Alliant Credit Union Auto Purchase and Refinance Loans: 2023 Review

Origination fee: None.

Personal information needed: Social Security number or individual taxpayer identification number, address, time at address, phone, email, birth date, employment status, employer name, housing status, housing payment amount and basic vehicle information.

Pre-qualification available: No.

Online, in-person or both: The loan application can be completed entirely online or over the phone. Alliant does not have in-person branches.

Approval speed: Within one business day. Offers are good for 45 days.

Funding speed: One to two days for purchase loans.

Minimum FICO credit score: Did not disclose.

Minimum credit history: Did not disclose.

Minimum annual gross income: None.

Maximum debt-to-income ratio: 60%.

Bankruptcy-related restrictions: Yes, but did not elaborate.

States covered: All 50 states.

Membership: Anyone can apply for membership as long as they have a Social Security number or an unexpired ITIN. There are additional eligibility requirements; if you don’t meet any of them, you can also become eligible by joining Foster Care to Success, an organization partnered with Alliant.

New vehicle definition: Vehicles that have never been titled, are the current model year and have less than 4,000 miles.

Maximum used vehicle age: None, although higher rates apply for vehicles 10 years or older.

Maximum used vehicle mileage: None.

Other vehicle restrictions: No commercial vehicles, such as large pickup trucks or similar vehicles intended for commercial use, such as a Mercedes-Benz Sprinter or Ford Transit. Vehicle purchases must be made from franchised dealerships if applicant has been an Alliant member for less than six months; after that independent dealership and private-party purchases are allowed. Used vehicles cannot have a salvage or branded title.

Loan amount minimum: $4,000.

Loan amount maximum: None for new car purchase loans. $1 million for used car purchase loans and refinancing.

Maximum loan-to-value ratio: 140%.

Refinancing time restrictions: Borrowers must wait six months after closing on the previous loan and have a loan balance of at least $4,000 remaining to refinance.

Loan terms: 24-84 months.

Automatic payments: Yes.

Rate discount: Yes. Borrowers receive a 0.40-percentage-point rate discount when they set up autopay or a 0.50-percentage-point discount when they use Alliant’s car-buying service and have autopay set up.

Greater-than-minimum payments: Yes, and they can be made through automatic payment. Surplus is first applied to any accrued interest, then automatically to principal.

Biweekly payments: Yes, and they can be made through automatic payment.

Late payment fee: Yes, although there is a grace period.

Prepayment penalty: None.

Co-applicants allowed: Allows co-borrowers but not co-signers. Co-applicants can apply at the same time.

Payment options: Mailed check, phone, online banking or portal, mobile app, ACH (electronic bank-to-bank).

Selected payment due date: Yes, borrowers can select the payment due date before signing the loan agreement or at any time during the loan term.

Offers cash-out refinancing: Yes, with no maximum amount.

Hardship plans: Yes.

Existing loan payoff: Funds are sent directly to the lender electronically, if possible, or mailed by check.

Assistance provided: Alliant team members offer assistance throughout the loan process.

Availability: Monday to Friday from 8 a.m.-5:30 p.m. CT.

Contact options: Phone, email, website form.