Alliant financing

I had a question about those who used Alliant for their loan. Did everyone already have automobile credit history when they received their low APR loan? Did you have to make a downpayment?

Reason I ask is I was contacted by Tesla financing, and my application was denied by both Wellsfargo and Usbank because although I have excellent credit history, I do not have any automobile credit history. I sent in an application today to Alliant and was just wondering what I should expect come next week.

Thank you!

I had no problems with Alliant. I do have auto financing history but I have no idea as to whether or not that's a factor at all.

I have Alliant..... Credit score is the most important factor if you want that 1.49% rate . They are very efficient it took me 3 hours from first call to approval. Tell them the truth about your situation and they will tell you exactly what they can do to help. All in all everyone I know that used Alliant has found the process fast and simple all over the phone and a copy of my last 2 pay checks by email was all that was required.

Alliant qualified me for an $80k loan amount with a minimum 10% down because I did not have prior credit history for a car of this price. I do currently have another auto loan for a vehicle of about half the price of the Model S.

I went with USAlliance, however I believe their promotional interest rates expired at the end of August.

I had trouble with Tesla financing as well. I have never had a car loan until my S. Alliant approved me for more than I needed.

Gonna figure out Alliant next week. We'll see if my lack of actual earned income is too much for them to overcome. 1.49% would be almost like free money though.

If you have any gliches you will get denied with US and Wells. Besides their rates suck. However if you get denied with Alliant I would stop trying for a while, all these pulls on your credit is only going to make it worse.

Oh and for anyone in Oregon Onpoint is doing really lowe rates right now. I just got approved for $80K for 84 months at 1.84%

Makes sure to get the SmartWay Ellite pricing for the Model S.

Alliant has been the most efficient banking experience I've ever had. My impression is that they're looking for a premium, high credit score consumer to which they can lend. Not surprising that they're giving scrutiny to those who may not have a lengthy credit history but if you can get through the process it's well worth it. Practically free money as someone said.

Ok thanks for the input guys. I also applied to Logix Bank and they denied me. They said they will send an email for reasons for the decline.

I'll have to wait for Alliant to get back to me next week.

I would highly suggest that you STOP applying for credit, you are only making it worse. Give it 30/60 days.

Does it? That's good to know. I've heard multiple inquiries within a short time frame usually count as one inquiry. So far I've done 5, and they were all done in the past 5 days (waiting the results on 3 of them). I read this:

So I am really unsure. Hopefully they all came out as a single inquiry.

Similar process and rates with PenFed.

I also found my credit score, its 749. Is that too low?

749 is good but with the credit pulls its going to go down. I am not 100% sure how many points it goes down but bankers also look at how many inquiries you have. If you have pulled your credit now 5 times and have been denied 4 times my guess is that you are going to get approved or you will pay a ton in interest. I would stop applying and have a conversation with your loan rep at Alliant then stop for a while.

In order to get the best rate from Alliant your credit score needs to be 760+ from my experience.

I think he's concerned with getting the loan, period, not rate-shopping.

JoeH's comment in this thread goes over the requirements to receive Alliant's best rates:

In summary, Equifax > 740, less than 45% debt-to-income, automatic payments.

You are also correct that multiple inquiries within a one month window will count as a single inquiry. You take your 5-10pt hit on the first inquiry, and then further inquires do not affect the score. They may be used to determine if your loan will be approved, though. If they ask, just mention you were shopping rates.

The above out of the way, the fact that you've been denied 3 out of 3 times indicates something else is up. Lending practices don't vary that much between institutions, so three places in a row not offering a loan is not a good sign. You probably should have asked Wells and USBank what you needed to do in order to be approved. It might be that you're going to need to come to the table with a significant down payment.

Since we're on the topic, those of you who have gone through Alliant, how long would they lock your rate in when you were approved? Trying to figure out when to apply, myself.

When I spoke with Telsa financing, I was denied from Wells fargo and Usbank because I have never bought an automobile in my life... so I have no credit history buying a vehicle. Because of this, yes, I would have to make a huge down payment to even be CONSIDERED for a loan. The representative for Tesla financing recommended 40k down to see if I can even get an approval for a loan. I will found out if I do come Monday or Tuesday.

I won't know what Alliant will say since I applied Friday, but I am expecting the same result... no credit history with vehicles so probably a high down payment to even get the loan approved. I don't mind a down payment but I would prefer if it was little to none since that is investment money. My debt-to-income is around 20% and I have a good amount saved up so automatic payments is nothing.

Although I am concerned with the rate, at this point, yes, I am concerned to even get a loan AT ALL. I am a little disappointed so far, but we will see what happens next week and whether I not I need to contact Tesla to return my deposit (have to til Oct. 30th).

Excellent experience with Alliant. 1.74% for 5 years. 90,000. Penfed only offered $45,000 since my largest prior auto loan was <$40k USAA offered $90,000 at 3.75%

Excellent experience with Alliant. 1.49% 72 months > 100k

The best experience with ALLIANT , approval in less than 15 minutes.
They wanted to loan me 100% , I only wanted 80%.
1.49 x 72 interest could not be BEAT!!


big +1. I'm 66, and my dealing with Alliant was the best banking experience I've ever had. Also first auto loan I've ever taken out (all previous purchases were cash). Didn't faze them. Maybe they look at weird things like credit score, income, collateral...stuff banks used to think were important.

Alliant $84K 1,74% 72 months

Did they mention to any of you guys who were approved how long the rate was locked in? 30 days?

The 1.49 requires auto payment. Does it have to be from an account with Alliant, or can it draw from anywhere?

Once approved you have 30 days before you have to re-apply. You can auto pay from any bank account. Don't forget to mention $100 bonus when you apply.

@plpham123: Thanks for the tips. I have a few weeks before I can apply, then, given my 11/26 delivery. Hurry, car, hurry!

ACU allows 30 days from the day of application to pay for the car.

1.49% only applicable if you select auto payment option from a linked ACU account. You can set up an external transfer into the ACU checking from your regular account to fund the monthly payment.

Alliant - 90% (offered 100%) - 1.49% 72 mths - credit score may be paramount, we never purchased a car above $50K - credit score 790+ - payment can be drawn from anywhere -

@Matthew: Thanks for the clarification. That's a little different from plpham's response. Can the ACU account be set up to pull, or would I have to push the ACH from elsewhere? I ask because at my CU, pulls are free, but they charge to push money around. Weird, I know.

I think I read the discount for auto-payment is 0.25%?

Auto payment discount is to an ACU account. You can have auto payment from any institutions minus the 1/4 point discount.

ACU deposited $100 to my account for the financing the car with them.

I set up a recurring external transfer from my bank to the ACU account a few days before the monthly payment is deducted from the ACU account. There's no transfer fees since I initiate the transfer from my bank.

My initial ACU account funding from another account was free of charge. Please check with ACU regarding their fees structure of funding the ACU account via auto withdrawal from other institutions.