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Who Is Consumers Credit Union
Consumers Credit Union is a full-service financial institution. Meaning, they offer checking, savings, credit cards, loans, mortgages, branches, online banking, and business services. They were founded in 1930 and are based in Lake County, IL. CCU has more than 100,000 members and $1.2 billion in assets.
Being a credit union, CCU is a non-profit. When you join CCU, you become a member. Its members elect people to the credit unions all-volunteer board of directors. Unpaid volunteers also serve on credit committees and supervisory committees.
Consumers Credit Union Auto Loan Review
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
Consumers Credit Union offers auto loans starting at just 3.49%. While based in Illinois, Consumers Credit Union has open membership, meaning access to its excellent rates is available nationwide after paying a membership fee to the Consumers Cooperative Association.
For Illinois customers, the credit union has more than 15 branches in the Chicago area, and a shared banking network opens up in-person banking to customers nationwide. However, there are many other credit unions that go by the same, or similar, names and have different membership requirements, so double check youre looking for the right one before initiating any transactions.
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How Consumers Credit Union Auto Loans Compare
Credit unions tend to offer lower rates than larger banks. Even among credit unions, Consumers is extremely competitive. Two financial institutions that get close include PenFed Credit Union and Navy Federal Credit Union.
PenFed membership is open to anyone. Just like Consumers Credit Union, you will need to make a nominal minimum deposit into your member savings account. But to join the Navy Federal Credit Union, you will need some type of military affiliation.
|Consumers Credit Union|
|None||610||No minimum, but you will need a score of 700+ to qualify for the lowest rates|
You can prequalify for an auto loan from Consumers Credit Union, meaning you can get a rate estimate without dinging your credit. Its a great option if youre looking for the best deal between lenders. However, remember that prequalification isnt the same as preapproval a preapproval provides a firm offer because it involves a hard credit pull.
Is A Consumers Credit Union Auto Loan Right For You
Consumers Credit Union offers some of the best rates on the market for auto loans. There are no minimum credit score requirements, and you can secure even lower rates by setting up automatic payments.
You will need to go through the process of joining the credit union, though this process is fairly straightforward. Assuming you qualify for the lowest rates, youll have a hard time finding a better offer from any competitors. But its still always wise to shop around.
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Is My Money Safe
Yes. CCU uses bank-grade encryption and best security practices. Additionally, CCU debit cards have chip technology for better security.
Unlike banks, credit union funds are not protected by the FDIC. Instead, CCU is federally regulated by the National Credit Union Administration . NCUAs National Credit Union Share Insurance Fund provides credit union members with up to $250,000 in insurance coverage.
Needs Some Major Touch Ups
Im coming at this from a designer standpoint. The vast amounts of different menus that someone needs to sift through to find information is appalling. When someone opens the app, the main thing theyre gonna want to see is their accounts and their current balances in those accounts. I dont wanna open the app to a menu, to then click on an option to see my balances. Its an extra step that doesnt need to be there. I should be able to see my transactions on my account ON the account page, not on a separate thing. I should be able to make a transfer from my checking to my savings ON my checking account page. There are too many things kept apart from each other that need to be in the same place. As much as my previous bank wasnt very good at the money part of it all, they had a pretty solid mobile app that just had everything in the places easiest to access. It allowed for extreme ease of workflow. Not to mention that this current app has the look and layout of a 2006 early iPhone app…Just gotta give this thing a nice new coat of paint.
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A Closer Look At Consumers Credit Union Auto Loans
Consumers Credit Union offers new vehicle financing, used vehicle financing and auto loan refinancing. Youll find the lowest interest rates on new vehicles, which include model years 2020 and newer. Used vehicle loans are available for model years 2019 and older.
The listed rates include an auto pay discount of 0.25%. You can get this discount by setting up automatic payments through a Consumers Credit Union deposit account or an outside financial institution.
According to the company, Consumer Credit Union auto loans come with no minimum credit score requirement, and theyll try to work with you even if you have a less-than-perfect credit history. However, you must have excellent credit to qualify for the lowest rates.
Consumer Credit Union also offers borrowers mechanical repair coverage with 24-hour emergency service. This coverage typically comes with a premium, but covers things like:
- Engine and transmission problems
- Parts like light bulbs, trim and upholstery
- Aftermarket components and systems
The level of coverage you get determines which repairs are covered and which arent.
Its important to note that this type of product can be considered an upsell. Many of these things may be covered under manufacturer warranty. And the included bonus of 24-hour emergency service coverage may already be covered under your existing auto insurance policy, depending on your policy and insurer.
How To Join Consumers Credit Union And Apply For An Auto Loan
Consumers Credit Union does offer loans at identical rates through select dealerships in Lake, Cook, and McHenry Counties in Illinois. You can also apply directly through Consumers Credit Union if its not offered at a dealership near you.
You dont have to be a credit union member to get approved for an auto loan. But if you want to actually accept the offer, you will need to become a member before your loan is funded.
To become a member, all you have to do is pay a one-time $5 fee to the Consumers Cooperative Association. Then, you will have access to a Member Share/Savings account where youll deposit another $5. You will need to maintain a balance of at least $5 in order to maintain your membership.
You must be 18 years or older to become a member, and will need to provide the following information:
- Your Social Security number or individual tax identification number
- A government-issued ID
- Routing and account number from the bank account youre using to fund your membership
- If you dont use a bank account to fund your membership, you will need to do so with a debit or credit card
The account or credit card you use to fund your membership must be held in your own name. You cannot fund someone elses membership.
When you apply for your loan, you will need to provide some additional information:
- Last two pay stubs
- Tax returns from the past two years
- Five references, complete with phone numbers and addresses
- Two utility bills showing your home address
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How Can Ncua Help
NCUAs Consumer Assistance Center assists consumers in resolving disputes with credit unions and providing information about federal consumer financial protection and share insurance matters.
Have questions about your consumer rights or a federal consumer financial protection law and regulation?
Check out NCUAs Find an Answer knowledgebase.
Have questions about how to file a complaint?
Contact the Consumer Assistance Center at 1.800.755.1030 Monday through Friday from 8 a.m. to 5 p.m. Eastern.
Have feedback about your experience with the Consumer Assistance Center’s complaint process, send your feedback to:
NCUA Consumer Assistance CenterAttn: External Stakeholder Feedback1775 Duke St., Alexandria, VA 22314-3418
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA operates the National Credit Union Share Insurance Fund insuring the savings of account holders in all federal credit unions and majority of state-chartered credit unions. The Office of Consumer Financial Protection reflects NCUAs heightened focus on consumer financial protection. Established in 2010, The Office of Consumer Financial Protection includes the Division of Consumer Compliance Policy and Outreach and the Division of Consumer Affairs which operates NCUAs Consumer Assistance Center.
How Does Consumers Credit Union Compare
Consumers Credit Union is currently offering some of the best interest rates that we’re seeing anywhere, especially in regards to its Rewards Checking account. But that doesn’t mean it will be the best choice for everyone. Here’s a quick look at how Consumers Credit Union compares:
You can open an account at a branch or by visiting the Consumers Credit Union website.
Also Check: Consumers Credit Union Customer Service
How To Apply For An Auto Loan With Consumers Credit Union
The loan application process can be accomplished fully online, at one of the CCU branches or over the phone. The process takes five simple steps.
Who Is Consumers Credit Union Best For
An auto loan with CCU is best for a driver that prefers to finance in-person rather than fully online. Along with in-person capabilities, CCU serves those looking to buy and finance in one place. The Consumers Car Buying Service through TrueCar enables drivers to gain preapproval before heading to the dealership. This is especially beneficial to those with less than perfect credit. Using it, you can have a firm grasp on your expected monthly payments before agreeing to the loan.
Simply, CCU is great for a driver looking for the benefits that a credit union can bring, such as discounts and in-person attention. It’s also good for those seeking few vehicle restrictions and flexible financing terms.
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How Do I Contact Consumers Credit Union
If you have questions about your account, you can call CCU at 877-275-2228. Their phone support hours are Monday – Friday, 8am – 6pm and Saturday, 8am – 2pm . Live chat support is also available 24/7.
As with most credit unions, CCU prides itself on offering superior customer service. The credit union is accredited with the Better Business Bureau and currently enjoys an A+ BBB rating.
Are There Any Fees
There is a one-time $5 fee to join the credit union. For savings accounts, this fee is your opening deposit and will be returned to you if the account is closed.
There are no fees for opening and maintaining a free Rewards Checking or savings account. Consumers Credit Union has fee-free ATM network that includes over 30,000 ATMs and it provides unlimited reimbursements of out-of-network ATM charges.
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Consumers Credit Union Review 2022
There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We’re proud of our content and guidance, and the information we provide is objective, independent, and free.
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For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product’s website. All products and services are presented without warranty.
Plus, Consumers Credit Union offers some amazing perks that make it a strong contender for the the top of any free checking account list.
It’s also why Consumers Credit Union is consistently at the top of our list of Best Nationwide Credit Unions.
Consumers Credit Union Auto Loans Pros And Cons
Variety of loan terms.
You can join the credit union to secure a loan regardless of where you live.
No minimum credit score requirements though you will pay higher rates with a lower credit score.
You will need to provide five references to apply for your loan.
You will need to pay a nominal fee when you apply for membership with the credit union
You will want to be savvy about potential upsells like mechanical repair coverage.
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Consumers Credit Union Review: Checking Savings And Cds
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Overall bank rating
The bottom line:
Consumers Credit Unions biggest appeal is its checking account, thanks to a rate that can go up to 5.00% APY. But you have to meet transaction requirements to get the best yields. Savings rates are much lower.
Best for: Those who want to maximize interest and earn ATM fee refunds in a rewards checking account and who are unlikely to overdraft.
- Free Rewards checking earns a high rate.
- Large free ATM network and access to shared branches.
- Low savings account interest rate.
- Overdraft courtesy pay fee is $30 and can be charged an unlimited number of times.
All Consumers Credit Union members must open a share savings account to establish membership. There’s no monthly fee and a low minimum balance requirement of $5 to open an account and maintain membership. The savings account doesnt earn much: 0.03%. Thats less than the national average and way below what many online banks offer.
at Consumers Credit Union
Consumers Credit Union provides one of the best interest checking accounts available. Here are the requirements for each tier:
Get To Know What We Do
We will consistently have superior loan rates and superior certificate of deposit rates with lower fees. Pick up the phone and give us a call to check the latest loan and saving rates. You will be pleased with what you hear. We have major branch offices in Knoxville, Johnson City, Greeneville, Morristown, Mosheim and Jefferson City, Tennessee.
Here at CCU we are all about making sure you always receive VIP service. At CCU you are always #1.
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How Bankrate Rates Consumers Credit Union
|Although loan amounts are not disclosed, CCU offers three auto loan products in all 50 states.|
|Affordability||3.8||CCU uses traditional acceptance criteria and holds a middle-of-the-road minimum APR but does not disclose its maximum APR.|
|Customer experience||4.2||CCU has an easy-to-navigate website and offers almost seven days a week of customer service with a range of hours.|
|Transparency||4.0||CCU allows borrowers to get prequalified without a hard credit check but doesn’t list all of its loan information online.|
Is It Worth It
CCUs free Rewards Checking account has all the features youd expect from a checking account.
Once you get past the one-time $5 fee and meet tier requirements, you can begin earning from 3.00% to 5.00% APY on a balance up to $10,000. The requirements to earn a higher APY arent stringent and most shouldnt have a problem hitting them. For that reason, the free Rewards Checking is certainly worth it.
The Smart Saver account pays a competitive APY of up to 1.50% as well. But youll need a CCU checking account and to meet the minimum Smart Saver requirements. If you’re looking for a high-interest, stand-alone savings account, youll want to look elsewhere.
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