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Consumers Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 5 Sep 2023
Fact checked

Consumers Credit Union auto loans overview

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A quick review of Consumers Credit Union auto loans

Consumers Credit Union provides a variety of auto loan options in 26 office branches across Michigan. To help members access workable vehicle financing, Consumers offers tailored loans for new and used cars, boats, recreational vehicles, and more. Additionally, members may qualify for extended loan terms of up to 96 months.

Want to see what a Consumers CU auto loan will cost? Try the Consumers Credit Union auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Consumers Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: Start at 7.54% APR.
  • Loan terms: Up to 96 months.
  • Loan fees: Undisclosed.
  • Discounts: 0.50% APR discount on hybrid and electric vehicles.

CONSUMERS CREDIT UNION LOAN OPTIONS

New and used auto loans

Consumers offers financing options for new and used vehicles with a variety of terms stretching up to 96 months. For vehicles 7 years old and newer, you can get a rate of 7.54% APR for up to 68 months. Meanwhile, you can finance vehicles 3 years old and newer for as low as 9.39% APR for up to 96 months.

Boat loans

If you’re planning to fund a boat, Consumers Credit Union’s boat loans have terms extending up to 180 months. You can secure up to $10,000 for as low as 7.09% APR and finance it for up to 60 months. But if you want to apply for $40,001 or more, auto loan rates start at 10.14% for up to 180 months.

RV loans

Consumers CU also has tailored financing options of up to 180 months for travel trailers and 120 months for small recreational vehicles. For travel trailers, rates start as low as 7.59% APR. But if you’re after watercraft, snowmobiles, ATVs, and dirt bikes, ARPs can be as low as 8.24%.

Motorcycle loans

If you want to finance your two-wheel ride, Consumers also has a range of options you can choose from. For as low as 7.24% APR, you can borrow up to $4,000 for up to 48 months. If you want a higher loan, you can lock in $25,001+ for up to 120 months for as low as 9.99% APR.

Consumers Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$25,000

Term

60 months

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Consumers Credit Union

Consumers Credit Union auto loan

Consumers Credit Union auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Consumers Credit Union auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Consumers Credit Union auto loan

Eligibility criteria

While Consumers CU doesn’t indicate the particular requirements, you typically need to be:

  • A member of the Consumers Credit Union
  • At least 18 years old
  • Employed or have a steady source of income

Though banks, credit unions, and lenders have varying criteria for auto financing, being in good credit standing can help you get favorable offers. So, try to check and build your credit score before applying so that you can secure lower rates and longer terms.

What you’ll need to have ready:

When you apply for auto financing with Consumers CU, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

You may need to provide Consumers Credit Union with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

Depending on your application, you may need to provide details about the vehicle, too. For example, Consumers may ask about the make, model, year, and mileage. So, knowing these beforehand can make your loan application easier.

Ways to apply for a Consumers Credit Union auto loan:

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 800-991-2221

Additional Consumers CU auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed. However, your application may take from a few minutes to a few weeks based on your situation.
  • Rate discounts: 0.50% rate discount on hybrid and electric vehicles.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: None.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Ways to repay: Online banking, in a branch, by mail, and through an interactive teller.
  • Hardship program: Available. Check your options here.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed. Generally, you may fund vehicles up to 10 years old.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • No early payment penalty.
  • Multiple vehicle options – new and used cars, boats, RVs, motorcycles, watercraft, snowmobiles, ATVs, and dirt bikes.
  • Extended loan terms of up to 96 months.
  • Easy payment options – through automatic payments, online banking, in a branch, by mail, and an interactive teller.
  • Several dealer partners across Michigan.
  • Rate discounts on hybrid and electric vehicles.
  • Potential lower APRs for members with high credit scores.
  • Car buying service available.
  • Additional $2,500 to your loan amount with an auto loan from a partner dealer.
  • 90-day payment deferral option for applicants with a credit score of 670+ and a 2006 or new vehicle.

Cons

  • Limited to members of Consumers CU.
  • Undisclosed minimum and maximum loan amounts.
  • Higher rates for borrowers with low credit scores.
  • Unspecified vehicle limitations.

Frequently asked questions

What credit score does Consumers Credit Union use?

The credit union doesn’t specify the minimum credit score requirements. However, Consumers CU offers a credit score feature that uses VantageScore 3.0 to help give you an idea of your credit health. Through this program, you can monitor your credit report and score for free.

How to join Consumers Credit Union?

To become a Consumers Credit Union member, you need to live, work, or attend post-secondary school in Michigan.

Can I repay my Consumers Credit Union car loan early?

Yes. You can make early payments without incurring prepayment penalties.

How to apply for a car loan at Consumers CU?

You can apply by submitting your application online, contacting a Consumers loan officer, or applying through a partner dealership.

What is the maximum term of a Consumers Credit Union auto loan?

You can finance your auto loan for up to 96 months.

Does Consumers CU refinance auto loans?

Yes. You can refinance your vehicle to Consumers Credit Union to lower your monthly payment.

How to pay the car loan on Consumers Credit Union?

You can pay your Consumers CU auto loan through online banking, an interactive teller, in a branch, and by mail.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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