Alliant Credit Union car loans review September 2018 | finder.com

Alliant Credit Union car loans review

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Rates start 2.99%(as low as), but you’ll need good to excellent credit to qualify.

One of the most important parts of finding the right car is finding the right financing. Are you getting a new car and need a few thousands dollars to buy it? Are you browsing used car selections and want a low interest rate? Or have you already found the perfect vehicle, but are at a loss as to how you’re going to pay for it? Alliant Credit Union covers all these situations and more.

Our review will help you determine if borrowing a car loan from Alliant is the right decision for you.

Product NameAlliant Credit Union Car Loans
Min Loan Amount$5,000
Max. Loan Amount$1,000,000
APR2.99% (as low as)
Interest Rate TypeFixed
Maximum Loan Term7 years
RequirementsMust be a member of Alliant Credit Union, minimum credit score of 640, DTI under 50%, and be 18 or older.
  • Member of Alliant Credit Union
  • Debt-to-income ratio lower than 50%
  • Credit score of 640+
  • Age 18 or older

First, am I eligible?

Before you get started with the application process, to qualify for a car loan from Alliant Credit Union you must:

  • Be a member of Alliant Credit Union
  • Be at least 18 years old
  • Have a debt-to-income ratio lower than 50%

What makes a car loan from Alliant unique?

Alliant Credit Union has low rates and a wide range of car loan options. You can finance a small loan of $5,000 for a cheap used car or buy the new car of your dreams for $50,000. Alliant covers financing for both new and used vehicles up to $1,000,000. You may never need that amount, but if you’re afraid you won’t be able to borrow enough to finance that Tesla — no worries, Alliant has loans for that, too.

To qualify for the best rates, your credit needs to be in the good to excellent range. You’ll also have to be a member of Alliant to apply, and your debt-to-income ratio should be below 50%.

What types of vehicles does Alliant offer loans for?

As a member of Alliant, you’re able to apply for both new and used car loans, refinance an existing car loan or take out a loan to finance an RV.

  • New car loans. The APR for new cars starts 2.99%(as low as).
  • Used car loans. A newer used vehicle can be financed for as low as 3.24%, but loans for cars between 10 to 15 years old are financed at a minimum rate of 6.24%.
  • Auto refinancing loans. You can have your previous car loan refinanced by Alliant Credit Union for 3.24%.

These rates represent the lowest interest you’ll receive from Alliant. Your true rate is determined during the application process and depends on your credit score, the car you’re financing and your ability to repay the loan.

RV financing

Alliant offers financing for recreational vehicles (RVs). You may be eligible for rates as low as 4.39% and terms up to 120 months. The process works similarly to regular car loans — if you’re preapproved, you can take your offer to an RV dealership and make your purchase before completing your loan documents through Alliant.

Does Alliant offer any discounts?

Yes, Alliant offers two different types of discounts on your car loan’s APR:

  • Autopay discount. When you sign up for automatic payments of your loan, Alliant will give you a 0.4% rate discount.
  • Alliant Credit Union Car Buying Service discount. When you buy a car from a TrueCar certified dealer through the Alliant Credit Union Car Buying Service Dealer, you’ll save 0.5% on your APR. This rate discount cannot be combined with any other rate discount, however.

Pros and cons

Pros

  • No prepayment penalties. You can save money on your loan by paying off the remaining amount early, and Alliant won’t charge a fee for prepayment.
  • Preapproval helps you negotiate. Knowing how much you can spend helps you negotiate for a car that’s in your price range.
  • Rate discounts available. You can use Alliant’s Car Buying Service, TrueCar, or sign up for automatic payments to receive a discount on your APR.

Cons

  • Must be a member of Alliant Credit Union. As with all financing offered by credit unions, you’ll need to be a member before you can apply for a car loan.
  • No guarantee. There’s no guarantee you’ll be approved for a loan or that you’ll receive the lowest rates offered if you are approved.

More car loan offers to consider

Rates last updated September 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.
Wells Fargo Auto Loans
Auto loans with high loan amounts to cover your car purchase or refinancing needs.
Good to excellent credit
1 to 6 years
Your income and assets must support your existing debt obligations and the desired loan amount.

Compare up to 4 providers

What do customers have to say about Alliant car loans?

Customers have mixed reviews of Alliant. Some find the credit union to give excellent customer service and deal with loan issues, while others have reported that they have been overcharged and received multiple answers for the same problem. One customer complained of how slow the auto loan process took, with the credit union dropping the ball and missing a deadline for overnight delivery of their check to the car dealer. Another lamented about being denied for a car loan with a credit score of 702. Meanwhile, other customers praised the credit union’s used car loan rates and fast and helpful customer service.

Alliant Credit Union has an A+ on the Better Business Bureau website and is fully accredited. It has dealt with all the complaints lodged, and users reported that the answers to their problems have been satisfactory.

As with all loan options, be sure to find other customer experiences yourself to determine if a car loan from Alliant Credit Union is the best option for you.

How do I apply?

You can apply for a car loan through Alliant as a member or non-member. If you don’t have a membership, you’ll become a member after completing your loan application and receiving your decision.

Here are the basic steps to apply:

  1. Go to Alliant Credit Union’s website, hover over Borrow in the top navigation bar and click Car Loan or RV Loan depending on whichever you’d like to apply for.
  2. Click the green and white Apply Now button.
  3. If you’re a member, click Log in & Apply. If you’re not yet a member, click Apply as New Member.
  4. After reading the Electronic Signature and Consent to Conduct Business Electronically agreement, check the I Agree box and click Continue.
  5. Choose between a new auto loan, used auto loan, new Tesla loan, used Tesla loan or RV loan. Click Continue.
  6. Select whether you’re aiming to purchase a vehicle or refinance an existing loan. Enter your loan amount and the preferred term of your loan. Click Continue.
  7. Supply your personal information, including your full name, date of birth, Social Security number, phone number and email. Click Continue.
  8. Create a pin or select that you don’t want to. Click Continue.
  9. Supply your address, housing status and monthly payment. Click Continue.
  10. If you want a coapplicant, enter their information. Click Continue.
  11. Enter information about your employment status and whether you have alternate sources of income. Click Continue.
  12. If you know the VIN of your vehicle or the make, model and year of your car, enter it next. Click Continue.
  13. Review your application.

Once you’ve completed your application, agree to allow Alliant Credit Union to pull your credit and submit. Your application is processed, and you’ll receive a decision on your application status within a few minutes.

Step-by-step application with screenshots

What documents will I need for my application?

  • Purchase agreement for your vehicle
  • Proof of income

If you aren’t a member, Alliant Credit Union may also require that you send a copy of your driver’s license.

I’ve been approved. What happens next?

If your application is approved, you can do one of two things:

  • Take your offer to a dealer. If you don’t know what car you want, you can use your offer to help negotiate the price.
  • Pay for your vehicle. If you’ve already selected your vehicle and gave Alliant the information, you can use your offer to complete the buying process.

Once your loan has been processed and you’re behind the wheel of the car of your dreams, here are a few tips to stay on top of your car loan payments:

  • Sign up for autopay. Not only could you earn a discount on your car loan’s APR, you won’t have to worry about remembering to make a car loan payment by a certain date each month.
  • Stay vigilant of your bank account. Yes, autopay can help remember payments, but don’t turn a blind eye to your finances. Even technology makes mistakes sometimes, so keep an eye on your bank statements to make sure there aren’t any incorrect transactions.
  • Contact customer service if you’re afraid you won’t make a payment. If you hit a rough patch financially and you’re worried about missing a payment, let Alliant Credit Union know before missing it to see if they can work with you on a solution until you get back on solid footing.

Bottom line

Alliant Credit Union supplies its members with a quick, seamless option when they need to finance a new or used car. With two types of rate discounts, a maximum borrowing cap of a whopping $1,000,000 and reasonable APRs, this could be a suitable lender if you have good to excellent credit. However, they aren’t your only option. It’s always wise to compare your car loan options to find the right lender for your particular situation.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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