Alliant Credit Union as a Financing Option

[BigAirHarper]

Curious what range credit scores are getting the best rate from Alliant. Buying my home it was anything over 725 to get best rate. I got in touch with energy federal credit union and they want over 780+ for best rate and terms. I'm not sure if mine has ever been that high because I'm fairly young. Wondering if everyone has had similar experiences.

 

[Cnasty]

I am curious about above as well.

Also, finished my test drive today and my advisor said I should try to apply to see if I qualify but hesitant since I know it only lasts 30 days and don't want a double credit pull. Did anyone get pre-approved to get an idea?

Anyone else go in alone or with a spouse to make it a better rate versus alone?

Thanks all

 

[Jurnimon]

My score is 760 and received 1.74 for 78 months 100% financing. Left wife off of the loan. Reading previous posts on here led me to believe that Alliant would do their best rates for scores in the mid sevens. Your Mileage May Vary, however.

 

[Cnasty]

My score is 760 and received 1.74 for 78 months 100% financing. Left wife off of the loan. Reading previous posts on here led me to believe that Alliant would do their best rates for scores in the mid sevens. Your Mileage May Vary, however.

Mine is 750, wife's is 780 so curious if we get a better rate or better for one of us to go on their own. Especially considering I am still paying gown my student loans and she has very limited debt.

 

[smsprague]

2 years ago they wanted above 740 for the best rate.

 

[icdevin]

Alliant is very open about their tiers if you ask them.

These are the tiers for 72 (or 60, can't remember):

740+: 1.49%
700 - 740: 1.74%
670 - 700: 4.49%
640 - 669: 6.49%

If anyone has any idea how your score and term play into the LTV, please share. I've come to believe the LTV is negotiable or semi-negotiable but maybe only under certain creditworthiness scenarios.

 

[BrandonR22]

I just ordered a 90D, Pano, Midnight silver, next gen white, AP, Premium, and received an email from my Owner advisor today and he mentioned applying at Alliant, and gave me the link. Should I or should I wait?

 

[Cnasty]

I just ordered a 90D, Pano, Midnight silver, next gen white, AP, Premium, and received an email from my Owner advisor today and he mentioned applying at Alliant, and gave me the link. Should I or should I wait?

Curious to know as well as some have said try now to see if you prequalify and for what rate and some say wait until 30 days out.

I get concerned waiting for 30 days and financing things that seem to occur.

 

[BrandonR22]

Tesla Purchase: You are currently planning financing your Model S. You can apply online through Tesla Car Loans from Alliant. That's what he put in the "Hello" email.

 

[meeb]

If you do it now and your delivery is more than 30 days out, you'll likely have two hits to your credit which may negatively impact your score. I didn't apply until the car was on the truck.

 

[Cnasty]

If you do it now and your delivery is more than 30 days out, you'll likely have two hits to your credit which may negatively impact your score. I didn't apply until the car was on the truck.

What happens God forbid if you don't qualify and you need to delay delivery or arrange financing another way?

Also has anyone done a joint application or is it better to do on your own for a better rate?

 

[meeb]

What happens God forbid if you don't qualify and you need to delay delivery or arrange financing another way?

That will always be a risk if you are borderline for DTI or credit score. Qualifying once doesn't guarantee you will qualify again on a re-pull. The car will be on the truck for a couple days at least, which should give you time to shop the rate if Alliant doesn't give you their top tier and you want to see if you can do better. Hard pulls all around the same time are grouped together and count as one.

What would be even worse than not qualifying 6 days before the car shows up is qualifying 31 days before the car shows up, and then when they re-pull your credit not re-qualifying (maybe even because of the first hard pull, although I'm not sure if that could really happen). I would call up Alliant and see what they say.

If you're concerned about the timing you could wait until it goes into production so you have the extra week, you just run the small risk that Tesla takes longer than average to build and then decides to ship by train.

 

[Cnasty]

That will always be a risk if you are borderline for DTI or credit score. Qualifying once doesn't guarantee you will qualify again on a re-pull. The car will be on the truck for a couple days at least, which should give you time to shop the rate if Alliant doesn't give you their top tier and you want to see if you can do better. Hard pulls all around the same time are grouped together and count as one.

What would be even worse than not qualifying 6 days before the car shows up is qualifying 31 days before the car shows up, and then when they re-pull your credit not re-qualifying (maybe even because of the first hard pull, although I'm not sure if that could really happen). I would call up Alliant and see what they say.

If you're concerned about the timing you could wait until it goes into production so you have the extra week, you just run the small risk that Tesla takes longer than average to build and then decides to ship by train.

Thanks for the input.

Does anyone have any insight on whether it is best to apply jointly with my wife or just one of us for the car?

She has a higher credit score than me but only by like 30 points but I have a higher income and most of our debt is in my name.

Is it better to combine forces in applying or just one of us?

 

[glusc2002]

Is Alliant Tesla's preferred lender for leases too? Who has gone through a lease recently and what were your terms and MF?

 

[hybridbear]

A number of posters have referenced very quick responses from Alliant with their approval. It is now going on 3 hours since I completed the online application & I haven't heard anything from them... Should I try calling?

 

[BigAirHarper]

A number of posters have referenced very quick responses from Alliant with their approval. It is now going on 3 hours since I completed the online application & I haven't heard anything from them... Should I try calling?

Yea I would call, I did this AM for first time. Approved in 5 min after giving them the info. MVPA being sent and loan will be finished Wed for me to pick car up Sat. So far super smooth.

 

[stormos]

A number of posters have referenced very quick responses from Alliant with their approval. It is now going on 3 hours since I completed the online application & I haven't heard anything from them... Should I try calling?

I think you should wait at least a day. I think mine took a day and a half before I got the approval email.

Edit: unless of course, your delivery is soon and you need to expedite the process.

 

[hybridbear]

Yea I would call, I did this AM for first time. Approved in 5 min after giving them the info. MVPA being sent and loan will be finished Wed for me to pick car up Sat. So far super smooth.

Did you call a specific person at Alliant or just the 1-800-328-1935 number from their website?

 

[glusc2002]

If you' still have a few weeks from delivery i think its ok to wait a few days, my Finance Specialist emailed me with approval options on lease vs finance.

Did anyone actually get a credit rating on the finance/lease options? I curious if the lease MF or purchase APR are blanketed. The finance option showed a percentage around 1.74% and MF at .0018 (4.32%). How about the rest of you for comparison?

 

[BigAirHarper]

Did you call a specific person at Alliant or just the 1-800-328-1935 number from their website?

I called the 1-800 # you listed. Above 740 Equifax gives you best finance rate of 1.49% for 72 months up to 105% of purchase price...