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Friday, March 27, 2020


It has some of the best prices on new and used cars.

You have to meet the membership requirements to apply.

Credit unions are attractive alternatives for banks as they tend to have lower interest rates and offer other benefits to members. The Alliant Credit Union is one of the best auto loan credit unions because it is widespread and has some of the best interest rates we've seen.

A disadvantage of credit unions is that you need to meet their membership requirements to get an account or a loan. Alliant's requirements include living or working near its Chicago headquarters, being a retired or current employee of partner organizations, or having a family member who is a member. If you do not meet these requirements, you can still participate in Foster Care for Success with a one-time donation.

We compared each lender's stated interest rates and found that Alliant offers some of the best rates, especially for new cars. Alliant announces new car prices of 2.99% and used car prices of 3.24%. These are both below average and the best prices we've seen - they even outperform LightStream.

It is important to remember that the prices published on the Alliant website are only available if you have excellent creditworthiness and meet the requirements for the loan term, vehicle age and credit-value ratio. Before applying for a loan, check your creditworthiness and use the tools provided by the lender to get an idea of ​​how high your interest rate could be and what your monthly payments will be.

The loan terms range from 12 months to 84 months. Generally, the term of a loan influences the interest rate. Shorter loans have lower interest rates on higher monthly payments, while longer loans have slightly higher interest rates on lower monthly payments. A note of caution: with a term of more than 60 months, you are likely to pay more than your car is worth in the long run.

Alliant has a rental car search service that can help you find the vehicle you want from a nearby dealer. Using Alliant's online tools, you can find a vehicle that meets your specifications, apply for funding, and then use the documents provided by the credit union to collect your car from the dealer to complete the sale. The entire process usually takes one business day. You'll also get a 0.5% discount on your rate if you find and buy a car using the credit union's online tools.

Unlike many other lenders, Alliant has no restrictions on the age or mileage of the car you are funding. In some cases, age or mileage can affect the rate of your loan.

Alliant has no prepayment penalty for his loans. As such, you can repay your loan early without being penalized or paying the interest on the entire loan. There are also no origination fees for an Alliant loan.

If you have an existing car loan and want a lower interest rate or a different term, you can refinance through Alliant. This often lowers your interest rate significantly, especially if your loan has improved since you received the original loan. If you refinance an existing loan from Alliant, your interest rate will be higher than if you refinance a loan from another lender.

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