Alliant Credit Union car loans review July 2019 | finder.com

Alliant Credit Union car loans review

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Alliant Credit Union Car Loans

Financing and car-buying services for good-credit borrowers.

Alliant Credit Union offers dealership financing for new and used cars, as well as refinancing. There are with no prepayment penalties and you can get approved as soon as the same day. But you won’t be able to buy from a private seller.
Product NameAlliant Credit Union Car Loans
Min. Loan Amount$5,000
Max. Loan Amount$1,000,000
APR3.24%(as low as)
Interest Rate TypeFixed
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.

  • New car loans.
  • Used car loans.
  • Auto refinancing loans

Alliant Credit Union auto loan rates

The range of interest rates differ depending on the type of car loan you apply for.

Type of loan Starting APR
New car loan 3.24%
Used car loan 3.49%
Used car loan 10-15 years 6.49%
Refinancing 3.49%

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.

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.

What other types of vehicles does Alliant finance?

Alliant offers financing for recreational vehicles (RVs). You may be eligible for rates as low as 4.74% 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.

Alliant Tesla financing

Alliant is one of the few lenders that offers financing for new and used Teslas. Terms run up to 84 months, though the longest are only available to the largest loans and highest credit score. You can also purchase insurance like mechanical repair coverage and GAP insurance while financing a Tesla through Alliant.

What are the benefits of an Alliant Credit Union car loans

  • Car-buying service. Alliant can walk you through the whole process of buying and financing your next car.
  • 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.
  • Tesla financing. This credit union is one of the few places where you can finance a Tesla.
  • Multiple rate discounts. You can use Alliant’s Car Buying Service, TrueCar, or sign up for automatic payments to receive a discount on your APR.

What to watch out for

  • 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.
  • Potentially expensive with longer term. You might want to think twice before getting an 84 month loan. While it costs less in the short-term, you’ll pay more overall and run the risk of going upside down.
  • No private party financing. You can’t use this loan to buy a car from a private individual.

More car loan offers to consider

Updated July 17th, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
600
Varies by lender
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
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.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 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.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

What do customers have to say about Alliant car loans?

Customers have mixed reviews of Alliant as of June 2019. While the Better Business Bureau (BBB) gives it an A+ rating, customers awarded it as just above 1 out of 5 starts.

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 contradictory answers for the same problem. One customer complained of how slow the auto loan process took. Another said they were denied for a car loan with a credit score of 702.
Alliant and its other loan products

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.

I got the loan. What’s next?

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 on top of your accounts. 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 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.

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4 Responses

  1. Default Gravatar
    TanaJuly 10, 2019

    Does Alliant have an application Fee? If so, what is it?

    • Avatarfinder Customer Care
      AshJuly 11, 2019Staff

      Hi Tana,

      Thank you for contacting Finder.

      No, there is no application fee for the Alliant Credit Union Car Loans but you should be a member of the Alliant Credit Union to be able to apply.

      I hope this helps.

      Please do not hesitate to reach out again to us if you have additional questions.

      Cheers,
      Ash

  2. Default Gravatar
    JeremyDecember 26, 2018

    Can I use my Alliant approval to purchase from a private party or must the purchase be through a dealership only?

    • Avatarfinder Customer Care
      ValDecember 29, 2018Staff

      Hi Jeremy,

      Thank you for leaving a question. Once you are approved for Alliant you can do 1 or 2 things:
      1. 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.
      2. 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.

      For the question, yes it is possible for both – private party or through dealership so long as you have informed Alliant about the vehicle details.

      Hope this help!

      Regards,
      Val

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