Loans are available only to the credit union’s established members.
The not-for-profit structure is designed to allow for the offering of competitive APRs.
A rate reduction is offered for financing qualifying fuel-efficient vehicles.
Eligibility is primarily for residents of the Lower Peninsula of Michigan.
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Financing for New and Used Vehicles+
For its members, the credit union provides financing for both new and used vehicles. These loans can be used for purchases from a licensed dealership or from a private seller. A pre-approval process is available, which allows an eligible member to secure their financing terms before they begin shopping. This can provide the member with a clear budget and stronger negotiating power during the purchase.
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The "Get Green" Auto Loan Program+
A unique feature of the auto loan program is the “Get Green” discount. Members in the U.S. who finance a qualifying fuel-efficient or electric vehicle with the credit union receive a 0.25% reduction on their approved interest rate. This program is designed to provide a tangible financial incentive for members who make environmentally conscious vehicle choices.
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Auto Loan Refinancing Services+
Consumers Credit Union members can apply to refinance existing auto loans that are currently held with other U.S. financial institutions. The primary goal of this service is to provide members with an opportunity to secure a lower interest rate. A successful refinance can reduce the loan’s monthly payment and its total interest cost over the remaining term.
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Financing for Recreational Vehicles+
In addition to standard automobiles, the credit union extends its lending products to a variety of recreational vehicles. Eligible members can apply for specific financing for the purchase of motorcycles, boats, and recreational vehicles (RVs). These loans often feature the same competitive rate structures as the credit union’s traditional auto loans.
Top Auto Loan Options in the U.S.
- Consumers Credit Union Auto Loans – Low APRs (as little as 3.99% with their Car Buying Service or 4.49% standard), up to 84-month terms, 100% financing for eligible buyers, and same-day funding in some cases.
- Capital One Auto Navigator – Soft-pull prequalification and real-time dealer rate estimates.
- Bank of America Auto Loans – Rate locking, soft prequal, and Rewards program perks.
- PenFed Credit Union – Competitive member-only APRs via its partner-driven Car Buying Service.
- LightStream (Truist Bank) – Quick unsecured auto loans with no vehicle restrictions.
- Carvana Financing – Fully online shopping, financing, and home delivery.
Traditional Bank Loans vs. Consumers CU
Banks like Wells Fargo may offer decent auto loans with standard structure, but they can come with extra fees and slower service. CCU competes by providing lower rates, easier online financing, no prepayment penalties, and flexible terms—all backed by credit union membership and support.
Consumers Credit Union Auto Loan Experience
- Quick Pre-Approval: Get pre-qualified online without affecting your credit score.
- Smart Savings: Borrowers using CCU’s Car Buying Service via TrueCar enjoy rates starting at 3.99% APR. Non-Service loans start at 4.49% APR—plus extra savings with AutoPay.
- Flexible Terms & Financing: Choose loan terms from 12 to 84 months, finance up to 100%, and use it for new/used vehicles, motorcycles, RVs, or boats.
- Easy Application & Funding: Apply online or at a branch—funding can be same-day or via direct dealer check once approved.
- Member Perks: Enjoy fee-free loans, skip up to two monthly payments per year, and protect your purchase with GAP insurance and 24-hour emergency roadside assistance.
Online Lending Platforms
Looking to compare multiple lenders online? Platforms like Capital One Auto Navigator, LightStream, and myAutoLoan offer quick soft-pull prequalifications and instant rate comparisons. But unlike CCU, they may not include features like skip-payment options, dealer-backed member service, or $0 financing fees—all things that come with CCU’s auto loan experience.
Unsecured Personal Loans vs. CCU Auto Loans
CCU offers personal loans too, but vehicle-specific auto loans come with lower interest rates due to collateral backing. Plus, auto-specific options let you leverage features like GAP protection, extended terms, and skip-payment flexibility that personal loans don’t offer.
Buy Here, Pay Here vs. Consumers CU
Buy Here, Pay Here dealers can seem convenient—but they often come with high interest, limited consumer protections, and inconsistent credit reporting. CCU, however, prioritizes transparency: consistent low rates, clear terms, full credit bureau reporting, fee-free payments, and strong online/member support—making it a more reliable and credit-building choice.
How Auto Loans Impact Your Finances and Credit Score in the U.S.
Taking out an auto loan with CCU starts with a soft credit inquiry, so you won’t see an impact to your FICO initially. Once you finalize your loan, a hard inquiry is recorded, though credit scoring agencies often treat multiple auto-loan inquiries as one within a short timeframe—minimizing short-term credit impact.
Making consistent, on-time payments contributes to a strong payment history, enhances your credit score, and keeps your Debt-to-Income (DTI) ratio in check—valuable for future financing like mortgages or personal loans. Missed or delayed payments, however, can damage your credit and land you in late fees. CCU’s tools—from AutoPay discounts to skip-payment flexibility—help you stay in control and improve your financial standing.
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