Providing members with access to low rates on their auto loans, Consumers Credit Union offers an appealing alternative to big bank lending. With membership open to everyone, Consumers Credit Union provides financing on new and used vehicles, as well as refinancing on current auto loans.
Consumers Credit Union Auto Loans
Owned by members rather than shareholders, credit unions such as Consumers Credit Union work differently to most big banks. Big banks are owned by shareholders, which means profits are always high on the agenda. On the other hand, credit unions are run to benefit their members, with all profits reinvested to offer higher standards of customer service and lower costs.
As a member of a credit union, you are part-owner. This not only means you have a say in how your credit union is run, you can also take advantage of benefits such as lower rates on loans, while paying less in fees.
Consumers Credit Union is one of the largest credit unions in Illinois, with over 100,000 members and more than $1.2 billion in assets. However, what sets Consumers apart from many other credit unions is the fact that membership is open to everyone, regardless of occupation or state of residence. All you need to do to join is provide a one-time $5 membership fee.
To apply for an auto loan from Consumers Credit Union, you will need to meet certain eligibility criteria (this includes having a credit score of at least 640). You can then benefit from competitive rates (dependent on your credit and the age of your vehicle), and handy features such as the Consumers Car Buying Service, or refinancing on your current loan.
What You Need To Know
• Qualified applicants may apply for 100% finance with no down payment.
• Consumers Credit Union provides low fixed rates on auto loans, with flexible terms.
• You will pay interest only on the balance left to pay.
• You can benefit from Mechanical Repair Coverage with 24-hour emergency service.
• Take advantage of the Consumers Car Buying Service to see what others paid for the new vehicle you want, to then get member pricing on in-stock vehicles.
• Other features on offer include ForeverCar (providing quotes on customized repair coverage) and GAP Coverage (helping fill the gap between what your vehicle insurance will pay and what you owe on your loan).
• To be eligible, you must meet Consumers Credit Union’s eligibility criteria, which includes having a credit score of at least 640.
• When you apply for auto financing with Consumers, the credit union will perform a hard pull on your credit file, so only apply if you’re serious about the application.