Pros Explained

• Can apply with a co-signer or co-borrower: Consumers Credit Union allows borrowers to apply for auto loans using either a co-signer (who won’t share ownership of the vehicle) or a co-borrower (who will share ownership of the vehicle). This sets it apart from many competitors who don’t permit co-signers. 
• Payment skip available: The credit union allows qualifying members to skip loan payments twice a year, while many other lenders do not (interest will still accrue when skipping payments). 
• Low minimum loan amounts available: Car shoppers can borrow as little as $500 for a used or new car. This is one of the lowest minimums among lenders we surveyed and may be necessary if you’re hoping to close a funding gap or buy a much older car.
• Offers RV and motorcycle loans: Many competitors don’t provide loans for these vehicle types. Consumers Credit Union does, along with loans for classic autos. However, rates are higher for motorcycles, RVs, and much older vehicles. 

Cons Explained

• Available to members only: While joining isn’t onerous, you must pay a one-time, non-refundable $5 Consumers Cooperative Association fee, and deposit and maintain a minimum of $5 in your membership share/savings account. You’ll have to become a member before you know if you’re approved or denied for a loan.
• Late payment fees apply: Late payment fees aren’t unusual, but Consumers Credit Union’s fees are higher than other lenders we reviewed. However, you get a 10-day grace period before the late fee is charged.
• No private party loans or lease buyouts: You can’t use Consumer Credit Union loan funds to buy a car from a private seller or buy out your already leased vehicle.

Types of Auto Loans Offered by Consumers Credit Union

Consumers Credit Union offers loans for new and used car purchases, traditional and cash-out auto refinances, and motorcycle and RV loans. Unlike competitors, this lender doesn’t provide lease buyouts or private party loans, so borrowers interested in those options must look elsewhere. 

New Auto Loans

• APR: Starting at 6.34%
• Loan amounts: $500–$350,000
• Loan terms: 0–84 months

Used Auto Loans

• APR: Starting at 6.63%
• Loan amounts: $500–$350,000
• Loan terms: 0–84 months

Refinance Auto Loans

• APR: Starting at 5.54%
• Loan amounts: $500–$350,000
• Loan terms: 60–84 months

RV Loans

• APR: Starting at 7.90%
• Loan amounts: $500–$350,000
• Loan terms: 0–180 months

Motorcycle

• APR: Starting at 8.65%
• Loan amounts: $250 and up
• Loan terms: 0–60 months

Time to Receive Funds

In some cases, for qualified applicants, Consumers Credit Union may disburse auto loan funds in as little as one business day. This is a reasonably fast funding time compared to other lenders. That said, funding times may vary depending on your situation and when you apply for a loan. 

Borrower Requirements

• Minimum recommended credit score: Not disclosed
• Annual income requirement: Not disclosed
• Maximum debt-to-income ratio: Not disclosed
• State availability: All U.S. states, U.S. territories, and Washington D.C.
• Membership requirements: You must join Consumers Credit Union by making a $5 donation to Consumers Cooperative Association and a $5 deposit to open a savings account. 

Vehicle Requirements

• Maximum accepted mileage: No maximum
• Maximum accepted vehicle age: No maximum
• Maximum loan-to-value ratio: 125%
• Vehicle restrictions: None

Consumers Credit Union Auto Loan Features

• Origination fee: Consumers Credit Union doesn’t charge auto loan origination fees. 
• Prepayment fee: There are no prepayment fees.
• Discounts: Consumers Credit Union offers members a 0.25% car loan rate discount; to be eligible, you must set up automatic loan payments from a CCU account or another institution.
• Pays creditors directly for refinance loans: When you refinance your auto loan with Consumers Credit Union, the lender can pay off your current car loan directly. 
• Can change due date: Borrowers can change payment due dates. 
• Car-buying service: Consumers Credit Union partners with TrueCar to offer its customers a convenient car-buying service. 
• Partner dealerships: CCU partners with Enterprise Car Sales to provide rental car perks to borrowers.
• Mobile app: Consumers Credit Union offers a mobile app for iOS and Android users. 

Co-Signers and Co-Borrowers

As mentioned, Consumers Credit Union permits co-borrowers and co-signers. Many lenders allow you to apply with a co-borrower, but a co-signer option is relatively rare. If you have fair or poor credit, consider applying for a Consumers Credit Union auto loan with a co-signer, as it could help you secure a better rate. 

Co-signers are only responsible for paying back the loan if the primary borrower fails to pay as agreed; co-borrowers, however, are equally responsible for paying back the loan and also share equal ownership of the vehicle.

Customer Service

CCU offers phone support and a live chat feature for customers with access to online banking.  

Medium	Contact	Availability
Telephone (Loan Sales)	(847) 837-7938	Not listed
Live Chat	Log in to online banking	Weekdays, 9 a.m. to 5 p.m. CT

Customer Satisfaction

There is little public information available about customer satisfaction with Consumers Credit Union; the lender is represented on Trustpilot, but only has a few ratings. 

How to Apply for a Consumers Credit Union Auto Loan

You can apply for a Consumers Credit Union auto loan online. The process takes just a few minutes, and if approved, you could receive funding in as little as one business day. Here’s what to know about the application process:

1. Pre-qualify for a loan: You can pre-qualify for a car loan with Consumers Credit Union, which can offer helpful insight into the rate you may receive and make rate shopping quite a bit easier. You can pre-qualify online after becoming a member (CCU will prompt you to become a member during the application process).
2. Formally apply: Once you decide to move forward, you can submit a formal loan application on the Consumers Credit Union website. You’ll need to provide basic personal information, such as your name, address, email, income, and more; and information about the car you’re financing, including the make, model, year, and other details.
3. Await a decision: Consumers Credit Union doesn’t specify how long it takes to approve or deny loan applications.
4. Receive funding: Approved applicants may receive loan funds in as little as one business day, which is quick compared to many lenders. CCU will send the loan funds directly to the seller, or you can pick up a check at a CCU location.

Alternatives to Consumers Credit Union

Loan Types Offered	New, used, refinance, cash-out refinance, motorcycle, RV	New, used, refinance, cash-out refinance, lease buyout	New, used, refinance, motorcycle, RV
States Available	All states and D.C.	All states, D.C., Puerto Rico	All states and D.C.
New APR Range	6.34% and up*	5.39%–17.99%*	7.55%–18.00%*
Used APR Range	6.63% and up*	5.24%–17.99%*	7.69%–18.00%*
Refinance APR Range	5.49%–8.54%*	5.94% and up*	7.55%–18.00%*
Min. Time to Receive Loan	1 day	5 days	Same day
Recommended Min. Credit Score	Not disclosed	Not disclosed	660
Max. Accepted Mileage	None	125,000 miles	100,000 miles
Max. Accepted Age	None	None	10 years
Max. Accepted Loan-to-Value Ratio	125%	125%	120%

Final Verdict

Consumers Credit Union offers competitive minimum APRs for qualified borrowers and other perks, like rate discounts and the option to apply with a co-signer. It also provides some of the smallest loans among lenders we reviewed. Overall, it could be a good choice if you have fair credit and/or want to apply with a co-signer, or if you want an RV or motorcycle. However, you’ll first have to go through the process of joining as a member just to apply. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points across more than 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We also conducted a survey of 1,016 auto loan borrowers for attitudes and opinions about lenders and the loan approval and disbursement process. See our full auto loan review methodology for more information.