Alliant Over Penfed - A Self-Employed's Loan Story

Just wanted to give a bump to Alliant Credit Union, who've approved me for virtually the entire amount of my $93,000 85kWh S. Penfed did approve me, but only for $50,000. So, I re-applied, only to get the same result. At that point I decided to look elsewhere. Saw the posts about Alliant, and thought I'd give them a try.

I'm self-employed, so I anticipated some trouble, as is usually the case when it comes to such matters. I supplied each ACU & Penfed with PFD copies of my 2010 & 2011 tax returns (over 100 pages each!) in lieu of paystubs. They of course ran my credit, which Equifax reported as 749 (Grade A). Still Penfed wouldn't give me the entire amount, which meant I would've had to get an additional loan for the remainder. Too messy.

So, I'm not a member of Alliant, and don't have a relative who is, and I don't live in Chicago, or belong to any of the professional organizations listed on their site. So, easy-peasy, I donated $10 to Foster Care via Alliant's site, which qualified me to become a member. Alliant then automatically deposited five of their dollars in my newly formed savings account. For confirmation of identity, I had to further supply them with copies of my driver's license, passport, and a digital copy of a utility bill - in my case it was a Verizon Wireless bill.

Confirmation of my new account was very quick - within one day - and I immediately called and talked to loan consultant Jon Sipich. GREAT work on his part! His knowledge and communication were superb. He then expedited my loan application, and I was pre-approved while on hold for 4-5 minutes. He gave it to the underwriters for a final look-see, and I heard via email the following day that I'd been approved for the entire amount. Actually, they required me to make a 10% down payment, which took into account the $5000 I'd already placed on my original reservation a year ago. So, my down payment is approximately $4300, with around $84,000 actually being financed. Oh, almost forgot - 1.49% over 72 months! GREAT!! A year longer than Penfed.

So, I guess the moral is...SHOP AROUND.

Kyle in Madison
85kWh - Blue - Black - 19" - Tech - Sound - Air
Late April Delivery

Good to know. Thanks for sharing. What state do you livein?

NP. Wisconsin.

Also self-employed and I was denied by PenFed because I have not been making my current salary for the last 2 years. Alliant approved me for 70k at 1.99% for 5 years (I already have an HSA with them). The entire experience was MUCH better with Alliant (PenFed you needed to call repeatedly and talk to a different, clueless person each time and fax everything in; with Alliant, everything was handled through email with the same person throughout). If they are offering 1.49% now, I see no advantage to going with PenFed.

Heh. Msdison was a clue, unless there's another in another state.

The Alliant vs. PenFed slugfest for Tesla business is now on!

There ARE other Madisons, but only ONE MADISON!! ;-)

I'm SO glad Penfed gave me problems. Led me to Alliant. Indeed, they have 1.49% for SIX years. Much better deal.

Highly recommended.


Did Alliant ask you to sign 4506 form to verify your income with IRS?

@ylyubarsky Nope. I guess my two most recent tax forms, which are quite complicated, and compiled by our tax guy - along with credit history - were sufficient. Though, I think that it would've been a very simple task to complete, given Alliant's use of ESIGN E-signatures.


Thanks for the answer. Would you give me your email address if possible. I want to talk to you and ask a few questions about your experience in details. Thanks.



@ kyleket

I sent you an email. Please check your SPAM if you don't see it

i did note on the alliant site that you need to have the monthly payment on autodraft to get this rate, otherwise .4% higher. i did use penfed w/o knowing of alliant. my loan is less than 2weeks old. anyone know if a payoff and refi could qualify as a new vs used car loan

@ kyleket

If you don't see my email, write me at Thanks


You're right, I forgot to mention that. If you don't go paperless, with auto-deduction from your bank account, the rate is 1.89%. You might be S.O.L. with the re-fi being considered as a new car loan. Can't hurt to ask, though! I say call Alliant. They might know something that's not occurring to you. Good luck!

Wow, that's great to hear. I think my check from Penfed will expire before my car is ready, and then I'd be subject to their higher interest rate.

To clarify my previous post:

Paperless, auto-deduction from bank account = 1.49%
If you want to write a check every month, and have a paper trail = 1.89%

I just spoke with Alliant who indicated there could be a 6 month window to refinance the original auto loan and qualify for a new car loan with them. I may check this out as benefits are:

.25% lower rate
1 additional yr financing
increased financing amount

I'm not a banker but wouldn't a 12 month extension negate a .25% lower rate?

Their rate is for 6 yrs (72 months) vs Penfed at 5 yrs (60 months). Their 7 year loan is at a higher rate


On the longer loan you pay more total interest over the life of the loan but a lower monthly payment. The question is what is more important to you?

actually, with the lower rate, the total interest for 6 yrs is less that the higher rate for 5 yrs, but not by much.


The total amount of interest that you would pay on a $70,000, 5 year loan, at 1.99% with Penfed is $3,598.22. Additionally your monthly payment is $1,226.64.

The total amount of interest that you would pay on a $70,000, 6 year loan, at 1.49% with Alliant is $3,219.04. Additionally your monthly payment is $1,016.93.

Personally I went with Alliant (very easy process) and my car was delivered on 3/30.

Thank you for the tip, KyleKet. I ordered almost the same car (blue, 19, pano, tech, sound, 85kw). You have good taste, so I gave Jonathan a call. Great guy, we are prequaled and downhill from here.

Thanks for writing this review; helpful for me and deserved of Alliant.


You're welcome!! I'm glad to help a fellow Kyle, as well! ;-)

Glad it worked for you, and I hope Jonathan gets a commission.

Three weeks til mine comes!! What's gonna replace me daily hours spent on this forum? Oh, yeah, daily hours on the road!


Those interest rates are amazing, in The Netherlands (Europe) we pay about 6% for financial leasing a MS.

Our interest rates in the US are literally insane. Americans: get fixed interest loans now! The bubble is going to burst. The Fed can't dump funny money into our financial system without effect forever.

Won't work. You'll be doing both. It's additive.

@Brian H

Perhaps if I multi-task, and combine my forum time with my driving time on the 17"...

Bad idea. We've had one too many head-ons already.

Amazed at how easy Alliant made this loan process!

I was vacationing on a Caribbean island when I got my delivery email, and had to move fast to get financing. All I had as an iPad mini and a spotty WiFi connection, but that was enough to get/send all the emails to Tesla, open a new account with Alliant, and apply for a loan. Both Tesla and Alliant were very nice about accommodating me (for instance, I couldn't take phone calls, so they did everything by email and DocuSign), and they had all the digital paperwork ready by the time I got back from vacation!

1.49% for six years, 100% financing, picking up the car this Wednesday