Forums

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!

GDH | 22. oktober 2013

@772

They have a special promo rate going then the SmartWay Ellite brings the rate down .5%. You have to let them know that you have an EV so you get the discount.

GDH | 22. oktober 2013

I normally would never do a loan longer than 48 months but with Tesla's price tag I would have to do 72 or 84.

772 | 22. oktober 2013

Thanks GDH. 1.79% fixed is dirt cheap for a loan of that amount and term. For $100k financed, the difference between the 1.49x72 and 1.79x84 is about $1500 in interest over the terms of the loans. But I have a feeling that interest rates in general will be higher at that point, so even 1.79 ought to be a very favorable borrowing rate, and extend the term by 12 months. I think I would probably choose the 84 as well.

GDH | 22. oktober 2013

to bad no ones 96 months so i could get a 85 lmao

MaxEntropy | 23. oktober 2013

96 months....heavens help those of us in lending if we ever start doing personal car loans for that long...
Seriously, if you need a loan for longer than 84 months to finance, well, anything, you might as well look at a 10-year home equity loan or HELOC. The rates aren't as low as car loans, but at least the interest paid can be used as a tax deduction, effectively reducing your realized rate.
Just a suggestion.

Gizmotoy | 23. oktober 2013

I feel bad enough taking a 5 year loan on a car. I can't imagine 7 or 8.

liuping | 23. oktober 2013

Most people buying Teslas probably pay AMT, so home equity loans used for car purchases are not really tax deductible.

ausdma | 23. oktober 2013

@ggbjr

If by referral you mean a name, I am working with Scott Paulson, 773-462-2086. If I understand it correctly he specializes in Tesla loans. He seems pretty up to speed on the Tesla purchasing process.

ajpruett | 23. oktober 2013

Loved Alliant. Was so easy. Got $100 for getting the loan. Used them to refi my other auto. Even quicker. Check came overnight from when I was ready. Docusign everything if I remember correctly.

djwill | 23. oktober 2013

When I used Alliant I was told it was 740 minimum for 1.49%.

GDH | 23. oktober 2013

Come on Brian whats the dealio, did you get the loan?

XRAYDOC | 23. oktober 2013

Do you need to be a member of Alliant Federal Union for the loan? I don't meet any requirement for membership. I am a member of USAA.

ausdma | 23. oktober 2013

Don't worry. They'll find a way for you to be a member. That was never even part of the conversation.

XRAYDOC | 23. oktober 2013

Great thanks!!

GDH | 23. oktober 2013

You just need to donate $10.00 to one of their charities. Your loan rep will tell you which one.

GDH | 23. oktober 2013

If your score is above 740 on Equifax and you have low debt we can approve 95% of the MSRP. The rate would be 1.49% for any term up to 72 months as long as have an automatic payment. The 1.49% rate is the best we offer, there is no additional discount for smartway cars.

As far as membership goes, you'll need to make a $10 donation to the foster care for success. Once you do that you are eligible for membership and can complete our online account application (https://www.alliantcreditunion.com/Applications/eligibility/Donate.)

As soon as your membership is opened you can call me an apply for the loan. Since our credit reports are only good for 30 days it is best to apply for the Tesla loan about a week to 10 days prior the expected delivery date of the vehicle.

Have a great day!

Andy Vostatek
Alliant Credit Union
Sr. Loan Consultant
NMLS#616574
(800)328-1935 ext. 2201
Direct:(773)462-2201 Fax: (773)462-2201
avostatek@alliantcreditunion.com

GDH | 23. oktober 2013

I got this email a few weeks ago, very nice guy ^^

dlake | 23. oktober 2013

If I calculated correctly, if you borrow $100,000 at 1.49% over 6 years, it costs just $4,600 in interest?

That would be a good deal.

ggbjr | 24. oktober 2013

thanks @ausdma

Brian H | 24. oktober 2013

dlake;
yep; a quickie calc: take half the time or $$, since that is the "average" (simple interest). So $100K for 3 yrs at 1.5% ~= $4,500.

dlake | 24. oktober 2013

Brian H
I just did an "auto loan calculation" on www.calculator.net.

It looks like interest on $100K at 1.49% over 72 months is $4598.62

Very good rate.

I wonder how many people finance vs pay cash?

dlake | 24. oktober 2013

After a quick volkerize search, a thread in Jan 2013 suggested many pay $30K and finance $70K. But lots of folks simply wrote a check for ~$100K or more.

callmehere | 24. oktober 2013

I am SOOOOO happy I found this thread! I am one of the few people that purchased a model showroom S85, and so I didn't have much time to plan ahead and shop for good banks to achieve my loan. I went ahead and got the US bank loan at 3.3% earlier this month, but when I found this thread I jumped on the chance at getting a loan at 1.49% instead. I called Alliant this morning and got approved with them for 1.49% at the same amount as my original loan. I used a interest calculator, and my original interest paid at the end of my 72mo loan would have been $7900 in taxes paid, but now it will only be $3500! That's a savings of over $4500!!! Alliant Credit Union is AWESOME!!!

Me | 25. oktober 2013

Hey guys, sorry about the lack of an update. Been a little busy this week. I actually canceled my Tesla order for the time being since I had to find financing by the 30th. I'll try and wait a month or two before I actually order. I have not had time to speak to Alliant yet (I left them a message this morning but I have not heard back).

One of the earliest places I applied to was Logix banking and received a notice from them stating the reasons I was not accepted. There reasons were:

Length of employment (this new place I been working at I've been at for 10 months, my prior employment was 3 years, left for a less stressful environment)

Credit history length ( my oldest CC is 8 years, and not automobile credit history)

Too many inquiries (Wells fargo, USbank, BoA, and Logix all checked)

My credit score on Experian is 749. I did not see Alliant make an inquiry so I would rather wait a month before I actually apply and order the car. However, I will post again if I get in touch with Alliant sooner then that.

Gizmotoy | 25. oktober 2013

I'm not sure what to recommend for you. Sounds like you took the best course of action. Unfortunately, none of those 3 reasons will better next month, so I'd be concerned the outcome would simply be the same, with even further inquiries.

Me | 25. oktober 2013

Yea I am thinking about waiting a little longer then 2 months. However I have not spoken to Alliant yet, but I feel I may get the same result. I'll post if I do speak with them.

Thanks!

Me | 25. oktober 2013

Ok I just spoke to an Alliant rep. I did get approved at 1.74 with them loaning about 90% of the payment and me doing 10% downpayment. This is great news. I did not get the 1.49 apr because I was just a point away from 740 (They looked at my TransUnion which 739, Experian was at 749). So I think I made the right decision and will wait another 2 months to get my score up.

Thanks!

GDH | 25. oktober 2013

Inquires suck, my boss was paying this service to monitor her credit and every time the did it showed up an inquiry. She had 45 of them in 6 months lol. USbank denied her strictly on that but Volvo Finance approved her, go figure.

Me | 25. oktober 2013

Yea, luckily I am using Mint credit monitor and as far as I know it does not affect my credit score. But having all those inquiries at the beginning didn't help.

Gizmotoy | 25. oktober 2013

@GDH: She should contest those. Depending on what she agreed to, I doubt they're permissible as hard inquiries. A person requesting their own credit report, through a 3rd party for monitoring purposes, is supposed to show up as a soft inquiry that doesn't affect credit. There's a form you can mail to the CRAs to demand they prove the hard inquiries were valid requests for credit. Her credit will be screwed up for years with 45 inquiries.

Volvo Finance probably approved strictly based on believing her story and having some wiggle room in their process.

L8MDL | 26. oktober 2013

Me - If you are really serious about buying, you might be better off buying now at 1.74%. Any price increases will offset your savings at the lower rate. Would not be surprised to see an increase around the first of the year.

GDH | 26. oktober 2013

I would jump on Allaints rate if you are ready to buy, that's a good rate and its not going to get better. Alos Brian, there are some loaner cars in Cali that are really cheap, you local sales people can give you that info.

GDH | 26. oktober 2013

Geez am I drunk. This site needs an edit feature.

GDH | 26. oktober 2013

This is what I heard from OnPoint today, very annoying.

Hi Grant,
We can loan on a Tesla, but the reason we do not loan 100% is the car is to new, and there is not enough resale to get a value at this time. So, we limit the loan to 65% LTV. I wish we could do more on this, but not at this time.
I hope you have a nice weekend and I didn’t burst your bubble to much!!
Sincerely,

MaxEntropy | 29. oktober 2013

@Brian- Just so you know, the difference in your payment by taking 1.74% versus waiting for 1.49%, which (as many people rightly pointed out) may be ancient history in the blink of an eye, is minimal. For example:

$80k x 72m @ 1.49% = $1162/mo payment
$80k x 72m @ 1.74% = $1170/mo payment

You're talking about saving a whopping $8/mo. The fact that they approved you with what you describe as limited credit is remarkable. I get the mentality of seeking the lowest rate, but in this economy, you really shouldn't look that gift horse in the mouth.

Also, it sounds like the 10% down is standard regardless of your credit score, likely due to the large amount being financed. Waiting is good if your rate will improve significantly, but in your case, you may be stepping over a dollar to pick up a dime.

renwo S alset | 29. oktober 2013

I financed it thru my own bank (Umpqua) with no problems at all and got the same low APR. If you have a good local bank, also check with them before making a decision.

GDH | 29. oktober 2013

I bank at Umpqua and their car loan rates start at 6% with perfect credit so I am not sure how you got a rate lower than that.

JstACarGuy | 29. oktober 2013

Is Alliant the only bank offering 84 months? Are there any residency requirements? OnPoint required Oregon residency.

renwo S alset | 29. oktober 2013

GDH, I would talk to your branch manager, my rate is 2.3%, far from 6% with a 10% down.

GDH | 29. oktober 2013

DAMN!!!!

How many months?

GDH | 29. oktober 2013

This is what I got from the Umpqua site, it also says that there is a $100 fee for an auto loan.

auto loan rates

Amount you can borrow Interest Rate (fixed) Corresponding APR 1 Term
$5,000 and up 3.10% - 6.10% 3.13% - 8.03% 24 months
3.30% - 6.30% 3.32% - 7.62% 36 months
3.40% - 6.40% 3.42% - 7.41% 48 months
3.60% - 6.60% 3.61% - 7.42% 60 months
3.70% - 6.70% 3.71% - 7.52% 72 months

TheDoctre | 29. oktober 2013

JstACarGuy,
Coastal FCU and US Alliance FCU are also offering up to 84 months.

GDH | 29. oktober 2013

Coastal Rates are good if you live in there area.

GDH | 29. oktober 2013

Their

renwo S alset | 30. oktober 2013

72 months. Mu rate was about $50 a month less the best offer from Tesla's financing partners.

Joe H. | 26. februar 2014

FYI the 1.49% is now 1.74%. Hope everyone receiving their car soon is locked in even though 1.74% is still pretty good. I closed Friday to be safe.

mshash | 26. februar 2014

@Joe H.- Thanks for the heads up. Guess I'll just have to deal with the small increase. My delivery date is 3/28 so was waiting to get into the 30 day window. Still a very competitive rate.

plusplusjames | 26. februar 2014

Just financed through ACU at 1.49% Set this up on the last day for the old rate Monday. Financing phase completed!

Rocky_H | 26. februar 2014

I used the details of the Alliant offer at 1.49% as leverage on my credit union where I already have my other accounts. They countered with 1.94%, which was lower than their advertised rates, so I'm taking that to keep it convenient.

IvanSanDiego | 25. juni 2014

Sorry to revive an old thread, but this thread has helped me a ton to decide who to go through and who to contact at ACU. I have a delivery date of Aug 29th so was planning to finance August 1st.

Is Scott Paulson and Andy Vostatek still the people I should get in contact with at ACU?

Who would you all recommend of the two?

Thanks!!!

Pages