Alliant Credit Union 1.49% for 72 months

[BobCio]

I applied and they approved literally within 24 hours... However, a few caveats that were not mentioned anywhere;
1) To get the 1.49%, you must allow them to auto-deduct from your account. Otherwise, you pay an additional .4%, for a rate of 1.89%
2) The rate is only good for 30 days. After that they will not guarantee the rate - so the fact that your car won't be delivered for 6-12 weeks is not their problem.
3) I asked if they would extend the rate lock - they flatly refused, saying they can only over a 30 day rate lock.

My Model X 60D is not due until September (finger's crossed), which is 60 days - so we'll see if my rate changes by the time I close the loan.

 

[Austin Powers]

I applied and they approved literally within 24 hours... However, a few caveats that were not mentioned anywhere;
1) To get the 1.49%, you must allow them to auto-deduct from your account. Otherwise, you pay an additional .4%, for a rate of 1.89%
2) The rate is only good for 30 days. After that they will not guarantee the rate - so the fact that your car won't be delivered for 6-12 weeks is not their problem.
3) I asked if they would extend the rate lock - they flatly refused, saying they can only over a 30 day rate lock.

My Model X 60D is not due until September (finger's crossed), which is 60 days - so we'll see if my rate changes by the time I close the loan.

Their promo rates are valid till September 30, end of q3. If they already approved you, they won't pull your credit again. You should be OK

 

[krazineurons]

Their promo rates are valid till September 30, end of q3.

When did it change from July 15th to Sep 30?

 

[Austin Powers]

When did it change from July 15th to Sep 30?

On July 15th

 

[Xenius]

Their promo rates are valid till September 30, end of q3. If they already approved you, they won't pull your credit again. You should be OK

I don't think that's true. They told me after 30 days they'd have to pull credit again. However, they can fund the loan only if you work with Tesla. I may have to do that. I got my rate locked @ 1.49 for 72 months on July 14th. However my deliver window is August 12th - 26th. My DS knows that I want to fund the loan early if needed so I'm good there. My credit can afford a third hit, but I'd like to avoid it as I also just did a refinance for the house.

 

[Austin Powers]

I don't think that's true. They told me after 30 days they'd have to pull credit again. However, they can fund the loan only if you work with Tesla. I may have to do that. I got my rate locked @ 1.49 for 72 months on July 14th. However my deliver window is August 12th - 26th. My DS knows that I want to fund the loan early if needed so I'm good there. My credit can afford a third hit, but I'd like to avoid it as I also just did a refinance for the house.

That was told to me by an alliant loan officer. He mentioned that a second credit check wasn't necessary if the rates didn't move. Didn't make sense to me either but I have that in an email.

 

[jason1466]

I don't think that's true. They told me after 30 days they'd have to pull credit again. However, they can fund the loan only if you work with Tesla. I may have to do that. I got my rate locked @ 1.49 for 72 months on July 14th. However my deliver window is August 12th - 26th. My DS knows that I want to fund the loan early if needed so I'm good there. My credit can afford a third hit, but I'd like to avoid it as I also just did a refinance for the house.

You can slip past 30 days if the docs are generated within the 30 days. I am not entirely sure how far past 30 days, but I am at day 37 and counting while waiting for Tesla to ship a door part prior to delivery. Personally I would rather a second credit hit than to fund the loan before inspecting and even knowing when they will allow delivery of the vehicle.

 

[jrichey]

They told me they needed to repull my credit report since it had been about 45 days. Told me as long as my score didn't drop below 740 , I think, that I would still get the 1.45% rate which is what I got. Easiest car buying experience ever. I just took delivery yesterday, finalized the loan details the day before. Just awesome.

 

[BigAirHarper]

It's the DTI that gets you not the balances. So you'd want to minimize the number of you cards you actively use since the minimum payments on those cards affects DTI adversely.

Yea my $135 min payment and $55 min payment on two cards don't effect DTI in slightest... I was instructed it was strictly a utilization thing and my CS has reflected that by jumping up huge once it hit that there was no longer any balance on the card at all.

I applied and they approved literally within 24 hours... However, a few caveats that were not mentioned anywhere;
1) To get the 1.49%, you must allow them to auto-deduct from your account. Otherwise, you pay an additional .4%, for a rate of 1.89%
2) The rate is only good for 30 days. After that they will not guarantee the rate - so the fact that your car won't be delivered for 6-12 weeks is not their problem.
3) I asked if they would extend the rate lock - they flatly refused, saying they can only over a 30 day rate lock.

My Model X 60D is not due until September (finger's crossed), which is 60 days - so we'll see if my rate changes by the time I close the loan.

Curious, where/how did you apply? Over phone or via website? And do you have a contact you recommend at Alliant?

 

[GoCanes]

They told me they needed to repull my credit report since it had been about 45 days. Told me as long as my score didn't drop below 740 , I think, that I would still get the 1.45% rate which is what I got. Easiest car buying experience ever. I just took delivery yesterday, finalized the loan details the day before. Just awesome.

I also found financing through Alliant to be amazing - approval in only one day, etc. But there was another side benefit - we were also going through a refi on our home mortgage when we took delivery of our X and, when the mortgage broker pulled a update on our credit report about a month after our delivery, the new auto loan from Alliant did not show up! Perhaps their status as a credit union means their loans are reported differently (or more slowly), but it did save me the additional headache of explaining the new loan!

 

[Xenius]

I also found financing through Alliant to be amazing - approval in only one day, etc. But there was another side benefit - we were also going through a refi on our home mortgage when we took delivery of our X and, when the mortgage broker pulled a update on our credit report about a month after our delivery, the new auto loan from Alliant did not show up! Perhaps their status as a credit union means their loans are reported differently (or more slowly), but it did save me the additional headache of explaining the new loan!

That's interesting. I happen to be in the same boat (also doing a refi), however it appeared that the mortgage company got scores from all 3 agencies, they were all within 10 points and all above threshold for best rate so it didn't matter. I'm curious though if based on your experience maybe alliant only reports to one agency and whomever your mortgage company was only pulled from one.

 

[jelloslug]

That's interesting. I happen to be in the same boat (also doing a refi), however it appeared that the mortgage company got scores from all 3 agencies, they were all within 10 points and all above threshold for best rate so it didn't matter. I'm curious though if based on your experience maybe alliant only reports to one agency and whomever your mortgage company was only pulled from one.

I just did a refi also and both my wife's and my scores went up.

 

[ccutrer]

That's interesting. I happen to be in the same boat (also doing a refi), however it appeared that the mortgage company got scores from all 3 agencies, they were all within 10 points and all above threshold for best rate so it didn't matter. I'm curious though if based on your experience maybe alliant only reports to one agency and whomever your mortgage company was only pulled from one.

According to Credit Karma, Alliant has reported to both Equifax and TransUnion

 

[ccutrer]

I just did a refi also and both my wife's and my scores went up.

My score has also gone up by 19 points in the last month. This a full month after the Tesla loan hit credit reports. It's because I raised the credit limits by $15k total across two credit cards, even though I don't plan on using them any more than usual.

 

[sheadxn]

This process was so fast and easy... Whole process completed within 30 minutes... 1.49% for 72 months

 

[Oceanwolf]

My car will get to production next week "That is what my DS said, He said the same thing 3 weeks ago." So I am started to look at my options for a loan. I can get 1.49% from Alliant, but an unsecured loan from Lightstream at the same rate sounds great to avoid the Title, insurance etc paperwork. Anyone tried LightStream? It seems like I need to apply to Alliant and got approved so that they can match it.

Onur

 

[AZ Desert Driver]

My car will get to production next week "That is what my DS said, He said the same thing 3 weeks ago." So I am started to look at my options for a loan. I can get 1.49% from Alliant, but an unsecured loan from Lightstream at the same rate sounds great to avoid the Title, insurance etc paperwork. Anyone tried LightStream? It seems like I need to apply to Alliant and got approved so that they can match it.

Onur

I just looked at LightStream...They are a division of SunTrust. I plugged in some numbers into their calculator - $90,000 for 72 months and thy quoted 4.34%- a bit higher than Alliant at 1.49%. Client asked about my credit score, and that is what got me a great rate, LightStream did not ask - so perhaps thats why a high rate.
Years ago (circa 1985) I had some dealing with SunTrust and their Trust department. Trustworthy was not a term I would apply to those sharks at that time. I swore I'd never do business with them again and would bad mouth them whenever I could. Cant seem to muster that hate after all these years, but sure can't find warm fuzziness either.

 

[Oceanwolf]

I just looked at LightStream...They are a division of SunTrust. I plugged in some numbers into their calculator - $90,000 for 72 months and thy quoted 4.34%- a bit higher than Alliant at 1.49%. Client asked about my credit score, and that is what got me a great rate, LightStream did not ask - so perhaps thats why a high rate.
Years ago (circa 1985) I had some dealing with SunTrust and their Trust department. Trustworthy was not a term I would apply to those sharks at that time. I swore I'd never do business with them again and would bad mouth them whenever I could. Cant seem to muster that hate after all these years, but sure can't find warm fuzziness either.

Thanks for the warning. I'll be very careful. I need to get approval from Alliant first. I'll check LightStream after that. Unsecured car loan is not something very common. It makes life easier but not that much important.


Onur

 

[Rich Meister]

Their promo rates are valid till September 30, end of q3. If they already approved you, they won't pull your credit again. You should be OK

They will pull ur credit again if its over 30 days. There is no if and or buts since their system is only able to provide 30 day rate locks. I made the mistake of getting my financing done before even ordering... which is how you would typically buy a car LOL They offered me 1.79 instead of 1.49 and I took that to my current CU and they said they would beat the 1.79. Wasn't really looking for them to beat it just matching it would have been good in my book. So 1.49 for 78 months.

 

[Austin Powers]

They will pull ur credit again if its over 30 days. There is no if and or buts since their system is only able to provide 30 day rate locks. I made the mistake of getting my financing done before even ordering... which is how you would typically buy a car LOL They offered me 1.79 instead of 1.49 and I took that to my current CU and they said they would beat the 1.79. Wasn't really looking for them to beat it just matching it would have been good in my book. So 1.49 for 78 months.

You're right. I have mixed feedback about Alliant since depending on which loan officer I spoke to, I received different answers. As easy as the loan process was, they could do better in the customer service department.