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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!

Come on Brian whats the dealio, did you get the loan?

Do you need to be a member of Alliant Federal Union for the loan? I don't meet any requirement for membership. I am a member of USAA.

Don't worry. They'll find a way for you to be a member. That was never even part of the conversation.

Great thanks!!

You just need to donate $10.00 to one of their charities. Your loan rep will tell you which one.

If your score is above 740 on Equifax and you have low debt we can approve 95% of the MSRP. The rate would be 1.49% for any term up to 72 months as long as have an automatic payment. The 1.49% rate is the best we offer, there is no additional discount for smartway cars.

As far as membership goes, you'll need to make a $10 donation to the foster care for success. Once you do that you are eligible for membership and can complete our online account application (

As soon as your membership is opened you can call me an apply for the loan. Since our credit reports are only good for 30 days it is best to apply for the Tesla loan about a week to 10 days prior the expected delivery date of the vehicle.

Have a great day!

Andy Vostatek
Alliant Credit Union
Sr. Loan Consultant
(800)328-1935 ext. 2201
Direct:(773)462-2201 Fax: (773)462-2201

I got this email a few weeks ago, very nice guy ^^

If I calculated correctly, if you borrow $100,000 at 1.49% over 6 years, it costs just $4,600 in interest?

That would be a good deal.

thanks @ausdma

yep; a quickie calc: take half the time or $$, since that is the "average" (simple interest). So $100K for 3 yrs at 1.5% ~= $4,500.

Brian H
I just did an "auto loan calculation" on

It looks like interest on $100K at 1.49% over 72 months is $4598.62

Very good rate.

I wonder how many people finance vs pay cash?

After a quick volkerize search, a thread in Jan 2013 suggested many pay $30K and finance $70K. But lots of folks simply wrote a check for ~$100K or more.

I am SOOOOO happy I found this thread! I am one of the few people that purchased a model showroom S85, and so I didn't have much time to plan ahead and shop for good banks to achieve my loan. I went ahead and got the US bank loan at 3.3% earlier this month, but when I found this thread I jumped on the chance at getting a loan at 1.49% instead. I called Alliant this morning and got approved with them for 1.49% at the same amount as my original loan. I used a interest calculator, and my original interest paid at the end of my 72mo loan would have been $7900 in taxes paid, but now it will only be $3500! That's a savings of over $4500!!! Alliant Credit Union is AWESOME!!!

Hey guys, sorry about the lack of an update. Been a little busy this week. I actually canceled my Tesla order for the time being since I had to find financing by the 30th. I'll try and wait a month or two before I actually order. I have not had time to speak to Alliant yet (I left them a message this morning but I have not heard back).

One of the earliest places I applied to was Logix banking and received a notice from them stating the reasons I was not accepted. There reasons were:

Length of employment (this new place I been working at I've been at for 10 months, my prior employment was 3 years, left for a less stressful environment)

Credit history length ( my oldest CC is 8 years, and not automobile credit history)

Too many inquiries (Wells fargo, USbank, BoA, and Logix all checked)

My credit score on Experian is 749. I did not see Alliant make an inquiry so I would rather wait a month before I actually apply and order the car. However, I will post again if I get in touch with Alliant sooner then that.

I'm not sure what to recommend for you. Sounds like you took the best course of action. Unfortunately, none of those 3 reasons will better next month, so I'd be concerned the outcome would simply be the same, with even further inquiries.

Yea I am thinking about waiting a little longer then 2 months. However I have not spoken to Alliant yet, but I feel I may get the same result. I'll post if I do speak with them.


Ok I just spoke to an Alliant rep. I did get approved at 1.74 with them loaning about 90% of the payment and me doing 10% downpayment. This is great news. I did not get the 1.49 apr because I was just a point away from 740 (They looked at my TransUnion which 739, Experian was at 749). So I think I made the right decision and will wait another 2 months to get my score up.


Inquires suck, my boss was paying this service to monitor her credit and every time the did it showed up an inquiry. She had 45 of them in 6 months lol. USbank denied her strictly on that but Volvo Finance approved her, go figure.

Yea, luckily I am using Mint credit monitor and as far as I know it does not affect my credit score. But having all those inquiries at the beginning didn't help.

@GDH: She should contest those. Depending on what she agreed to, I doubt they're permissible as hard inquiries. A person requesting their own credit report, through a 3rd party for monitoring purposes, is supposed to show up as a soft inquiry that doesn't affect credit. There's a form you can mail to the CRAs to demand they prove the hard inquiries were valid requests for credit. Her credit will be screwed up for years with 45 inquiries.

Volvo Finance probably approved strictly based on believing her story and having some wiggle room in their process.

Me - If you are really serious about buying, you might be better off buying now at 1.74%. Any price increases will offset your savings at the lower rate. Would not be surprised to see an increase around the first of the year.

I would jump on Allaints rate if you are ready to buy, that's a good rate and its not going to get better. Alos Brian, there are some loaner cars in Cali that are really cheap, you local sales people can give you that info.

Geez am I drunk. This site needs an edit feature.

This is what I heard from OnPoint today, very annoying.

Hi Grant,
We can loan on a Tesla, but the reason we do not loan 100% is the car is to new, and there is not enough resale to get a value at this time. So, we limit the loan to 65% LTV. I wish we could do more on this, but not at this time.
I hope you have a nice weekend and I didn’t burst your bubble to much!!

@Brian- Just so you know, the difference in your payment by taking 1.74% versus waiting for 1.49%, which (as many people rightly pointed out) may be ancient history in the blink of an eye, is minimal. For example:

$80k x 72m @ 1.49% = $1162/mo payment
$80k x 72m @ 1.74% = $1170/mo payment

You're talking about saving a whopping $8/mo. The fact that they approved you with what you describe as limited credit is remarkable. I get the mentality of seeking the lowest rate, but in this economy, you really shouldn't look that gift horse in the mouth.

Also, it sounds like the 10% down is standard regardless of your credit score, likely due to the large amount being financed. Waiting is good if your rate will improve significantly, but in your case, you may be stepping over a dollar to pick up a dime.

I financed it thru my own bank (Umpqua) with no problems at all and got the same low APR. If you have a good local bank, also check with them before making a decision.

I bank at Umpqua and their car loan rates start at 6% with perfect credit so I am not sure how you got a rate lower than that.

Is Alliant the only bank offering 84 months? Are there any residency requirements? OnPoint required Oregon residency.

GDH, I would talk to your branch manager, my rate is 2.3%, far from 6% with a 10% down.


How many months?

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