It’s widely regarded as the leading credit union for auto loans because it doesn’t have a minimum loan term
by Giovana on mar.31, 2022, under japan
Customer Support
If you have any questions regarding myAutoloan rates or the company’s online auto loans, you can either reach out to customer service or browse through the FAQ/Help sections. Customer support agents are knowledgeable and willing to help; however, you can only contact them by filling out a form on the site.
There are no phone or live chat options. The help section has a broad selection of reading materials, but that doesn’t exactly qualify as instant assistance.
At a Glance
- Detailed credit score assessment
- Wealth of resources
- Quick approvals
Consumers Credit Union Auto Loan Review
If you’re going with a credit union, you might as well go with one of the best-known organizations in the industry. When compared to the competition, one of the CCU’s key benefits is flexibility.
To become eligible for a loan, you’ll first need to become a member. Luckily, it’s an inexpensive, quick, and absolutely worthwhile process that can be done online or over the phone.
Lowest Rates and Discounts
Consumers Credit Union offers low car loan rates with a starting APR of just 2.24%. This option is available within a very flexible loan term of 0 to 60 months but limited to vehicles manufactured after 2018. Of course, you need to meet high credit score requirements before even considering this option.
The lowest APR for motorcycles is 4.90%, while RVs start at 4.40%. Note that these numbers are calculated with a 0.5% discount rate if you enable automatic payments through CCU. If you choose a third-party system, you’ll only get a 0.25% discount.
Membership Fee
The first step towards becoming eligible for low-rate auto loans is acquiring a CCU membership. This payday loans bad credit online Connecticut is a standard requirement for credit unions because of the organizational structure – you’re a client and an owner at the same time. However, unlike some other unions, CCU isn’t conditioned by employment or location.
All you need to do is pay the one-time fee of $5, and you’re good to go. This stays in your account and buys you a single share in the organization. When you decide to close your account, you get your money back.
Loan Terms and Vehicle Restrictions
The maximum loan tenure is 84 months, and there is no minimum. The threshold for vehicle loan rates is 60 months, which is quite generous compared to the competition. Motorcycle loans have a maximum cap of 60 months, while loans for RVs can go up to 180 months in total. While Consumers Credit Union doesn’t impose mileage limits, the model has to be from 2014 or newer.
In fact, you’ll get the best deals for models manufactured in 2018 or later. The site does mention rates for vehicles older than 2013, but you’ll probably need to consult a CCU representative to find out if these are actually available.
Interface and Application Process
The site’s interface isn’t its strongest asset. You won’t find extensive information about auto loan rates or specific requirements for each loan. Everything seems a little disorganized. Aside from the online application method, you can also use the phone or locate a nearby branch. The Consumers Credit Union customer service has slightly shorter working hours than its competitors: 8 a.m. to 6 p.m. CST during weekdays and 8 a.m. to 2 p.m. on Saturdays.
At a Glance
- Highly flexible loan terms
- Inexpensive credit union membership
- No mileage limits
PenFed Auto Loan Review
PenFed is a reputable credit union that offers some of the lowest loan rates to both military-affiliated personnel and civilians. Anyone can get a loan here, but as is the case with other credit unions, there is a small membership fee. PenFed’s super-low APR rate of just 0.99% only works if you sign up for the PenFed car buying service.
