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Consumers Credit Union Auto Refinance

in Auto Loan Refinancing from Consumers Credit Union

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Consumers Credit Union Auto Refinance

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in Auto Loan Refinancing from Consumers Credit Union

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Highlights
Credit Score Range 640 - 840
Loan Amount $5,000 - $150,000
APR  (Fixed APR) 2.69% - 21.99%
Loan Term (Months) 6 - 84 months

Consumers Credit Union Auto Refinance Review

Consumers Credit Union Auto Refinance is an auto loan refinance offering by Consumers Credit Union, based in Waukegan, IL. Founded in 1930, Consumers Credit Union offers auto refinance loans in 50 states (and Washington, DC).

Key Takeaways
  • Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
  • Fair credit accepted. The credit score needed for Consumers Credit Union Auto Refinance is relatively low. Borrowers with a credit score as low as 640 may qualify for Consumers Credit Union Auto Refinance.
  • Vehicle requirements. Vehicles must have less than 300,000 miles and a maximum age of 40 years.
  • Refinancing for large loan amounts. You can refinance auto loans of up to $150,000 with Consumers Credit Union Auto Refinance.
  • Hard credit pull required. You can't check your rates or see if you prequalify for Consumers Credit Union Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
  • Cosigner applications accepted. Applying for Consumers Credit Union Auto Refinance with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
  • Short loan terms. Consumers Credit Union Auto Refinance offers loan terms as short as 6 months. Most auto refinancing loans have a minimum term of 12 to 36 months.
  • Long loan terms. Consumers Credit Union Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.
  • Minimum income of $6,000. You will need an annual income of at least $6,000 to apply for Consumers Credit Union Auto Refinance, which is below average for the lenders in our database
Consumers Credit Union Auto Refinance Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • Available in all 50 states.
  • Considers applicants with fair credit.
  • Considers older vehicles (max. 40 years)
  • APRs as high as 21.99%.
  • Charges an origination fee.
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee of $29
Consumers Credit Union Auto Refinance FAQ

How much can you borrow via Consumers Credit Union Auto Refinance?

Auto refinance loan amounts start at $5,000 and go up to $150,000.

What are the auto loan refinancing rates offered through Consumers Credit Union Auto Refinance?

Consumers Credit Union Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 2.69% APR up to 21.99% APR. Rate is quoted with autopay discount*.

What is the maximum loan term you can get with Consumers Credit Union Auto Refinance?

Consumers Credit Union Auto Refinance offers auto refinancing with terms ranging from 6 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Consumers Credit Union Auto Refinance charge an origination fee on auto refinance loans?

Yes, Consumers Credit Union Auto Refinance charges a loan origination fee.

Does Consumers Credit Union Auto Refinance charge a late fee?

Yes, auto refinance loans via Consumers Credit Union Auto Refinance are subject to late payment penalty fees of up to $29, which is triggered if you're 10 days late.

Does Consumers Credit Union Auto Refinance charge prepayment fees?

Yes, Consumers Credit Union Auto Refinance does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for Consumers Credit Union Auto Refinance?

Applicants with a credit score of at least 640 and up to 840 may be eligible for Consumers Credit Union Auto Refinance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loan refinancing with Consumers Credit Union Auto Refinance, applicants need a minimum annual income of $6,000 or higher. Consumers Credit Union Auto Refinance only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Consumers Credit Union Auto Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Consumers Credit Union Auto Refinance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of insurance
  • Driver's license
  • Government issued photo ID
  • Proof of identity

What is the maximum mileage to refinance with Consumers Credit Union?

Consumers Credit Union is an option for high-mileage vehicles. They will consider auto loan applications for vehicles with up to 300000 miles on the odometer.

What is the maximum car age to refinance with Consumers Credit Union?

Only vehicles that are 40 years old or less can qualify for an auto refinance.

Does Consumers Credit Union Auto Refinance report your account activity to credit bureaus?

Yes, Consumers Credit Union Auto Refinance reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount $29
Late Fee Grace Period 10 days
Credit Score Range 640 - 840
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted Cosigner
Maximum Mileage 300,000
Maximum Vehicle Age 40
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Annual Income $6,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
  • Social Security Number
  • Driver License (or other photo ID)
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Joint Loans Available  
Payment Options
  • Automatic Payments
  • Check by mail
  • Storefront
  • Bank Transfer
  • Cash
APR (Fixed APR) 2.69% - 21.99%
Loan Term 6 - 84 months
Loan Amount $5,000 - $150,000

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