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Financing - using Alliant instead (still as easy as tesla? - updated title., Yes it was!!)

Financing - using Alliant instead (still as easy as tesla? - updated title., Yes it was!!)

How complicated does the process get? Would love to use tesla, but the approval I have from them doesnt let me roll in sales tax and 0% down... where as I was able to do so With Alliant..

Rocky_H | 4 décembre 2017

Tesla doesn't do any financing, by the way. They are just passing your application through to a bank, so do you even know what bank or credit union their offer is through?

zxed | 4 décembre 2017

I looked at all the credit inquiries that came way of Tesla :) Chase, Wells, TD - no credit union... I then (later in the day) did the Alliant application. The Tesla offer is through TD, 60 mo with no down; 72 mo with $10% down (plus tax).

For Allitant, i manually entered the full amount and included tax, which was approved, for 0% down, 72 month; but I havnt been able to speak to the guy who approved me yet... I wanted to ask about Gap insurance., and to verify that he knew that the $ amount included the tax in addition to vehicle cost.

NomoDinos | 4 décembre 2017

Zxed - I used Alliant for my last Tesla loan in 2016 (for my wife's car), and just finished the application process with them again for my new one. It was even easier this time around since we already have an account with them.

The best thing is that they finance up to 105% of the purchase price, so you only have to put the remainder of the sales tax/title/license fees down. At 1.49%, I think it makes a lot of sense to free up the money for other purposes :)

NomoDinos | 4 décembre 2017

Sorry, that was pretty ambiguous: the $ amount does not include the tax, that's what the extra 5% is for..

MelaniaFromBrentwood | 4 décembre 2017

So verdict here would be to go with Alliant directly or one of the banks that Tesla sends you to? :)

NomoDinos | 4 décembre 2017

Melania - Yep :) Alliant was fast, easy and responsive for my last loan, and I've been happy with them again so far in the approval process (even though they've fallen out of favor with Tesla for some reason). Same rate, so depends on if you have anything else you wanted to do with the down payment now.

I would avoid Wells Fargo, though, unless you don't mind phantom accounts popping up!

MelaniaFromBrentwood | 4 décembre 2017

Thanks!!

zxed | 5 décembre 2017

Im definitely going with Alliant - just waiting for my DS to get me the updated MVPA. Friendly - its great they give 1.25% back as interest on the account (incase you want to hold your funds there) - but I like my betterment returns at the moment...

zxed | 5 décembre 2017

To answer my own q - it was just as easy., already done...

avesraggiana | 6 décembre 2017

BOTH my Tesla loans are through US Bank at 1.74% and 1.49% respectively. Both loans were initially shopped by Tesla Lending to see who would bite.

I was astounded at some of the rejection letters I got from the other banks, the whole approval process seems so arbitrary.

For my next Tesla purchase, I may try Alliant independently. I’d like to know why they are no longer one of Tesla’s preferred lenders.

zxed | 6 décembre 2017

"Tesla’s preferred lenders" - Likely has to do with the give and take., Tesla borrows from (major) banks., they probably want their products offered over others to give tesla better rates.... happens all the time. I do know that Tesla does NOT make it hard to work with Alliant though., After I signed the loan doc, the guy who was assigned to me sent an email with me as cc "Loan docs signed" and thats when (roughly 5 minutes) the $ amount owned became 0 on my account... no way that transfer or payment made it to tesla in the few minutes between me signing and that email....

Overall very pleased that I was able to do 103% Electrical work at home is $3700, car wrap costs $$, extended warranty costs $$, prepay service costs $$ - I get to spend on all this instead of down-payment...

ckcland2 | 6 décembre 2017

Alliant is also providing me with GAP insurance for a total of $360 for the life of the loan!

zxed | 6 décembre 2017

I tried to get gap - but they can only offer gap for loans below $100k

MelaniaFromBrentwood | 6 décembre 2017

I am financing through Tesla (US Bank) but tesla refusing GAP insurance - possible to get through another source?

zxed | 6 décembre 2017

Try your insurance agent/co

Silver2K | 6 décembre 2017

Refinance with alliant and get gap

Silver2K | 6 décembre 2017

Alliant approved me and was ready to wire in 2 minutes flat!

It took longer to give the young lady my personal account info for the monthly payments.

zxed | 6 décembre 2017

So Liberty will give me gap at $68/yr - now I just have to figure out if i want to move to liberty or stick with arbella

astorch | 6 décembre 2017

So you guys got Alliant for 1.49 or better? Tesla loans will most likely do 100%....

astorch | 6 décembre 2017

So you guys got Alliant for 1.49 or better? Tesla loans will most likely do 100%....

astorch | 6 décembre 2017

So you guys got Alliant for 1.49 or better? Tesla loans will most likely do 100%....

zxed | 8 décembre 2017

@astorch not sure what you are implying - nor talking about.

spinnerex | 13 décembre 2017

Does anyone have the correct alliant website? When I googled it there are several different once that come up. Some are .org some are .com. I just don't want to put in my information into a fake website...

zxed | 13 décembre 2017
eharden007 | 22 décembre 2017

Alliant is the best, I will use them for all of my automotive financing. This is my guy:
bbierut@alliantcreditunion.com

CMcCright | 23 décembre 2017

Eharden007,

did you just email him and start the process? when did you guys apply for your credit in relation to your order time. we just ordered our X on the 22nd so I am trying line out the details of timing on financing.

Appreciate the insight form everyone.

zxed | 23 décembre 2017

I think it’s fastest to apply direct as they assign to next available loan officer.

I applied for mine 1 week before I was told it’s on its way. Alliant approval from apply to approved was over night at he requested 103% LTV. Tesla’s finance (chase and WF) took 3 days with down payment requirements.

CMcCright | 24 décembre 2017

i am not concerned about approval time as we won't get our car until Feb, and we are a pretty easy credit risk to underwrite. Shot him an email and we will see what happens. the only negative is it seems the promo ends the end of this year. wonder if they will "Grandfather" an application?

zxed | 24 décembre 2017

an application that is more than 30 days out will require a credit hit again, from what I know about terms., the loan must be fulfilled before the end of 2017 for it to be at that rate, but your loan officer might offer a 60 day hold on the loan approval.... if they cannot - the jump is likely from 1.49 to 2.49, and this is for max months, you might be able to get back to 1.49 (or lower) with shorter term and/or higher down-payment.

CMcCright | 24 décembre 2017

well i work for a large financial institution, so maybe ill just need to kick the tires that way. 100 bips is a pretty decent spread, but rates have moved north so it is what it is i suppose.