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Alliant financing

I had a question about those who used Alliant for their loan. Did everyone already have automobile credit history when they received their low APR loan? Did you have to make a downpayment?

Reason I ask is I was contacted by Tesla financing, and my application was denied by both Wellsfargo and Usbank because although I have excellent credit history, I do not have any automobile credit history. I sent in an application today to Alliant and was just wondering what I should expect come next week.

Thank you!

@me (boy, does that look odd): I have experience as a consumer loan underwriter, so when you mention that you do not have any auto loan history, the first question that popped into my mind is how lengthy is your credit in general? Yes, it always stuck in my mind when looking at an application whether someone previously financed a car and how it was paid, especially when the request is for a significant amount of money. However, the lack of auto credit can often be made up for by a good mortgage history, or a proven track record on other types of loans (unsecured, credit cards, home equities, etc). The flip side to this is someone who has just started their credit file and has very limited and non-comparable credit (i.e. an 18 year old who just has a $500 limit Gap card and it's only been open for 2 months). I can't say I ever pulled the trigger on a case like that, unless, as you mentioned, the cash commitment from the applicant was very large.

You can also pay for the car before it arrives. I used Alliant and had a window where I might have been able to pick the car up at factory in Fremont and drive it home. It turned out not to be workable with my schedule BUT Alliant had fed ex the check and Tesla had received it --- BUT I didn't get the car until about 10 days later (after shipping and pickup).

To bad Alliant's 84 rate isn't better.

We have the 1.49% and the auto payment is from our Bank of America checking account.

I think you're right. I found this automatic payment enrollment form on their website that backs you up.

@GDH- Looks like Alliant offers the same rates through 72 months and only raises the rate 100 bps for anything 73 months and over. So, in other words, the 84 month rate from Alliant could be down to 2.49%. Not sure why you don't consider this to be a good rate. You can't go much lower than that on this long of a term without them taking on way too much interest rate risk (the risk a financial institution takes by locking in low rates over an extended time versus the likelihood that rates will rise over that same period). I also don't know of too many lenders that both extend to 84 months while keeping their rates in the 2's AND finance Teslas.

OnPoint Credit Union offers 84 at 1.79% that is why I said I wished Alliants 84 was better. I wish ANY bank did 1.49% for 84.

I had a great experience with Alliant. I was approved for 95% financing, 1.49% for 72 months Friday. I'm self-employed and they only required 1 year tax return (usually 2 years). The underwriting is smooth and efficient....I concur with all the positive opinions on Alliant based on my experience. 11/14 delivery date confirmed :)

Approved today for 90k (what I asked for), 72 mo, 1.49%. Pretty good for a guy without a regular paycheck. Haven't jumped through any detail hoops yet, but the guy told me his goal was to make it as easy for me as possible.

^^ whats your payment at 90K?

Actually, I don't know, I forgot to ask. I'm expecting it to be around $1300.


Alliant advertises $14.53 per $1000, so $1300 is just about right.

Had an amazing experience with Alliant. 1.49% for 72 months, as others received. It was easily the smoothest experience I've ever had with a bank - 90% of communications over e-mail.

I originally went with Tesla financing because I liked the idea of no hassle buy back, however, since my purchase I have added Super-charging, opti-coat and tint which would not be reflected in their buyback price. I'm wondering if I can refinance with Alliant and just sell the car privately if I want in the future? My own bank (BofA) wouldn't even offer me a 72 month loan with a credit score of 850.

Do any of you have a good Alliant referral?

Did the OP ever hear back from Alliant? I'm curious of the outcome.

+1 to being curious of the outcome.

@Tim: Must banks will give you a loan but I am pretty sure it would be a refinance. So check Alliants rates for refinance. I am sure they do it for a good rate.

GDH - is that OnPoint 84 offer recent? Checking their website has 2.34% for an 84 as a promo rate

@GDH- Dang! That's ridiculously low. I would love to see what their margin is on a rate and term combo like that. BTW, I wasn't meaning to sound....belligerent. I keep a pretty close tab still on market rates and have been hard pressed to find really anyone- including OEM captives and corporate banks- who finance anything longer than 72 months. Funny how as little as 7 years ago, large-scale car financers were bending over backwards to offer longer terms and now they've whittled their parameters back. Talk about leaving the door wide open for credit unions who are still willing to serve their members.


They have a special promo rate going then the SmartWay Ellite brings the rate down .5%. You have to let them know that you have an EV so you get the discount.

I normally would never do a loan longer than 48 months but with Tesla's price tag I would have to do 72 or 84.

Thanks GDH. 1.79% fixed is dirt cheap for a loan of that amount and term. For $100k financed, the difference between the 1.49x72 and 1.79x84 is about $1500 in interest over the terms of the loans. But I have a feeling that interest rates in general will be higher at that point, so even 1.79 ought to be a very favorable borrowing rate, and extend the term by 12 months. I think I would probably choose the 84 as well.

to bad no ones 96 months so i could get a 85 lmao

96 months....heavens help those of us in lending if we ever start doing personal car loans for that long...
Seriously, if you need a loan for longer than 84 months to finance, well, anything, you might as well look at a 10-year home equity loan or HELOC. The rates aren't as low as car loans, but at least the interest paid can be used as a tax deduction, effectively reducing your realized rate.
Just a suggestion.

I feel bad enough taking a 5 year loan on a car. I can't imagine 7 or 8.

Most people buying Teslas probably pay AMT, so home equity loans used for car purchases are not really tax deductible.


If by referral you mean a name, I am working with Scott Paulson, 773-462-2086. If I understand it correctly he specializes in Tesla loans. He seems pretty up to speed on the Tesla purchasing process.

Loved Alliant. Was so easy. Got $100 for getting the loan. Used them to refi my other auto. Even quicker. Check came overnight from when I was ready. Docusign everything if I remember correctly.

When I used Alliant I was told it was 740 minimum for 1.49%.

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