Alliant Credit Union 1.49% for 72 months

[matblk]

Alliant is getting overwhelmingly good reviews here on TMC but I had no luck with them. I applied for a 36mo loan for 80k and was rejected via automated email. I called to ask if there was perhaps an error on the submission. I was transferred into the loan consultant's voicemail and he never returned my call.

A local credit union was happy to give me $80k at 1.49% so I'm not sure why Alliant didn't want my business. The Alliant application process was straight forward but I somehow got myself blacklisted. So it goes.

 

[ccutrer]

I called and spoke with someone about the 0.99% for July and they did confirm that it's for loans that close between 7/1 and 7/31 up to 75k for 5 years. My plan is to get approved for this and try to get the Lightstream rate beat program and squeeze out another 0.10% rate reduction.

LightStream - Loans for Practically Anything

Cause that $3.33/month is soooooo important (the difference in payment on a $75k for 60 months at 0.99% vs. 0.89%) on $1,281.71 total per month. In all reality, if you can get it, the unsecured loan from Lightstream is worth the pain of getting them to match (okay yes, beat) rate.

 

[TacC]

Looking at yields today, it is hard to imagine there won't be more deals similar to what Energy Federal is offering. Someone has to come out with a 72 mo loan at 1.24%.

 

[Diavel]

Told my local credit union about Alliant interest rates. So they said they would match and actually got me better. 1.99 for 84 months!

Hey I just moved out of Torrance. Who is your credit union that did that?

 

[Rich Meister]

Hey I just moved out of Torrance. Who is your credit union that did that?

I'm interested too! Also in Torrance =)

 

[ksquared]

I also got the 1.49%/72 months. Super easy, I'm coming off the back of a Penfed loan for my current S, but Alliant was stupidly easy. I was going to lease, but after a cost comparison that Tesla sent strongly hinting to take a loan instead, I decided to go for the loan instead. Monthly payments were basically the same, with slightly less down. Applied online last night around 9pm, had the pre-approval before 9am today, and the loan completed by 4pm. So easy, just one phone call and a few very easy forms to complete.

This mirrors my experience. I was sent a PM by another forum member recommending Alliant. Before that, I was going to go with my local credit union with an 1.84% loan/60 months with 10% down but this was just too easy. Applied online on a weekend, had pre-approval for 1.49%/60 within a few hours, today (while traveling abroad) did a quick 5-minute phone interview and then signed docs electronically to finish the process. Unless there is an unexpected surprise, I would rate my experience extremely highly.

 

[Oceanwolf]

Question..

My delivery is mid August, can I lock down the loan now?

Onur

 

[ccutrer]

Question..

My delivery is mid August, can I lock down the loan now?

Onur

No, you shouldn't. If you close more than 30 days after pre-approval, they will have to pull your credit again. They can get the whole thing done in less than 24 hours (probably less than 2 or 3) if necessary. I got my pre-approval in minutes, then two days before delivery I was trying to call and figure out the final stuff. They almost laughed at me - "oh, we have plenty of time." So weird for a bank to be so fast. Took probably five minutes on the phone, five minutes later the closing docs were in my email to eSign, and within an hour of signing they had wired the funds to Tesla.

 

[Xenius]

Yup. I just confirmed my order yesterday, but before I had ordered I called and talked to alliant. The 1.49% runs though at least the end of this year. The rep told me I'd qualify with any score over 740 (check!) and that they'd finance something like 105% of the loan.

 

[ccutrer]

Yup. I just confirmed my order yesterday, but before I had ordered I called and talked to alliant. The 1.49% runs though at least the end of this year. The rep told me I'd qualify with any score over 740 (check!) and that they'd finance something like 105% of the loan.

Definitely know your score beforehand (creditkarma, or any of many banks and credit card companies will give it to you for free). You can do up to 105% loan to value (I'm still unclear on if that includes the $1200 destination and doc fee), limited by what's on your MVPA. This means that if you're in a no-direct-sale state, and sales tax and registration aren't on your MVPA, you can't finance them.

 

[Xenius]

Definitely know your score beforehand (creditkarma, or any of many banks and credit card companies will give it to you for free). You can do up to 105% loan to value (I'm still unclear on if that includes the $1200 destination and doc fee), limited by what's on your MVPA. This means that if you're in a no-direct-sale state, and sales tax and registration aren't on your MVPA, you can't finance them.

I'm in PA so I'm good. Will put between 10 and 20k additional down depending on sale if my car or trade in.

Credit Karma is great, been using them for years.

 

[gmtom1]

Anyone know which credit bureau Alliant uses? Transunion, Equifax, or Experian? Each of the big three have slightly different scores and not all of the free score services cover all three.

 

[TacC]

I'm in PA so I'm good. Will put between 10 and 20k additional down depending on sale if my car or trade in.

Credit Karma is great, been using them for years.

I hope this doesn't come off wrong. I'm just looking out for the community and trying to help where I can.

A $20k down payment will knock $1k off your interest over the life of the loan. With the same $20k in $JNJ, you're looking at $3k in dividends plus some capital appreciation.

Can't stress enough how important I think it is to borrow 100%+.

 

[Xenius]

I hope this doesn't come off wrong. I'm just looking out for the community and trying to help where I can.

A $20k down payment will knock $1k off your interest over the life of the loan. With the same $20k in $JNJ, you're looking at $3k in dividends plus some capital appreciation.

Can't stress enough how important I think it is to borrow 100%+.

I know, and totally feel you, I actually like the flexibility of less designated spending each month. I may end up doing a little less, but I hate the idea of ever being upside down on a loan more than I hate the idea of not getting the best returns. As far as dividends, I'm a fan of PHK and similar things. Hard to beat 10-11% yield.

 

[Xenius]

Anyone know which credit bureau Alliant uses? Transunion, Equifax, or Experian? Each of the big three have slightly different scores and not all of the free score services cover all three.

I asked them when I called, they pull Equifax.

 

[MSullivan]

Question..

My delivery is mid August, can I lock down the loan now?

Onur

I called and gave them all my info ahead of time, you know the standard stuff, SSN, income. Then when I had the delivery window confirmed to me I got the approval done.
They need the MVPA (motor vehicle purchase agreement) from Tesla and then they send you some electronic docs to sign. They FedEx a check to Fremont and the local SC releases the car to you.
Easy as pie. They trust Alliant so they release the car as soon as Alliant provides them with a tracking number.

 

[ccutrer]

I asked them when I called, they pull Equifax.

Confirmed. Credit Karma shows the hard inquiry against Equifax, and not TransUnion.

 

[Brandon332]

Say you have $1000 in extra income each month from "eBay business". They don't verify and it'll do you some good.

 

[ccutrer]

Say you have $1000 in extra income each month from "eBay business". They don't verify and it'll do you some good.

I can't tell that they did any income verification with me. I guess it's possible they looked up a phone number for my employer, and called directly. Would employers do income verification over the phone, or just employment verification? I never had to provide any paystubs or tax statements, which surprised me.

However, I'd be scared to lie about income. Portray certain sources of income in a more favorable light, sure. But an outright lie...? If they catch you before the loan closes, they'll probably just send you packing. Who knows what the consequences would be if they find out later, though? Repossess the car? Not worth the risk to me.

 

[TacC]

As far as dividends, I'm a fan of PHK and similar things. Hard to beat 10-11% yield.

Indeed! Yielding 13% right now and they didn't waver in '09 and '11.