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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.
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.
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.
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?
@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.
Still waiting for a reply back.
They told me they need to call me back with an answer.
Keeping my fingers crossed!
-P.
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.
@Anonymous wrote:I think that might be a question for Alliant, directly.
I'll second that...
King
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.
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.