Alliant Credit Union car loans review

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.

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.

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

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Name	Product	Filter Values	Minimum credit score	APR	Loan term	Requirements
Carvana			No minimum credit score	3.9% to 27.9%	Varies	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...
car.Loan.com Car Loans			300	Varies by network lender	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.	Go to site More Info	Compare	loading Fetching your data...
CarsDirect auto loans			No minimum credit score	Varies by network lender	Varies by network lender	Must provide proof of income, proof of residence, and proof of insurance.	Save time and effort with this lending service specializing in beginner-friendly or subprime car loan.	Go to site More Info	Compare	loading Fetching your data...
Auto Credit Express Car Loans			300	Varies	Varies	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.	Go to site More Info	Compare	loading Fetching your data...
Monevo Auto Loans			500	3.99% to 35.99%	3 months to 12 years	Credit score of 500+, legal US resident and ages 18+.	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info	Compare	loading Fetching your data...
LendingTree			Good to excellent credit	Starting at 0.99%	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.	More Info	Compare	loading Fetching your data...
myAutoloan.com Car Loans			550	Starting at 1.89%		550+ credit score, no open bankruptcies, $24,000+ annual income, US citizen or permanent resident, 18+ years old	Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.	Go to site More Info	Compare	loading Fetching your data...

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Alliant reviews and complaints

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 and tap Borrow then hit Car loan or RV loan depending on whichever you’d like to apply for.
2. Tap the Apply now button.
3. If you’re a member, tap Log in & apply. If you’re not yet a member, tap Apply as new member.
4. After reading the Electronic Signature and Consent to Conduct Business Electronically agreement, check the I agree box and tap Continue.
5. Choose between a new auto loan, used auto loan, new Tesla loan, used Tesla loan or RV loan. Hit 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. Hit Continue.
7. Supply your personal information, including your full name, date of birth, Social Security number, phone number and email. Tap Continue.
8. Create a pin or select that you don’t want to. Hit Continue.
9. Supply your address, housing status and monthly payment. Tap Continue.
10. If you want a coapplicant, enter their information. Hit Continue.
11. Enter information about your employment status and whether you have alternate sources of income. Tap Continue.
12. If you know the VIN of your vehicle or the make, model and year of your car, enter it next. Hit 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.

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.

Frequently asked questions

• What does same-day approval mean?

  When Alliant states it offers same-day approval, it means you can apply and possibly be approved on the same day. This doesn’t mean your loan will be funded immediately. It will still take a day to overnight a check to a dealer to complete your purchase once you’ve submitted the purchase order.

• How long will I need to be a member of Alliant?

  There’s no waiting period between membership and applying for a car loan. In fact, you can apply before you become a member. When you’re ready, simply choose the option that states Apply as New Member to start your loan application. You can become a member once you receive your loan decision.

• Does Alliant offer any additional coverage?

  Yes. Once your loan is finalized you can chose any other these add ons:

  • Gap coverage. This covers you if your car is totaled or stolen and helps you repay the difference between your outstanding loan balance and the value of the car estimated by your insurance.
  • Breakdown coverage. Basically, this is an extended warranty offered by Alliant Credit Union and could be useful if you plan on buying a used car.
  • Debt protection. If you’re unable to repay your loan, Alliant will suspend all or part of your repayment. Only certain conditions, such as involuntary unemployment or disability, qualify.