Alliant Credit Union Financing Update

travwill · May 5, 2015

Just an update for other new members considering finance options. I called Alliant and they really knew (the guy I talked with John S) all about the Tesla process. Stated also that:

- loan approval is good for 30 days (so apply when your delivery date is firm)
- rates/LTV is mainly all based on credit score
- They are currently offering 1.99% for 60 months, 2.24 for 72 months, but through July 2015 they are offering also 1.99 for 72 months as well if good credit.
- They will to LTV up to 100% but you do have to pay taxes, fees, deposit, and all that stuff if interested
- All the above rates require autopay from your institutional account or theirs
- They technically do have to open a savings account for you and through like $5 but there is no need to use it and/or no fees, etc.

-T

clarkbariowa · May 5, 2015

Based on your info, it looks like these rates are only for new purchases. Did you happen to ask about CPO or used rates?

Papafox · May 5, 2015

clarkbariowa said:
Based on your info, it looks like these rates are only for new purchases. Did you happen to ask about CPO or used rates?

Last I checked, rates on used cars started at 2.49% at Alliant. I am financing my second Tesla with them since the rates and the interactions with Alliant were much to my liking.

Max* · May 5, 2015

clarkbariowa said:
Based on your info, it looks like these rates are only for new purchases. Did you happen to ask about CPO or used rates?

Tesla also "partners" with USalliance. They do up to 110% LTV, if I'm not mistaken.

Loan Rates - USAlliance Federal Credit Union Used rates start at 1.99%.

When I inquired about new car rates, they said they can give an extra 1% discount if I bundle my car loan with my checking account (with direct deposit), making the 60 month new loan 1.24% and an 84-month new loan 2.74%. I'd ask if the same bundling applies to used loans (I asked via their online chat).

TSLA Pilot · May 5, 2015

Alliant Credit Union is no longer competitive. Many credit unions offer 1.49% loans--mine does on both new AND used cars--for as long as four years.

Recommend you join a better credit union if you're "buying" the amount of money needed for a Tesla loan. Another option: ask your current financial institution to match the low rates at the CU's offering 1.49%. It doesn't hurt to ask (with the implicit suggestion that you might take your business elsewhere). Money is a commodity so why pay more than 1.49%?

leftpinky · May 7, 2015

Talked with them the other day and got a 2.49 rate for 72 months. It's 1.99 if credit score over 780, 2.24 if over 740. Missed it by a few points, but kinda surprised since score during home refi was about 20 points higher. Different models, I guess. Energy offers something like 2.61 for unto 8 years, but they seemed like a hassle. Got everything done in about 25 minutes.

Insane · May 16, 2015

- - - Updated - - -

travwill said:
Just an update for other new members considering finance options. I called Alliant and they really knew (the guy I talked with John S) all about the Tesla process. Stated also that:

- loan approval is good for 30 days (so apply when your delivery date is firm)
- rates/LTV is mainly all based on credit score
- They are currently offering 1.99% for 60 months, 2.24 for 72 months, but through July 2015 they are offering also 1.99 for 72 months as well if good credit.
- They will to LTV up to 100% but you do have to pay taxes, fees, deposit, and all that stuff if interested
- All the above rates require autopay from your institutional account or theirs
- They technically do have to open a savings account for you and through like $5 but there is no need to use it and/or no fees, etc.

-T

Thanks a million. Applied and got the approval the same day for 1.99 % Waiting for their terms and conditions.

travwill · May 17, 2015

Insane said:
- - - Updated - - -

Thanks a million. Applied and got the approval the same day for 1.99 % Waiting for their terms and conditions.

Awesome, glad to hear it helped. They seem like the best rates right now unless you have a local CU you are already part of that will beat & match theirs. I have to wait a bit longer to apply, expecting a Late June delivery hear so mid-June probably.

-T

GlmnAlyAirCar · May 21, 2015

Got 1.99 for 72 months as well. Woo Hoo!

jeffro01 · Jun 9, 2015

dkellyb717 said:
Got 1.99 for 72 months as well. Woo Hoo!

How much down percent wise? I have 800+ credit scores and have been grappling with leasing vs purchasing. Granted I can't take delivery until Nov\Dec so the approval\rates today may not matter much then but I'm still feeling out what makes the most sense.

Jeff

travwill · Jun 9, 2015

jeffro01 said:
How much down percent wise? I have 800+ credit scores and have been grappling with leasing vs purchasing. Granted I can't take delivery until Nov\Dec so the approval\rates today may not matter much then but I'm still feeling out what makes the most sense.

Jeff

If really needed, Alliant said they will easily do 100% of the car's value (you have to of course pay all tax, title fees, etc like that I think). Should be a valid offer for anyone over 800 I'd say.

They are not HUGE so seem to know there stuff well. Here is the contact for the guy I'm working with directly. Just waiting for close to delivery to wrap up deal.

Scott Meyer
Loan Consultant | Alliant Credit Union | 11545 W Touhy Ave. Chicago, IL 60666
800-328-1935 x2228 | Fax 773-462-2228 | [email protected]

jeffro01 · Jun 9, 2015

travwill said:
If really needed, Alliant said they will easily do 100% of the car's value (you have to of course pay all tax, title fees, etc like that I think). Should be a valid offer for anyone over 800 I'd say.

They are not HUGE so seem to know there stuff well. Here is the contact for the guy I'm working with directly. Just waiting for close to delivery to wrap up deal.

Scott Meyer
Loan Consultant | Alliant Credit Union | 11545 W Touhy Ave. Chicago, IL 60666
800-328-1935 x2228 | Fax 773-462-2228 | [email protected]

THANKS!!!

Jeff

steph280 · Jun 9, 2015

I learned about Alliant through this forum and financed our MS through them. The overall process was very painless and the agent I worked with (Jamie Sellers) was very responsive. Overall a great experience.

ahurst · Jul 29, 2015

What's the latest on DCU and Alliant's rates?
They seem to have increased from looking at website.

JPP · Jul 29, 2015

FWIW I got 1.99% at Alliant with 100% financing (not including taxes & fees) about 1 month ago (existing customer with prior Alliant CU loan)

ahurst · Jul 29, 2015

JPP said:
FWIW I got 1.99% at Alliant with 100% financing (not including taxes & fees) about 1 month ago (existing customer with prior Alliant CU loan)

JPP, what was your term?

pedriscoll · Jul 29, 2015

FYI, I financed through Alliant; 1.99% for 72 months. The process was very seamless.

lomli · Jul 30, 2015

I've been pre approved with the 1.99% apr deal for 72 months- trouble is that it's only good for 30 days and I'm likely to get the car a month from that. The Alliant guy tells me the 1.99 deal will expire at the end of the month and go up by half a point. Apparently I can hold this deal by paying a little extra interest - he suggests it will be a few cents more a month. I'd love to hear if anyone can find a similar deal to the 1.99!

tga · Jul 30, 2015

ahurst said:
What's the latest on DCU and Alliant's rates?
They seem to have increased from looking at website.

DCU is advertising 1.74% for up to 65 months, before the 0.25% energy efficient car discount (so 1.49% net).

IIRC, they went up 0.5% this past spring (1.24%->1.74%, or 0.99%->1.24% net), so no recent increase.

SabrToothSqrl · Jul 30, 2015

I rock these guys PSECU - Vehicle Loans

And did this, to make it tax deductible: PSECU - Homeowner Courtesy Lien

They considered it a "specialty" car... which is another story, but it's the same rates. And the rate does NOT depend on credit score. They don't do that crap. Either you qualify, or you do not.

However, I'm willing to jump ship to anyone who can beat what I pay now!

Alliant Credit Union Financing Update

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