Credit Karma suggests Lightstream for auto loan but I hear a lot about Alliant... who should I seek

[MaximumPlaid]

Basically I have been using Credit Karma for a while and they suggest Lightstream for an auto loan ... next being Bank of America... but in forums I hear a lot about Alliant and also... penfed? Difference being that I want to buy a CPO. Any suggestions on who to go to? I am located in Los Angeles California.... I'm not connected with any credit union . Also what kind of down payment should I offer? I know the most you can provide the better or better yet buy out the car in cash but... I can't buy it out in full cash, so down payment? My credit score is not 800 but not below 750. I guess it is average but I do have a short credit history ... a little over a year but not quite two years. I know I should have done it earlier its a huge mistake.

• Added note: I tried to apply with US bank for my nissan leaf auto loan and got rejected so I don't expect much from US Bank though I hear they are the best. My leaf is fully paid and I am the owner.

 

[Mkeym111]

Basically I have been using Credit Karma for a while and they suggest Lightstream for an auto loan ... next being Bank of America... but in forums I hear a lot about Alliant and also... penfed? Difference being that I want to buy a CPO. Any suggestions on who to go to? I am located in Los Angeles California.... I'm not connected with any credit union . Also what kind of down payment should I offer? I know the most you can provide the better or better yet buy out the car in cash but... I can't buy it out in full cash, so down payment? My credit score is not 800 but not below 750. I guess it is average but I do have a short credit history ... a little over a year but not quite two years. I know I should have done it earlier its a huge mistake.

• Added note: I tried to apply with US bank for my nissan leaf auto loan and got rejected so I don't expect much from US Bank though I hear they are the best. My leaf is fully paid and I am the owner.

First contact to Alliant was yesterday at noon. Sent info they needed, tesla sent them the MVPA and was all set around 4pm. Picked up this morning.

 

[chloedog]

lightstream is a little bit of a better deal, alliant is a little bit more convenient.

i would say if you don't have a very high 700's credit score you might not get the the benefit of lightstream which is the unsecured loan. you can always just apply to both and see what happens. if you asked me to choose one in your situation, it would be alliant. you can't go wrong with them, they're great.

 

[Ampster]

I just got rejected for an unsecured loan from Lightstream. I included my wife in the application to help her credit history and the reason they rejected our app is her credit history is less that three years. They did a hard inquiry.

 

[chloedog]

I just got rejected for an unsecured loan from Lightstream. I included my wife in the application to help her credit history and the reason they rejected our app is her credit history is less that three years. They did a hard inquiry.

I believe if you reapply without your wife they won't re-run your credit.

 

[cman8]

Alliant is great. Quick easy and good rates. When I have to do it over again with the 3 I will surely go through alliant.

 

[MonsterCarter]

FWIW - I found alliants credit scoring system was more generous then other lenders.

 

[umeshunni]

FWIW - I found alliants credit scoring system was more generous then other lenders.

What do you mean by that?

 

[MonsterCarter]

What do you mean by that?

My score Alliant pulled was 50+ points higher than my local credit union and 30+ points higher than bofa. This was all on the same day so I suspect they(Alliant) uses a different scoring model.

 

[ccutrer]

My score Alliant pulled was 50+ points higher than my local credit union and 30+ points higher than bofa. This was all on the same day so I suspect they(Alliant) uses a different scoring model.

Do you know what your score is on Credit Karma? Besides whether the bank pulls from either Experian, TransUnion, or EquiFax, I'm pretty sure that each of the bureaus has differing scoring models to choose from. They are actuall even on different scales. So it's not unusual to see different banks pull different scores for you at the same time. Credit Karma lists my score from TransUnion as 17 points higher than EquiFax. American Express lists me as two points lower, from Experian. Discover shows it as from TransUnion, and it matches with Credit Karma. CapitalOne is nice enough to tell me they're getting it from TransUnion, and it's "VantageScore 3.0". It also matches Discover and Credit Karma's score from TransUnion.

In summary - lots of factors, but in this day and age, there's no reason to not know your own credit score, and without having a hard pull on your credit.

 

[MonsterCarter]

Don't use that sorry.

 

[ccutrer]

FICO® Score Versions: The Different Credit Scores

Whew, that's a lot of different versions of credit scores! And that's only the FICO family, not the VantageScore family!

 

[GoCanes]

Alliant is great. Quick easy and good rates. When I have to do it over again with the 3 I will surely go through alliant.

I agree - within 24 hours of my application (submitted on a Sunday afternoon, by the way), Alliant had coordinated the financing of my X with my DS. Got funded in time for my delivery 2 days later at 1.49% for 72 months! Good job by all concerned!

 

[jrichey]

I just contacted Mark at Alliant last night and by this morning talked with him and got approved for 105% financing at 1.49%. They work quick. Now I have time till my delivery (hopefully mid July) but have the financing piece all set. His e-mail address is [email protected]

 

[DoubleE]

I got 1.99% (60 months) from Tech CU. Applied direct through Tesla.

 

[gmtom1]

The "Tesla Finance" link on the My.Tesla page for my X takes me directly to the Alliant page. Interesting.

 

[James Anders]

1.99% from PenFed Credit Union.

 

[jason1466]

The "Tesla Finance" link on the My.Tesla page for my X takes me directly to the Alliant page. Interesting.

I see this too. 72m @ 1.49% 105% financed. I wonder if it still includes the Tesla buyback guarantee.