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Consider financing through credit unions, which are nonprofit institutions that occasionally provide lower interest rates and better terms than banks, if you want to save money on an auto loan. A number of auto loans are available from Illinois-based Alliant Credit Union, including financing for used cars.
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Consider financing through credit unions, which are nonprofit institutions that occasionally provide lower interest rates and better terms than banks, if you want to save money on an auto loan. A number of auto loans are available from Illinois-based Alliant Credit Union, including financing for used cars.
In this review, we’ll cover:
About Alliant Credit Union
The biggest credit union in Illinois and one of the biggest in the United States is Alliant Credit Union. S. , with assets of more than $11 billion. In 1935, the business was established as the United Airlines Employees’ Credit Union.
Members may apply for refinancing, new, and used auto loans. The credit union also provides a wide selection of non-auto financing options, including financing for watercraft and recreational vehicles.
Before you can apply for one of Alliant’s auto loans, you must join. In the initial stage of your loan application, you can quickly join, or you can register on your own. Eligibility is open to the following types of individuals:
On the credit union’s website, there is a tool you can use to determine your company’s eligibility. If none of the conventional methods work for you, you can donate $5 to the credit union’s charity of choice, Foster Care to Success, to join.
Residents of all 50 states can receive auto loan financing. Many customers may find it worthwhile to go through the process of joining Alliant Credit Union.
Alliant Credit Union auto loans at a glance
| Alliant Credit Union Auto Loans | |||
| Type of Loan | APR Range | Terms | Loan Amounts |
| New auto | Starting at 1.94% | 12–84 months | $4,000–$1,000,000 |
| Used auto | Starting at 2.99% | 12–84 months | $4,000–$1,000,000 |
| Auto refinance | Starting at 2.99% | 6–84 months | $4,000–$1,000,000 |
| Used autos 10-15 years old | Starting at 6.49% | 6–84 months | $4,000–$1,000,000 |
Here are a few additional things you should know:
A new car must have been purchased as new within the previous 180 days in order to qualify for an auto loan. It must also be from the current year or newer.
Although there aren’t many details provided on Alliant Credit Union’s website, Alliant also provides auto refinancing and loans for used vehicles that are 10 to 15 years old. Similar to other loan types, the APR you are eligible for will depend on a number of elements, such as your credit score, your method of payment, and your capacity to repay the loan.
The credit union also provides financing for personal watercraft, snowmobiles, RVs, boats, and ATVs, both new and used.
How to apply for financing
Alliant makes the application process easy via five steps.
Step No. 1: Submit an application
You can begin the process online or by dialing 800-328-1935, which is available around-the-clock.
You’ll need to decide on the financing type, the loan amount, and the loan term length. After that, you will enter personal details like your birthdate, address, and Social Security number. Note that you must be at least 18 years old. You must disclose your income and collateral in the last two steps of the application, specifically the car you want to borrow money for.
Step No. 2: Get preapproved
Usually on the same day, Alliant will review your application and inform you if you have been preapproved.
Step No. 3: Negotiate
You can use your preapproval to bargain with a car lender once you have it. Additionally, Alliant provides a car-buying service where you can negotiate with preapproved dealers for a 0 down payment. 50 percentage point rate discount.
Step No. 4: Complete your loan documents
Alliant can complete your loan documents once you reach an agreement with a car dealer.
Step No. 5: Get your funding
Alliant will overnight your funds to you or your dealer via FedEx.
On its car loan products, Alliant Credit Union doesn’t list any additional fees. The lowest rates for its auto loans are listed, but it doesn’t say what the maximum rate range for customers with less-than-perfect credit might be. You must submit an application in order to learn the rate you’ll receive.
Alliant does finance both new and used cars, but for vehicles that are at least ten years old, you’ll have to deal with a completely different (and much higher) rate schedule. It’s also crucial to remember that the autopay discount is included in the rates listed on the Alliant Credit Union website. Loans without autopay don’t include the 0. 4 percentage point discount.
Pros and cons of financing through Alliant
For those with good credit, Alliant Credit Union offers low auto financing rates. It is simple to apply for an online loan using a phone or a website. Funding is rapid, arriving overnight via FedEx. New and used cars, as well as auto refinancing, are all available through Alliant’s extensive selection of auto financing options.
Rates for those with bad credit can be high, but finding the high end of the range before submitting an application can be challenging.
The Better Business Bureau’s website lists 58 complaints about Alliant Credit Union, and some websites’ online reviews of the credit union tend to be unfavorable. It’s crucial to remember that LendingTree cannot confirm the site reviews or complaints submitted to the BBB.
Highlights of Alliant auto loans
With the nationwide average for 48- and 60-month new car loans at 5.27%, Alliant Credit Union shines in comparison.
Borrowers with good credit may be eligible for APRs as low as 1. 94%, a full 2 percentage points below the national average. Loans are only available to members, but qualifying is straightforward You can refinance existing loans and finance both new and used vehicles with Alliant.
Alliant provides a car-buying service that can put you in touch with dealers directly and give you a 0 down payment to help make the loan process simpler and more affordable. 50 percentage point rate discount. After approval, funding happens quickly, typically in less than 24 hours. Alliant doesn’t impose prepayment penalties, so you can pay off your loan even more quickly.
Lowlights of Alliant auto loans
You must steer clear of longer-term loans in order to get the best Alliant auto loan rates because Alliant adds a 1% fee to 84-month loans. Additionally, you must set up autopay to ensure that you receive the 0 4 percentage point interest rate reduction.
However, financial advisors frequently advise keeping a shorter-term auto loan as a best practice. Longer-term borrowing at a higher interest rate will result in excessive interest payments over time.
The bottom line: Who is Alliant best for?
Alliant Credit Union is best for:
Alliant Credit Union may be a good option for these types of borrowers. The primary consideration for many loan shoppers is the credit union’s low rates on shorter-term loans for borrowers with good credit. You can probably find a better auto loan elsewhere if you need to finance a vehicle that is at least 10 years old or if you have bad credit.
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What You Need To Know About Auto Loans From Alliant Credit Union
FAQ
What credit score does Alliant Credit Union?
A minimum credit score of 620 and a debt-to-income ratio of 50% or less are required by Alliant Credit Union. On the website, prospective borrowers can begin the preapproval process to determine their eligibility and potential rates.
How long does it take for Alliant Credit Union to approve a loan?
Alliant Credit Union’s personal loans may be helpful for people looking for an unsecured loan they can access right away. Applications for loans are typically approved within a single day. Similar to that, you might also receive the money the same day. The lender offers loans ranging from $1,000 to $50,000.
Which bank has the easiest auto loan approval?
- Auto Credit Express. 4.9 /5.0 Stars. …
- Car.Loan.com Auto Loan. 4.5 /5.0 Stars. …
- myAutoloan.com. 4.0 /5.0 Stars. …
- Carvana. …
- Capital One Auto Finance. …
- Credit Acceptance. …
- DriveTime. …
- LightStream.
What credit score is needed for best auto loan rates?
Here is a brief explanation of the advantages of having a high credit score when purchasing a vehicle. Lower interest rates. A high credit score of 680 or more is typically needed to qualify for a low interest rate from the dealer. Actually, increasing your score from 600 to 780 could cut your rate in half.