2025 Consumers Credit Union Auto Loan Review
Consumers Credit Union auto loans at a glance
 | New auto loans | Used auto loans | Refinance auto loans |
|---|---|---|---|
Starting annual percentage rate (APR) | 4.49% (with autopay) | 4.49% (with autopay) | 4.49% (with autopay) |
Loan terms | 12 – 84 months | 12 – 84 months | 12 – 84 months |
Loan amounts | $250 – $500,000 | $250 – $500,000 | $250 – $500,000 |
If you want a low interest rate on an auto loan, a credit union can be one of the best places to look. With rates as low as 4.49% (3.99% if you use its car-buying service), Consumers Credit Union is no exception. This credit union is based out of Illinois, but online loans are available in all 50 states.
Here’s what you can expect from a CCU auto loan:
-
Autopay discount: If you sign up for automatic payments, you can get a 0.25% autopay discount on your CCU car loan rate
s. Unlike some credit unions, this discount is available even if you set up autopay from a non-CCU account. - No down payment required: CCU will finance your entire purchase.
- Must buy from a dealership: CCU doesn’t offer private-party car loans, which means you’ll have to stick to dealerships.
- Membership required: You have to become a member before you can get any credit union auto loan, CCU loans included. Luckily, anyone can become a member and you can join online.
- Skip up to two payments: You can skip your car payment twice a year without a fee. Interest will still accrue but this perk could be a lifesaver in case of a financial emergency.
- Car-buying service: Use CCU’s car-buying service to compare cars at dealerships near you. If you find your car through this service (which is powered by TrueCar), you can get a 0.50% discount on your auto loan.
- Same-day car loans: In some scenarios, CCU may be able to fund your car loan the same day you apply.
- Best for shoppers buying from a dealer: CCU can make it easier to buy a car. Use its car-buying service to compare sticker prices in your area and apply for financing in one step. CCU auto loans also come with a 0.50% discount if you use its car-buying service.
Consumers Credit Union auto loan requirements
You have to join Consumers Credit Union before borrowing, and it requires a 620+ credit score to qualify for an auto loan.
CCU auto loans are available in all 50 states, and anyone can become a member. To join, you need to pay a $5 upfront fee, then deposit and maintain a minimum balance of $5 in a Membership Share Savings account.
CCU doesn’t require perfect credit. To see if you qualify, apply for a CCU preapproved car loan. This can give you an idea of whether the lender may approve you and what terms you may qualify for.
Consumers Credit Union pros and cons
CCU loans offer competitive auto rates and unique features, but there are some drawbacks.
Pros
- Multiple rate discounts (one for autopay and one for using its car-buying service)
- Can be an option for a cheaper used car, since loans start at $250
- Also an option for luxury vehicles with loans as big as $500,000
- Offers extended car warranties for an additional cost
Cons
- No private party car loans
- Credit union membership required
- $29 late payment fee
CCU’s new auto loan rates start at a competitive 4.49% (with autopay). To get the lowest rates from this credit union, you’ll have to buy a 2023 vehicle model (or newer) with repayment terms of 60 months or less. You must also set up autopay to qualify for their 0.25% interest rate discount.
However, because CCU doesn’t offer private-party auto loans, this lender won’t be a good fit for consumers who, for example, want to buy a car on Craigslist or from a used car website. The credit union membership requirement may also turn off some car shoppers.
Consumers Credit Union company overview
Founded in 1930, Consumers Credit Union is insured by the National Credit Union Administration (NCUA). CCU is headquartered in Lake Forest, Ill., but you can open accounts and apply for loans online.
Consumers Credit Union auto loans start at 4.49% APR as long as the car is 2023 or newer. Used vehicles — model years 2019 to 2022 — come with starting APRs of 5.68%.
CCU offers both large and small auto loans, ranging from $250 to $500,000. In 2024, the average loan amount for a new car from CCU was just over $40,961. For used cars, it was around $30,300. CCU also provides repayment terms of up to 84 months. These are longer car loan terms than what some lenders offer.
Auto loan refinancing is available for both CCU loans and car loans from other lenders. However, our Consumer Credit Union review found that CCU customers may be limited to just dealership purchases. There is no option for lease buyout loans, private party loans or online car buying services (other than CCU’s car buying platform).
CCU partners with TrueCar and Enterprise to offer car buying services and match consumers with dealerships in their area. You can use these sites to search for new and used vehicles. Then, you can make your purchase by using CCU financing.
Consumers Credit Union auto loan types offered
If you’re looking to use Consumers Credit Union, the lender offers auto loans for a variety of purposes, including for:
- New cars
- Used cars
- Motorcycles
- RVs
- Refinancing
- Commercial vehicles
How to get an auto loan with Consumers Credit Union
You can apply for an auto loan from Consumer’s Credit Union online, over the phone (847-837-7938) or in person. Here’s the process to apply:
- Become a member: Pay the $5 upfront fee and deposit at least $5 to a Membership Share Savings account.
- Get preapproved: Apply for preapproval to see if you may qualify for auto financing. If preapproved, CCU will provide you with a quote including your potential rates, loan amount, terms and monthly payment.
- Formally apply: Submit your contact information and the details of your income, credit profile and the vehicle you plan to buy.
- Shop around: With your loan offer in hand, shop for a vehicle that fits your price range.
- Send the loan documents: Once you choose a vehicle, send CCU the purchase agreement via email or fax and sign the final documents on your phone, online or at a branch.
- Pay for the vehicle: CCU will send a check directly to the dealership or have you pick it up at a branch.
Is a Consumers Credit Union auto loan right for you?
Since it offers competitive rates and a low credit requirement, CCU auto financing may be a good fit for consumers across the credit spectrum. However, only borrowers with excellent credit will qualify for CCU’s lowest APRs.
CCU’s starting APR is competitive — even compared to other credit unions. So, if you’re already a credit union member or you want to apply to become one, prequalify for an auto loan and see if you like what CCU offers.
How Consumers Credit Union auto loans compare
As good as Consumers Credit Union may be, it’s important to shop around. Here are a few other credit unions worth checking out. Please note that the rates below are for new cars only.
How Does LendingTree Get Paid? LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.Consumers Credit Union | PenFed Credit Union | Digital Federal Credit Union |
|
|---|---|---|---|
Starting APR | 4.49% (with autopay) | 4.89% | 5.49% (with discounts) |
Loan terms | 12 – 84 months | 36 – 84 months | Up to 84 months |
Loan amounts | $250 – $500,000 | Up to $150,000 | Up to 130% of the car’s value |
Minimum credit score | 620 | Not specified | Not specified |
If you’re looking for an auto loan with more competitive rates, consider PenFed Credit Union. PenFed offers a lower starting rate on new car loans, and like CCU, it offers even lower rates if you use its car-buying service (4.09%).
Alternatively, consider Digital Federal Credit Union (DCU). This credit union offers similar rates to CCU but doesn’t allow prequalification. However, your first auto loan payment won’t be due for 60 days.
Frequently asked questions
If you qualify for membership and don’t mind joining, a credit union could be a great place to get a car loan. Credit unions tend to carry some of the lowest car loan rates compared to other options like online lenders and some banks.
Some credit unions (like CCU) have open membership. Others have strict membership requirements. For instance, you must have a tie to the military to join Navy Federal Credit Union. Be sure that you’re qualified to join when shopping around with credit unions.
Consumers Credit Union offers a 10-day grace period. This means CCU won’t charge you a late fee unless your payment is behind by at least 10 days.
You must have a credit score of at least 620 for a Consumers Credit Union auto loan.
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- Consumers Credit Union auto loans at a glance
- Consumers Credit Union auto loan requirements
- Consumers Credit Union pros and cons
- Consumers Credit Union company overview
- Consumers Credit Union auto loan types offered
- How to get an auto loan with Consumers Credit Union
- Is a Consumers Credit Union auto loan right for you?
- How Consumers Credit Union auto loans compare
- Frequently asked questions