topic Re: Alliant Credit Union in Auto Loans

Alliant Credit Union

pen_nyc — Fri, 10 Jul 2009 02:50:00 GMT

Hi all.

Does anyone know up to how much Alliant Credit Union will loan on a used car?

I'm looking at a 2006 Lexus IS350 for $25K. Have $4K for a down payment. I joined Alliant a little over a month ago.

Thanks.

-P.

Re: Alliant Credit Union

Anonymous — Fri, 10 Jul 2009 04:21:09 GMT

I think that might be a question for Alliant, directly.

@pen_nyc wrote:
Hi all.

Does anyone know up to how much Alliant Credit Union will loan on a used car?

I'm looking at a 2006 Lexus IS350 for $25K. Have $4K for a down payment. I joined Alliant a little over a month ago.

Thanks.
-P.

Re: Alliant Credit Union

Anonymous — Fri, 10 Jul 2009 14:54:34 GMT

When last you were here we walked you through opening an Alliant account.

You were pre-approved for $20K.

I am sure if you simply called them and spoke to a loan officer you could extend the amount to the amount you need.

Re: Alliant Credit Union

pen_nyc — Fri, 10 Jul 2009 15:01:37 GMT

Thanks for the reply USMC.

I called them this morning and they told me that the max is based on the NADA value of the car which is perfect.

And yes, when I did open my Alliant account (thanks to you btw!) they did "pre-approve" me for both an auto loan for $ 20K and a visa for $ 7500. I did apply for the Visa and was given a $ 500 credit line only. The rep told me it was because I had not history with them. Since then I've been depositing $ 250 a week into the saving account and to get pad that a bit more then apply for an auto loan.

Thanks again for all your help!

-P.

Re: Alliant Credit Union

Anonymous — Fri, 10 Jul 2009 16:33:15 GMT

@pen_nyc wrote:
Thanks for the reply USMC.

I called them this morning and they told me that the max is based on the NADA value of the car which is perfect.

And yes, when I did open my Alliant account (thanks to you btw!) they did "pre-approve" me for both an auto loan for $ 20K and a visa for $ 7500. I did apply for the Visa and was given a $ 500 credit line only. The rep told me it was because I had not history with them. Since then I've been depositing $ 250 a week into the saving account and to get pad that a bit more then apply for an auto loan.

Thanks again for all your help!

-P.

So.....are you getting approved?

Re: Alliant Credit Union

pen_nyc — Fri, 10 Jul 2009 19:45:35 GMT

Still waiting for a reply back.

They told me they need to call me back with an answer.

Keeping my fingers crossed!

-P.

Re: Alliant Credit Union

pen_nyc — Fri, 10 Jul 2009 20:55:26 GMT

Well, got denied.

Apparently I don't have enough credit history.

If I get a cosigner who will also join Alliant I should get approved but as of right now its a no.

Question - a potential cosigner would be my step father but he is retired. Does that matter?

-P.

Re: Alliant Credit Union

Anonymous — Fri, 10 Jul 2009 22:21:14 GMT

@Anonymous wrote:
I think that might be a question for Alliant, directly.

I'll second that...

King

Re: Alliant Credit Union

Anonymous — Sat, 11 Jul 2009 03:51:22 GMT

Well, it was a long shot.

I am sorry I could not help you get done.

We had a lot of non positive issues involved to overcome.

And to be honest I have not been approved for a car payment through them

We all learned a lot.

You are unfortunately back in the same place you were when you started.

I would keep saving....a lot.

Did you try to get them to make a counter offer? If you need a car that bad you may be able to get approval on a cheaper car.

sometimes you cannot get what you want, but can get what you need.

Re: Alliant Credit Union

pen_nyc — Sat, 11 Jul 2009 11:36:53 GMT

No need to apologize. I definitely appreciated your help in getting me into the CU to begin with. I did briefly consider taking my money out of the savings account (about $1K now with the lates transfer done yesterday) but will hold off for now.

I would say that I am not where I started. I have a relationship now with a credit union that maybe one day will help me in getting a mortgage and I have a new trade line via my first unsecured credit card in loooong time.

Next step is to swallow some pride and get a cosigner. Not something I wanted to do but sometimes one needs to make sacrifices to get what they want.

-P.

Re: Alliant Credit Union

Anonymous — Sat, 11 Jul 2009 13:56:29 GMT

@pen_nyc wrote:
Thanks for the reply USMC.

I called them this morning and they told me that the max is based on the NADA value of the car which is perfect.

And yes, when I did open my Alliant account (thanks to you btw!) they did "pre-approve" me for both an auto loan for $ 20K and a visa for $ 7500. I did apply for the Visa and was given a $ 500 credit line only. The rep told me it was because I had not history with them. Since then I've been depositing $ 250 a week into the saving account and to get pad that a bit more then apply for an auto loan.

Thanks again for all your help!

-P.

You were pre-approved for Visa $7.5k and auto $20k, but then they CLD the card to $500? That is a first, I've never heard of that before. Usually if you get preapproved online, it's a done deal and the card arrives in about 7 to 10 days.

Re: Alliant Credit Union

pen_nyc — Sat, 11 Jul 2009 18:11:25 GMT

Yep. That's exactly what happened.

Go figure. I was surprised myself but in the end not much I can do. You would think that I had some negatives on my report but that is not the case. I have a total age of 19 yrs plus and average age of 7yrs plus. EQ is at 765 and TU 689.

-P.

Re: Alliant Credit Union

Anonymous — Sat, 11 Jul 2009 18:30:41 GMT

@pen_nyc wrote:
Yep. That's exactly what happened.

Go figure. I was surprised myself but in the end not much I can do. You would think that I had some negatives on my report but that is not the case. I have a total age of 19 yrs plus and average age of 7yrs plus. EQ is at 765 and TU 689.

-P.

Its never been about the negatives....... the derogs you have limiting you are simply a lack of Positives....