Alliant Credit Union as a Financing Option

[jbumps]

Sent my application in today, touched base with the LO recommended by our DS within 5 minutes to alert her to our pending application. She called back within 10 minutes with an approval, no POI or other documentation required. Having worked in an F&I role at a dealership chain, I can say this was the easier loan approval process I've ever been a party to.

Terms are still hard to fathom:
1.74% for up to 78 months or 1.49% for up to 72

 

[Apricot]

Applied online yesterday, got email this morning w 72 mo / 1.49%. How easy was that??

 

[Carlh76]

Similar experience here. Fast approval, 5 minute conversation to finalize and DocuSign for documents and funding happened the same day I signed all documents. 1.49% for 60 months. Very smooth, convenient, no hassle process. Could not ask for a better experience. Highly recommend as long as these interest rates remain in effect.

 

[slmlc02]

Have had a very good experience with my loan officer at Alliant. Application was simple and heard back from the loan officer quickly. Applied on Labor Day and heard from him the next morning. Received the loan papers quickly and he did a good job working with my delivery specialist to make sure everything was set. Signed my docs today and the payment has already transferred to Tesla.

Now just passing the time until Friday pick-up. Gonna be a loooooooong week.

 

[Model S M.D.]

The 1.49% rate expires at the end of the month. As long as you are pre approved before then, you can lock it in for 30 days (even past the deadline). my approval took less than 5 minute. No documentation required, just the MVPA.

 

[2virgule5]

Unlike my first positive application with them for my new S a couple of months ago they've been unresponsive after a week trying (online application, email from the DS to their team, calling them etc). Anyone having issues for the past few days?

 

[AZ Desert Driver]

I called my guy (email actually) and everything was in place inside a day - closer to an hour (I was away from my machine, my fault not his).
Got nutten but good things to say - next step is actua transfer of money- the big step - but confident that everything is in place.

 

[Model S M.D.]

Unlike my first positive application with them for my new S a couple of months ago they've been unresponsive after a week trying (online application, email from the DS to their team, calling them etc). Anyone having issues for the past few days?

I am so sorry to hear that. I can give you the contact info for my Alliant agent--she is very responsive. It might be even faster for you since you already have an Alliant account. This is my second Model S with them too so all she need was the "ok" to do a credit pull and I was approved instantly.

 

[2virgule5]

Thanks. Will try again with my agent (Jason, same than last time). Fact is I just saw they pulled a credit score last week when I did the application so really it is just about getting in touch with them for 5 min... 4 days to delivery, we'll see.

 

[Snerruc]

Thanks. Will try again with my agent (Jason, same than last time). Fact is I just saw they pulled a credit score last week when I did the application so really it is just about getting in touch with them for 5 min... 4 days to delivery, we'll see.

Normally Alliant works closely with your DS. He gets the paperwork and you sign everything at delivery. My My Tesla showed Alliant funds paid several days before signing.

 

[TexasTeslaRacing]

Can anyone tell me if there is a maximum loan amount Alliant will approve? Who is the best for financing loans over $100,000?

 

[AZ Desert Driver]

Can anyone tell me if there is a maximum loan amount Alliant will approve? Who is the best for financing loans over $100,000?

They told me 110% of the MSRP was the standard approval. If your MSRP is over 100K, that should not be a problem. You could just simply ASK them.

 

[wesley888]

I asked Alliant Credit Union and the rep told me the most I can get is 105% of what is listed in the MVPA. Mine was $104K.

 

[zambono]

One should never finance a depreciating asset for more than its worth.

 

[AZ Desert Driver]

One should never finance a depreciating asset for more than its worth.

Very sound advice. To expand, one should not finance ANY car, but pay with saved assets. I violate this when my saved assets are earning more than the cost of finance. Further - good financial advice will help one get a comfortable life style. At some point, one needs to decide how many steaks one can eat, how many houses one can live in - and STOP accumulating wealth and use some of that to PLAY - buy a fun toy even if it is not a good financial move.

 

[Zooomer]

Alliant is very good at quick approvals but be wary of the bait and switch. They tried to F* me hard changing my rate from 1.49% to 6.5% less than 24 hrs from delivery. I realize others have had good experiences. I did not. There was more, like odd delays of emails and calls as delivery neared. But now I see the entire thing was rigged. Buyer beware.

 

[TexasTeslaRacing]

Alliant is very good at quick approvals but be wary of the bait and switch. They tried to F* me hard changing my rate from 1.49% to 6.5% less than 24 hrs from delivery. I realize others have had good experiences. I did not. There was more, like odd delays of emails and calls as delivery neared. But now I see the entire thing was rigged. Buyer beware.

Zoomer, did you find a different company to finance with or work it out will Alliant?

 

[zambono]

One should never finance a depreciating asset for more than its worth.

Those who disliked might want to take Econ 101 again, or maybe some credit lessons on youtube.

 

[meeb]

One should never finance a depreciating asset for more than its worth.

Those who disliked might want to take Econ 101 again, or maybe some credit lessons on youtube.

Or maybe they have a good understanding of finance but feel one should never make absolute generalizations? What if the expected value of an investment has returns that exceeding the auto finance rate + cost of GAP?

 

[wesley888]

The current loan rate is only 1.99%. That's nothing compare to even the most conservative investment.