumers Credit Union
  • Auto loan refinancing

  • Auto purchase loan

The bottom line: Consumers Credit Union is an Illinois-based credit union that lends nationwide. Its auto loans are best for borrowers who want flexible terms and like the services offered by a credit union.

Auto loan refinancing review

Consumers Credit Union
Learn More

on Consumers Credit Union's website

Learn More

on Consumers Credit Union's website

Min. Credit Score

620

Est. APR

2.69 - 21.24%

Loan Amount

$5,000 - $150,000

Pros

  • Low starting rates.
  • No vehicle restrictions.

Cons

  • You must become a member to get a loan.

Best for borrowers who want flexible loan terms.

Full Review

To review Consumers Credit Union, NerdWallet collected more than 15 data points from the lender, and compared the lender with others that seek the same customer or offer a similar product.

Consumers Credit Union offers an array of auto loans to a wide range of potential borrowers. You’ll have to become a member to get a loan, which requires paying a small one-time membership fee and maintaining a $5 balance in a savings account.

The lender refinances existing auto loans and provides purchase loans for new and used cars from both dealers and private parties, as well as other types of vehicles.

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

  • Have good credit. The credit union has a higher minimum credit score requirement than other auto loan providers.

  • Want flexible loan terms. Consumers Credit Union offers repayment terms as short as six months.

  • Value credit union benefits. Consumers offers its members extras like mechanical repair coverage.

Consumers Credit Union review details

Consumers Credit Union is an Illinois-based credit union that lends nationwide.

Consumers Credit Union offers refinancing for existing car loans, with no restrictions on vehicle age and mileage. Applying to refinance is easy: You can complete the process online or over the phone, and a representative will reach out to you. Most application decisions are made within 24 hours, and it offers same-day funding, although its average funding time is four days.

You can get a rate estimate from Consumers Credit Union with no impact on your credit. If you decide to refinance with Consumers, the lender will initiate a hard credit pull that will slightly lower your credit score. Once your refinancing loan is finalized, the funds will be sent to your previous lender to pay off your old loan.

Consumers offers automatic payment discounts: a 0.5% rate reduction with automatic payments from a Consumers Credit Union account and 0.25% rate reduction with automatic payments from another financial institution.

  • Loan amount: $5,000 - $150,000.

  • Minimum monthly income: $2,000.

  • Maximum vehicle mileage: None.

  • Maximum loan-to-value ratio: 125%.

Consumers Credit Union auto loan rates

The best interest rate offered by Consumers Credit Union is available only for applicants with excellent credit (720 FICO and up) and loans of 36 months or less for newer vehicles. Interest rates will typically depend on your credit score, with lower scores meaning more expensive loans.

Knowing your credit score will give you an idea of the interest rate you might qualify for. Shop around if you have bad credit (300 to 629 FICO). You’ll likely be offered high interest rates, and comparing prices can help you save.

Applying to Consumers Credit Union

  • Loan offers are good for up to 60 days; applicants are not obliged to accept.

  • No application fee; $29 late fee after 10-day grace period for missed payments.

  • Co-signers allowed.

  • Loan decisions in 24 hours.

  • Applications accepted online, over a phone or video call or in person in Illinois.

Consumers Credit Union restrictions

  • Loan terms: 6 to 84 months (NerdWallet doesn’t recommend auto loans over 60 months.)

  • Maximum vehicle age: No limit.

  • Maximum vehicle mileage: No limit.

  • Membership requirements: $5 fee, plus savings account with $5/month minimum balance.

  • Available in 50 states.

More from Consumers Credit Union

As a full-fledged credit union, Consumers Credit Union offers all the products and services you’d expect from a bank. This includes checking accounts, online banking, credit cards, business loans and more.

The lender also provides loans for motorcycles, recreational vehicles and boats and offers an auto-buying program and mechanical repair coverage. Consumers Credit Union’s robust online resources include a financial literacy program, user guides and an auto affordability calculator. If you want to talk with a representative “face to face,” the lender offers video calling from its app.

How does this loan compare?

Consumers Credit Union
Ally Clearlane
LightStream
Learn MoreLearn MoreLearn More
Min. Credit Score

620

Min. Credit Score

580

Min. Credit Score

660

Est. APR

2.69 - 21.24%

Est. APR

4.49 - 8.24%

Est. APR

2.99 - 9.99%

Loan Amount

$5,000 - $150,000

Loan Amount

$10,000 - $80,000

Loan Amount

$5,000 - $100,000

Auto purchase loan review

Consumers Credit Union
Learn More

on Consumers Credit Union's website

Learn More

on Consumers Credit Union's website

Min. Credit Score

620

Est. APR

2.69 - 21.24%

Loan Amount

$5,000 - $150,000

Pros

  • Low starting rates.
  • Available in all 50 states.

Cons

  • You must become a member to get a loan.

Best for borrowers who value the services offered by a credit union.

Full Review

To review Consumers Credit Union, NerdWallet collected more than 15 data points from the lender, and compared the lender with others that seek the same customer or offer a similar product.

Consumers Credit Union offers an array of auto loans to a wide range of potential borrowers. You’ll have to become a member to get a loan, which requires paying a small one-time membership fee and maintaining a $5 balance in a savings account.

The lender refinances existing auto loans and provides purchase loans for new and used cars from both dealers and private parties, as well as other types of vehicles.

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

  • Have good credit. The credit union has a higher minimum credit score requirement than other auto loan providers.

  • Want flexible loan terms. Consumers offers repayment terms as short as six months.

  • Value credit union benefits. Consumers offers its members extras like an auto-buying program and mechanical repair coverage.

Consumers Credit Union review details

Consumers Credit Union offers auto purchase loans for new and used cars from both dealers and private parties. While Consumers Credit Union is based in Illinois, don’t let that stop you from applying — it lends nationwide.

If you’re on solid financial ground and can afford a new car loan, Consumers Credit Union makes the application process easy. You can apply online or over the phone, and a representative will reach out to you. Most application decisions are made within 24 hours, and it offers same-day funding, although its average funding time is four days.

You can get a rate estimate from Consumers Credit Union with no impact on your credit. If you decide to take out a purchase loan from Consumers, the lender will initiate a hard credit pull that will slightly lower your credit score. Once the loan is finalized, the funds can be mailed to you or the dealer as a cashier’s check or directly deposited into an account.

Consumers offers automatic payment discounts: a 0.5% rate reduction with automatic payments from a Consumers Credit Union account and 0.25% rate reduction with automatic payments from another financial institution.

  • Loan amount: $5,000 - $150,000.

  • Minimum monthly income: $2,000.

  • Maximum vehicle mileage: None.

  • Maximum loan-to-value ratio: 125%.

Consumers Credit Union auto loan rates

The best interest rate offered by Consumers Credit Union is available only for applicants with excellent credit (720 FICO and up) and loans of 36 months or less for newer vehicles. Interest rates will typically depend on your credit score, with lower scores meaning more expensive loans.

Knowing your credit score will give you an idea of the interest rate you might qualify for. Shop around if you have bad credit (300 to 629 FICO). You’ll likely be offered high interest rates, and comparing prices can help you save.

Applying to Consumers Credit Union

  • Loan offers are good for up to 60 days; applicants are not obliged to accept.

  • No application fee; $29 late fee after 10-day grace period for missed payments.

  • Co-signers allowed.

  • Loan decisions in 24 hours.

  • Applications accepted online, over the phone, or in person in Illinois.

Consumers Credit Union restrictions

  • Loan terms: 6 to 84 months (NerdWallet doesn’t recommend auto loans over 60 months.)

  • Maximum vehicle age: No limit.

  • Maximum vehicle mileage: No limit.

  • Membership requirements: $5 fee, plus savings account with $5/month minimum balance.

  • Available in 50 states.

More from Consumers Credit Union

As a full-fledged credit union, Consumers Credit Union offers all the products and services you’d expect from a bank. This includes checking accounts, online banking, credit cards, business loans and more.

The lender also provides loans for motorcycles, recreational vehicles and boats and offers an auto-buying program and mechanical repair coverage. Consumers Credit Union’s robust online resources include a financial literacy program, user guides and an auto affordability calculator. If you want to talk with a representative “face to face,” the lender offers video calling from its app.

Frequently asked questions