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Alliant financing

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!

J.T. | 2013年10月19日

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.

aviationfw | 2013年10月19日

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.

AmpedRealtor | 2013年10月19日

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.

Devin B | 2013年10月19日

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.

ausdma | 2013年10月19日

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.

GDH | 2013年10月19日

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.

GDH | 2013年10月19日

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.

DCTesla | 2013年10月19日

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.

Me | 2013年10月19日

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.

GDH | 2013年10月19日

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

Me | 2013年10月19日

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:

http://www.experian.com/blogs/ask-experian/2012/02/29/inquiries-for-mult...

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

Brian H | 2013年10月19日

Similar process and rates with PenFed.

Me | 2013年10月19日

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

GDH | 2013年10月19日

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.

darthbeldar | 2013年10月19日

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

Brian H | 2013年10月19日

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

Gizmotoy | 2013年10月19日

JoeH's comment in this thread goes over the requirements to receive Alliant's best rates:
http://www.teslamotors.com/forum/forums/did-most-you-take-tesla-financin...

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.

Me | 2013年10月20日

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).

odellj | 2013年10月20日

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%

donaldmeacham1 | 2013年10月20日

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

ramtaz | 2013年10月21日

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!!

thranx | 2013年10月21日

@DCTesla;

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.

carolinagobo | 2013年10月21日

Alliant $84K 1,74% 72 months

Gizmotoy | 2013年10月21日

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?

plpham123 | 2013年10月21日

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.

Gizmotoy | 2013年10月21日

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

Mathew98 | 2013年10月21日

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.

MichaelN | 2013年10月21日

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 -

Gizmotoy | 2013年10月21日

@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%?

Mathew98 | 2013年10月21日

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.

MaxEntropy | 2013年10月21日

@me (boy, does that look odd): I have experience as a consumer loan underwriter, so when you mention that you do not have any auto loan history, the first question that popped into my mind is how lengthy is your credit in general? Yes, it always stuck in my mind when looking at an application whether someone previously financed a car and how it was paid, especially when the request is for a significant amount of money. However, the lack of auto credit can often be made up for by a good mortgage history, or a proven track record on other types of loans (unsecured, credit cards, home equities, etc). The flip side to this is someone who has just started their credit file and has very limited and non-comparable credit (i.e. an 18 year old who just has a $500 limit Gap card and it's only been open for 2 months). I can't say I ever pulled the trigger on a case like that, unless, as you mentioned, the cash commitment from the applicant was very large.

rbarry | 2013年10月21日

You can also pay for the car before it arrives. I used Alliant and had a window where I might have been able to pick the car up at factory in Fremont and drive it home. It turned out not to be workable with my schedule BUT Alliant had fed ex the check and Tesla had received it --- BUT I didn't get the car until about 10 days later (after shipping and pickup).

GDH | 2013年10月21日

To bad Alliant's 84 rate isn't better.

Chuck Lusin | 2013年10月21日

We have the 1.49% and the auto payment is from our Bank of America checking account.

Gizmotoy | 2013年10月21日

@Chuck:
I think you're right. I found this automatic payment enrollment form on their website that backs you up.
http://www.alliantcreditunion.org/pdf/loans/AuthorizationPreauthorizedLo...

MaxEntropy | 2013年10月21日

@GDH- Looks like Alliant offers the same rates through 72 months and only raises the rate 100 bps for anything 73 months and over. So, in other words, the 84 month rate from Alliant could be down to 2.49%. Not sure why you don't consider this to be a good rate. You can't go much lower than that on this long of a term without them taking on way too much interest rate risk (the risk a financial institution takes by locking in low rates over an extended time versus the likelihood that rates will rise over that same period). I also don't know of too many lenders that both extend to 84 months while keeping their rates in the 2's AND finance Teslas.

GDH | 2013年10月21日

OnPoint Credit Union offers 84 at 1.79% that is why I said I wished Alliants 84 was better. I wish ANY bank did 1.49% for 84.

Justinde | 2013年10月21日

I had a great experience with Alliant. I was approved for 95% financing, 1.49% for 72 months Friday. I'm self-employed and they only required 1 year tax return (usually 2 years). The underwriting is smooth and efficient....I concur with all the positive opinions on Alliant based on my experience. 11/14 delivery date confirmed :)

ausdma | 2013年10月21日

Approved today for 90k (what I asked for), 72 mo, 1.49%. Pretty good for a guy without a regular paycheck. Haven't jumped through any detail hoops yet, but the guy told me his goal was to make it as easy for me as possible.

GDH | 2013年10月21日

^^ whats your payment at 90K?

ausdma | 2013年10月21日

Actually, I don't know, I forgot to ask. I'm expecting it to be around $1300.

GDH | 2013年10月21日

yikes.

IntrinsicHegemony | 2013年10月21日

Alliant advertises $14.53 per $1000, so $1300 is just about right.

elguapo | 2013年10月22日

Had an amazing experience with Alliant. 1.49% for 72 months, as others received. It was easily the smoothest experience I've ever had with a bank - 90% of communications over e-mail.

tcoyle | 2013年10月22日

I originally went with Tesla financing because I liked the idea of no hassle buy back, however, since my purchase I have added Super-charging, opti-coat and tint which would not be reflected in their buyback price. I'm wondering if I can refinance with Alliant and just sell the car privately if I want in the future? My own bank (BofA) wouldn't even offer me a 72 month loan with a credit score of 850.

ggbjr | 2013年10月22日

Do any of you have a good Alliant referral?

mrfeb14 | 2013年10月22日

Did the OP ever hear back from Alliant? I'm curious of the outcome.

GDH | 2013年10月22日

+1 to being curious of the outcome.

@Tim: Must banks will give you a loan but I am pretty sure it would be a refinance. So check Alliants rates for refinance. I am sure they do it for a good rate.

772 | 2013年10月22日

GDH - is that OnPoint 84 offer recent? Checking their website has 2.34% for an 84 as a promo rate

MaxEntropy | 2013年10月22日

@GDH- Dang! That's ridiculously low. I would love to see what their margin is on a rate and term combo like that. BTW, I wasn't meaning to sound....belligerent. I keep a pretty close tab still on market rates and have been hard pressed to find really anyone- including OEM captives and corporate banks- who finance anything longer than 72 months. Funny how as little as 7 years ago, large-scale car financers were bending over backwards to offer longer terms and now they've whittled their parameters back. Talk about leaving the door wide open for credit unions who are still willing to serve their members.

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