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Credit Union 1 Illinois Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 5 Sep 2023
Fact checked

A quick review of Credit Union 1 Illinois auto loans

Credit Union 1 Illinois logo

Credit Union 1 Illinois has been offering its service across 5,000+ shared branches for 65 years. CU1 offers flexible loan options with up to 100% financing and terms of up to 84 months. Members can easily select from a range of pre-owned and new vehicles from CU1’s partners, TrueCar and Enterprise Car Sales.

Want to see what a CU1 auto loan will cost? Try the Credit Union 1 Illinois 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 Credit Union 1 Illinois auto loan features

  • Minimum loan amount: $5,000. But to receive 8.49% or 9.49% APR, the minimum is $15,000.
  • Maximum loan amount: Up to 100% of retail value, including tax, license, document fees, and service maintenance.
  • Interest rates: Start at 7.99% APR.
  • Loan terms: 36 to 84 months.
  • Loan fees: $49 processing fee.
  • Discounts: 0.50% rate discount for automatic payment transfers.

CREDIT UNION 1 ILLINOIS LOAN OPTIONS

New and used auto loans

CU1 provides flexible auto loan options for new and used vehicles for up to 84 months. Starting at 7.99%, you can finance 2022 or newer models. And if you’re in the market for 2016 to 2021 models, rates are as low as 8.99% APR.

Auto loan refinancing

For 7.99% APR, you can also switch to CU1 to lower your monthly payments or change your loan term. Plus, Credit Union 1 offers cash-out refinancing to help you use your car’s value to fund other expenses. To qualify for a $100 bonus, you should borrow at least $15,000 and close the loan within 30 days from the application date.

Credit Union 1 Illinois auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Credit Union 1 Illinois

Credit Union 1 Illinois auto loan

Credit Union 1 Illinois 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 Credit Union 1 Illinois 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 Credit Union 1 Illinois auto loan

Eligibility criteria

While Credit Union 1 doesn’t list the requirements, you commonly need to be:

  • A member of Credit Union 1
  • At least 18 years old
  • A legal US resident
  • Employed or have a reliable source of income

Though each credit union varies, boosting your credit score before applying for an auto loan can increase your chances of approval. Plus, this can help you qualify for CU1’s competitive rates and flexible loan terms.

How to join Credit Union 1

To become a CU1 member, you need to:

  • Live, work, or worship within one of CU1’s community charters
  • Be a CU1 employee
  • Be a family member of an existing CU1 member
  • Be an employee or spouse of an employee in selected employee groups
  • Or apply under the Credit Union 1 Educational Development Association (CU1EDA) for a $5 donation

What you’ll need to have ready:

When you apply for auto financing with Credit Union 1, 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 CU1 Illinois 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.

Credit Union 1 may require additional information and documents based on your application. So, it’s helpful to prepare details on the vehicle, too. These can include its make, model, year, mileage, and vehicle identification number (VIN).

Ways to apply for a Credit Union 1 auto loan:

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 800-252-6950

Additional Credit Union 1 auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed, but it may be from a few minutes to a few weeks based on your application.
  • Rate discounts: 0.50% rate discounts with autopay.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Ways to repay: Digital and mobile banking, by mail, in person, and over the phone.
  • Hardship program: Undisclosed.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed. But typically, you may finance vehicles up to 10 years old.
  • Maximum vehicle mileage: 125k for indirect auto lending.
  • Other vehicle restrictions: Specialty vehicle loans are unavailable.

PROS AND CONS

Pros

  • Up to 100% financing.
  • 0.50% rate discount for autopay.
  • Flexible loan terms up to 84 months.
  • No first payment for 60 days.
  • Free car-buying service through TrueCar and Enterprise Car Sales.
  • $100 refinancing bonus.
  • Pre-approval available online.
  • Multiple ways to pay – digital and mobile banking, over the phone, by mail, and in a branch.
  • Optional coverage available, including guaranteed asset protection (GAP), mechanical repair coverage, and auto insurance.

Cons

  • Processing fee worth $49.
  • Borrowers with low credit scores may receive higher APRs.
  • Motorcycle, boat, and recreational vehicle loans not offered.
    Late payment fees and prepayment penalties undisclosed.

Frequently asked questions

What is Credit Union 1 Illinois routing?

CU1’s routing number is 271188081.

How long does it take for a CU1 car loan to be paid into my account?

Credit Union 1 may send the funds overnight via UPS to you or your chosen dealer.

How to apply for an auto loan at Credit Union 1?

You can apply for vehicle financing online, in a branch near you, or over the phone.

How much interest does CU1 charge on car loans?

Keep in mind that your annual percentage rate (APR) will depend on your overall creditworthiness, qualification, and collateral. For 2022 or newer models, rates are as low as 7.99% APR. Then, rates start at 11.49% APR for 2015 and older.

What is the maximum length of a Credit Union 1 car loan?

You can fund your vehicle for up to 84 months.

How do Credit Union 1 Illinois auto loans work?

Get pre-approved with CU1 to know how much you can afford. After choosing your vehicle from one of CU’s partners, get in touch with Credit Union 1 to finalize your loan. Then, you can either bring the check to the dealership or have CU1 send the funds to the dealer.

Does Credit Union 1 Illinois refinance auto loans?

Yes. You can switch your car loan to Credit Union 1 and potentially receive a $100 bonus upon loan closing.

Video: Credit Union 1 – Succeeding together

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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