Consumers Credit Union Auto Loans: 2025 Review

Full Review of Consumers Credit Union

Consumers Credit Union, also known as CCU, offers new- and used- car purchase loans and 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.

Consumers Credit Union 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.

Table of contents

Consumers Credit Union at a glance

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

Do you qualify for a Consumers Credit Union auto loan?

How to apply for a Consumers Credit Union auto loan

How auto loan rates work and how we collect them

How do we review auto loan direct lenders?

Consumers Credit Union auto loans at a glance

• RestrictionsRestrictions

  • New vehicle definition: Based on model year regardless of mileage or previous ownership. For example, in 2024 new is defined as 2022 or newer.

  • Maximum vehicle age: No maximum.

  • Maximum vehicle mileage: No maximum.

  • Other vehicle restrictions: No vehicle restrictions. Vehicles can be purchased at any franchised dealership, any independent dealership or through the TrueCar car-buying service.

  • Loan amount minimum: None.

  • Loan amount maximum: $100,000.

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

  • Refinance 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.

  • Bankruptcy restrictions: No open bankruptcies.

• Other loan detailsOther loan details

  • Approval speed: Not immediate but takes no more than 10 minutes. Approved loan offer is good for 60 days from date of credit application/credit inquiry.

  • Initial deferred payment: Qualified applicants can delay loan payment for up to 60 days after approval.

  • Existing loan payoff: For refinancing, funds are sent directly to the lender, electronically if possible. Otherwise by check.

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

  • Maximum debt-to-income ratio: Prefers below 50%.

  • 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.

• More lender detailsMore lender details

  • Contact options: Phone, email, visit a location.

  • Availability: Monday-Friday 8 a.m.-6 p.m. CT and Saturday 8 a.m.-2 p.m.

  • Mobile app to manage account: Yes.

  • Online resources: Has an auto loan refinancing calculator, a car loan calculator as well as a very limited number of FAQs and educational resources about car buying.

  • Related services: Offers gap insurance and mechanical repair coverage, which can be rolled into the auto loan for an additional price. Also offers online car-buying with discounted pricing and rate.

  • 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.

» MORE: Compare auto loans, rates and lenders

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.
  

• Want assistance in Spanish. Consumers Credit Union has a Spanish version of its website and loan application. Spanish-speaking agents are also available by phone, email and chat.

• 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.
  

Do you qualify for a Consumers Credit Union auto loan?

Basic eligibility requirements to apply for a Consumers Credit Union auto loan include the following::

• Must be at least 18 years old.

• Need ITIN if not a U.S. citizen.

• Must become a Consumers Credit Union member to fund an approved loan.

Here are minimum borrower requirements to qualify for a Consumers Credit Union auto loan. Note that meeting these requirements doesn’t guarantee approval. Also, many lenders are flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 600.

• Minimum credit history: None but prefers a past history of paying an auto loan.

• Maximum debt-to-income ratio: Prefers below 50%.

• Minimum annual gross income: None.

Before you apply

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.

» MORE: Compare auto loan refinancing lenders

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-qualified offer that shows estimates for the maximum loan amount you qualify for, the loan interest rate, monthly payment and term. Pre-qualification uses a soft credit inquiry, so it does not affect your credit scores. Once you accept an offer, the credit union will do a hard credit check, which will temporarily lower your credit scores. Approved loans can be funded the same day you apply, with funds sent directly to a dealership.

3. Stay on top of your loan payments. Consumers Credit Union reports car payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments is a good way to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the lender. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging lenders to send us updates when rates change. We also compare these rates to APRs on the lender's website, if available. The accuracy of our rates depends on the information lenders provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar lenders, to determine if a lender’s provided rate seems realistic.

We ask lenders to provide their lowest rate that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months, without including any potential rate discounts. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask lenders for their highest rates, which typically reflect rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this lender's auto loan borrowers may be different from the rates shown in this review.

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).