Alliant CU auto refi

[Anonymous]

Howdy - Anyone have experience with Alliant CU and auto refi's?  I recently joined and will be moving everything to them over the next few months.

I talked to a credit analyst today about an auto refi.  She said I qualify for 4.35%, which is much better than my current rate.  But the analyst seemed a little shifty.  I kept asking her what they use as a basis for the LTV calculations and she kept saying it was up to the underwriters.  I thought that was a little strange, most places I've dealt with in the past are forthcoming about their valuation process.  She kept saying "we can do it for you, do you want to apply??"

They pulled credit a couple days ago for a CC, and that report is valid for 30 days.  So I feel like this is my opportunity to do a refi without the inq cost.... 

Any experiences to share? 

[Anonymous]

I think you need to quite worrying how your CU figures anything...it really is based on their loan portfolio anyway.

You should worry more about refinancing.  You are talking about a car...your car and everyone else's will be worth less tomorrow than it is today.  In otherwords it is depreciating.  Extending a loan means 2 things.

   1.  The car will cost you more than what you have already paid for it. and

   2.  Extending a loan will not Extend the life of your car.

Sit down, think about how you can pay it off, then keep paying yourself a payment of equal value to be used on your next car.

[Creditaddict]

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@Anonymous wrote:

Howdy - Anyone have experience with Alliant CU and auto refi's?  I recently joined and will be moving everything to them over the next few months.

I talked to a credit analyst today about an auto refi.  She said I qualify for 4.35%, which is much better than my current rate.  But the analyst seemed a little shifty.  I kept asking her what they use as a basis for the LTV calculations and she kept saying it was up to the underwriters.  I thought that was a little strange, most places I've dealt with in the past are forthcoming about their valuation process.  She kept saying "we can do it for you, do you want to apply??"

They pulled credit a couple days ago for a CC, and that report is valid for 30 days.  So I feel like this is my opportunity to do a refi without the inq cost.... 

Any experiences to share? 

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I think alliant uses book value as most banks do.

As long as you are prepared to prove income and do it with no problem, you should not have any problem.

[nes]

What's your rate now? And how much longer do you have til your done paying it off? Here's what I'd do... 1- take the lower rate ( the previous note on your report being paid will appear as a positive how ever the sudden couple of accounts will set u back a couple months I would imagine). 2- when refinancing, do a shorter term, like 36mo or 24mo, however you can do it to keep the payment the same esp if you can handle it, and if you can, do as short as your comfortable with as far as the payment goes. 3- pay it off and live car payment free and enjoy the freedom. It feels now days a car payment is a utility bill that everyone can rid themselves of. U work for your money, no sense in wasting it to banks in interest for extended periods. My 2 cents, sorry if its sloppy or hard to understand, I'm on a phone

[Anonymous]

Thanks everyone for the advice.  I'm not sure the exact rate on my current loan, but it's somewhere around 7% for 60 months.  I bought the car in March, so there's only a few months' history on this loan.

If I refi for 60 months, my payment would drop by approx $100.

If I refi for 48 months, my payment would go up, butonly by about $20.

What I'm thinking I'm going to do is refi for 48, this will shave about 6 months off my payoff and my payment will only go up by $20.

So glad I found Alliant, they haev been great to work with so far!

[Anonymous]

We have Alliant and like them fine.

DH has a $10,000 cc with them.  When he bought a used car last November, Alliant was the first one we called.  it took them several days to approve.  By the time we heard back from them, we had secured a better interest rate from our local CU, and were driving the car.

We also checked in with them first when we refinanced our mortgage - we went with PNC for a better rate and faster service on that one.