-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Alliant Credit Union as a Financing Option
- Thread starter supratachophobia
- Start date
DiamondDave
Member
I chose to finance through Alliant as well.
Initially, the process did not go as smoothly as for others here. Repeated e-mails (to a Michael P.) went unanswered for a couple of weeks. This impacted the decision I was making between a new 70D or a CPO P85. It was so bad I just decided to use another lender even with a slightly higher rate. It turned out that the rates and terms from other lenders were significantly worse so I decided to try to go back to Alliant. By this time my purchase decision had been made and my Tesla was on its way.
Once I got past the initial loan consultant and worked with others, everything went very smoothly. As others have reported, everything was handled online with minimal inconvenience to me. I did not have any membership qualifications but had no problem joining as a Tesla owner. Even Michael was helpful and responsive as the approval window was closing and my Model S was still on the way.
I'm now so pleased with the entire Alliant experience that I am closing my account at the credit union I was previously a member of.
Initially, the process did not go as smoothly as for others here. Repeated e-mails (to a Michael P.) went unanswered for a couple of weeks. This impacted the decision I was making between a new 70D or a CPO P85. It was so bad I just decided to use another lender even with a slightly higher rate. It turned out that the rates and terms from other lenders were significantly worse so I decided to try to go back to Alliant. By this time my purchase decision had been made and my Tesla was on its way.
Once I got past the initial loan consultant and worked with others, everything went very smoothly. As others have reported, everything was handled online with minimal inconvenience to me. I did not have any membership qualifications but had no problem joining as a Tesla owner. Even Michael was helpful and responsive as the approval window was closing and my Model S was still on the way.
I'm now so pleased with the entire Alliant experience that I am closing my account at the credit union I was previously a member of.
Chopr147
Active Member
I just applied this morning with Alliant. One email and I replied with answer to a question. 72 mos. loan 
Other than my mortgage I have never gone that long before. Only would do this for a Tesla. I hope it goes nice and smooth and if I don't like the rate I will look elsewhere
Other than my mortgage I have never gone that long before. Only would do this for a Tesla. I hope it goes nice and smooth and if I don't like the rate I will look elsewhere
That was my exact experience, but my DS said Alliant is not qualified for RVG. I have a call into the Tesla mothership to get a confirmation. It baffles me why they only have Alliant listed on their site, but it's not an "official" partner that is eligible for RVG.
And it's confirmed: definitely no RVG with Alliant. If you want RVG you have to apply through: www.tesla.com/creditapp according to the Sales guy I spoke to.
Rates will be higher though.
Rates will be higher though.
DuplexDianne
Member
You can take your offer from Alliant to Lightstream by Suntrust who will beat the rate by .1% so you can get 1.39% for 72 months. Search on LIghtstream for others' experience doing this...
Thank you. For my loan that'd be $3/month difference still without RVG. Not sure if it's worth the hassle, consirering the difference is like $215 for the entire 72 months term and Alliant is giving me $100 as a new member. I'll probably keep the car for 3-4 years out of the 6 financed, so at that point it's really moot.
On the Tesla Forums someone was talking about Federal Energy Credit Union which had rates as 0.69% on Teslas.
I'm looking into that option as that makes a $30/m difference in my payment, which is a lot more meaningful.
On the Tesla Forums someone was talking about Federal Energy Credit Union which had rates as 0.69% on Teslas.
I'm looking into that option as that makes a $30/m difference in my payment, which is a lot more meaningful.
kritlop
Member
How much down is required? I don't see anything on Energy Federal Credit Unions website?
---------------------------------------
Want to save $1,000 on your Tesla? Use this link to save $1000 off: Referral | Tesla Motors
DuplexDianne
Member
Yes, but it's supposedly an unsecured loan...Can't beat that rate with a stick. They would not be a lien holder is my understanding...but whichever works out better for you. I'll check out FECU as well. Good to have options.
I should've checked the dates on those posts- apparently the 0.69% party ended on 1/1/15. EFCU website now lists 1.83% less the 0.5% discount for energy efficient vehicles for a final rate of 1.33% for 5 years, with a loan amount capped at $70k.
Hope this is helpful.
Hope this is helpful.
Alliant is good, but I had a different experience than most on here. Initially, I got an approval 1.74% in 30 min after my application. Amazingly fast!
Unfortunately I have to walk the loan associate through a few steps and 1/2 way through our convo, the associate put up an out of office message. I then found a different person who assumed my scores were low ( obviously didn't check my account) as to why they couldn't give me the initial offer. It wasn't until I stated my scores are high 700's that the second associate decided to put any effort in. He came back with options that exceeded my expectations.
In the end the original associate became very responsive and was good. I got 100% financing 1.74% on a brand new model S. They've aleady funded the loan, though I'm still waiting for delivery. I recommend Alliant, but be prepared to put some effort in.
Unfortunately I have to walk the loan associate through a few steps and 1/2 way through our convo, the associate put up an out of office message. I then found a different person who assumed my scores were low ( obviously didn't check my account) as to why they couldn't give me the initial offer. It wasn't until I stated my scores are high 700's that the second associate decided to put any effort in. He came back with options that exceeded my expectations.
In the end the original associate became very responsive and was good. I got 100% financing 1.74% on a brand new model S. They've aleady funded the loan, though I'm still waiting for delivery. I recommend Alliant, but be prepared to put some effort in.
jelloslug
Active Member
I have had a hard time actually speaking to some one in the loan department. I filled out the online application but nobody had contacted me yet. I'll try again tomorrow to get someone on the phone to follow up....
I did not add the term. The offer I settled on was 1.74% for 78 months. I will pay all taxes and fees out of pocket.
Alliant Credit Union used to be the United Airlines Employees Credit Union. I've been a member since 1978
and it seems like it is extremely well managed. They changed the name years ago as they wanted to expand
and offer membership to more people. I've never had a problem with them. Just FYI for what it's worth.
and it seems like it is extremely well managed. They changed the name years ago as they wanted to expand
and offer membership to more people. I've never had a problem with them. Just FYI for what it's worth.
jelloslug
Active Member
I called yesterday and got to speak with a loan rep. She look everything over and approved it on the spot.
jelloslug
Active Member
Really great experience with Alliant - submitted application and got approval within 30 minutes, just needed to have Tesla send the final MVPA, which my DS handled. Applied on Thursday after the car shipped, final paperwork sent on Monday (was waiting on a trade in estimate), had some e-docs to sign 2 hours after that and that's the last I heard. Barely mentioned Alliant when accepting delivery, but I got the keys so I guess the wire went through!
Similar threads
- Article
