PROS / There are no mileage or age restrictions on the cars you can get a loan for.
CONS / It can take up to two days for you to receive loan approval.
VERDICT / Alliant Credit Union is a good choice for a direct lender, as it has flexible loans, automatic repayment and tools to help you find a car you want.
Alliant Credit Union is an online-only bank that features an auto loan service along with its traditional banking services. In addition to auto loans, you can also get loans for RVs and other sports vehicles. Because it offers flexible loans with minimal restrictions, has an easy online application process and features quality customer service, Alliant Credit Union receives our Top Ten Reviews Bronze Award.
One of the main appeals of choosing an auto loan service instead of getting financing straight from the dealership is that the service offers you greater flexibility in terms of what you can do with the funding you receive. Each loan service we reviewed was evaluated on how flexible the loans it offers are. Alliant received an 80 percent on its flexibility, on that low because it does not provide you with multiple offers. This is one of the disadvantages of choosing a direct lender instead of a broker – you have fewer options to choose from.
Choosing a direct lender, rather than a dealership, does give you more options as you shop for a car. You don't need to have a specific car in mind when you apply, you can apply for and be approved for a loan of a specific amount, and you can use that loan to shop around until you find the car you're looking for.
A loan you receive from Alliant can be used at either franchised or independent dealerships. Franchised dealers sell new cars and have service departments while independent dealers have a wider selection of mostly used cars. You can also use a loan from Alliant to purchase a car from a private seller. Alliant also has tools on its website to help you find cars from local dealers.
Application & Repayment
Another benefit of choosing a direct lender as opposed to a broker is that the application process is handled by the service itself. You don't have to deal with a third party when it comes to submitting the other documentation all loans require.
Each service we reviewed was evaluated on how easy its application process is. Alliant received an 80 percent, a respectable score that places it in the company of other quality services. It didn't receive a higher score primarily because it can take up to two days to receive approval. Many other services can approve your application the same day you apply.
The application is done online, and all the documents can be signed electronically. So if you value the convenience of an online-only process and don't mind waiting extra for approval, Alliant may be a good choice for you.
After you've finalized your loan, you can set up automatic payments through Alliant's website. The minimum loan amount is $4,000, the lowest on our review. This makes it a good choice if you need a smaller loan because you have a large down payment or have found a low-cost car. There is no minimum income requirement to apply for a loan with Alliant.
Alliant offers excellent customer support. It receives a 100 percent on our customer service. The reps our reviewers spoke to were helpful and knowledgeable, and they provided a detailed explanation of Alliant's application process. Alliant can be contacted both through phone and email. You can also learn about auto loans through the FAQs and articles on Alliant's website.
Alliant is an online-only bank that offers auto loans as one of its services. It rates well on both its versatility and its application process. Though it takes longer than some services to receive approval, it has fewer restrictions on its loans than other services.