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Ally
Ally: 2023 Auto Loan Refinancing Review Published 2023-01-01, 00:00:00
Written by Allison Martin Written by

Allison Martin's career began more than 10 years ago as a digital content strategist. She's been published in several leading financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing reliable and original content. We also allow users to conduct research and compare information at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website come from companies that pay us. This compensation could affect how and when products appear on this site, including such things as the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not cover the vast array of companies or financial offers that may be accessible to you.




About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees provided in the review is accurate as of the date when the review first appeared. Check the data on the right and the lender's website for the most recent details.








A glance 3.8 Score: 3.8 stars out of five
Bankrate Score

Availability Rating: 3.5 stars out of 5
The Affordability Score: 3.4 stars out of 5
The Customer Service Rating is 4.4 five stars of 5
Transparency Rating: Four stars from five


Compare rates on auto loan rates


About Ally Loan amount not specified
Min. credit score Not specified
APR starting from not specified
Funds available in a matter of days or weeks



Ally advantages and disadvantages can get a bargain for auto loan refinancing and purchase of lease loans via Ally. But its range of offerings is limited, plus there's other drawbacks to take into consideration.
PROS No mandatory inquiry to prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants allowed

ConS is not available for all fifty states.
Slow funding times
Options for auto financing with limited limits
Loan terms not published online





Ally is a direct lender that offers a simple and efficient online auto financing service for individuals who want to refinance their existing car or purchase a new lease. It is possible to apply without impacting your credit score and receive customized options that meet your budget and needs. Additionally, loans are available to select borrowers with credit challenges There are also no application fees or down payment requirements.

Do you qualify? The requirements to be eligible for car financing through Ally is: Must be an U.S. citizen, permanent resident or resident. At least the age of 18. Have a satisfactory credit score and debt-to-income ratio. Earn at least $2,000 per month. Purchase a noncommercial vehicle that's not more than 10 years old, and isn't being used as a taxi or police car. Vehicle cannot have extensive or unrepaired damage from a collision or be subject to more than one lien. For refinancing, current credit must be least 7 months old. You must provide proof of insurance. What we like and what we do not like here's what makes Ally worth considering as well as some drawbacks to keep in your mind.
We like the fact that you can prequalify without a credit check: Ally does not perform a hard inquiry when checking your approval odds. Check out the real loan conditions: You are able to look up actual monthly payments and APR options when you are pre-qualified for financing. Flexible eligibility criteria If you earn minimum $2,000 per month it is possible to be accepted for a loan even if you have less than perfect credit. Co-applicant permitted: You can boost your odds of approval or receive better financing terms when you add a third party with a solid credit history and income to your application. What we don't like Not available in the 50 States: Ally is unavailable to customers who reside in states like the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days or even weeks to be able to get your loan paid. There are a few options for financing your car The only way to get a loan is through Ally to refinance your current loan or to buy out the lease. Loans for used and new car purchases aren't currently offered. Loan terms not published online: Average interest rates and loan terms are not published online. Potential lenders must qualify to view the information. How do I contact Ally You can reach Ally via fax, phone or email. Its hours of operation are Monday to Friday from 7 a.m. until 6 p.m. on Saturdays between 9 a.m. to 1 p.m. (Pacific Time). There is also a mobile app however, chat on the internet is not available.
Auto loan kinds available Ally offers auto loan refinancing and lease buyout loans.
Auto loan refinancing
The loan quick facts are Not specified Terms: 36 to 70 months at a rate of not specified


This page suggests refinancing your car through Ally to make an affordable monthly installment or lower your interest rate. You can also refinance to update the owner's listed on the title. Lease buyout loans
Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified


Ally can also make it simple to sell your leased vehicle. It is possible to get preapproved within minutes and not impact your credit score and the formal application process is easy. Select customers can also purchase additional protections, such as GAP insurance and extended warranties, with Ally when they buy out their lease. How do you apply for a loan through Ally Ally breaks the auto financing process into three steps. Start by visiting the website and providing some basic information to determine if you are eligible to be eligible for an auto loan refinancing or a lease buyout loan. If you're a good fit to be eligible for a loan, evaluate your offers and select the most suitable option and submit a formal application for approval. The information you provide to Ally will be the following information to Ally to approve an application for a loan application:
The information required to apply for the application is vehicle information. Number of driver's license (including issue and expiration date) Personal contact information Social Security number Proof of employment Insurance proof Current lender as well as loan information (if applicable)


The lender will send over your loan documents for review if your application is accepted. Should you still have questions or concerns, you can inquire. If not, you may sign the loan agreement and supply any additional documents or information the lender requires to complete the financing arrangement. Ally FAQs
Is Ally owned by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc., a leading provider of auto financing solutions.



What credit score do you require to qualify for refinancing through Ally? Ally does not disclose its minimum credit score requirement. However, you should aim for a good or excellent credit score before applying to improve your chances of approval and possibly qualify for competitive finance terms.



Does Ally charge penalties for prepayments? Ally does not charge early repayment fees.



How fast can you obtain an automobile loan through Ally? It is possible to get preapproved within minutes, however it could take several days or weeks to allow the loan to be completely funded. It's dependent on how quickly you're able to forward documents requested to Ally to be reviewed.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
The availability
3.5
Ally does not offer loan amount and has restrictions on the types of vehicles that are acceptable However, it is a service for all states.
Affordability
3.4
There's some flexibility in the acceptance criteria of Ally, however it does not provide a complete list of costs and charges.
Customer experience
4.4
A reasonable funding timeline and accessibility via the internet, availability of apps and the option to use autopay earns a higher score.
Transparency
4.0
Prequalification is offered, but rates and fees aren't.


Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score which is determined by four categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers the expected APR, acceptance requirements and discounts for autopay, as well as the number of fees. Experience with customers: This category includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payments and app availability. Transparency: Here prequalification and disclosure of rates and fees are taken into account.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees that are included in the review is accurate at the time that the review was written. Check the data in the upper right hand corner of the page as well as the lender's website for the most current information.




Written by
Allison Martin


Allison Martin's work started over 10 years prior to that as a digital content strategist, and she's since been featured in a variety of top financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-researched and well-organized information that breaks down otherwise complicated subjects into digestible pieces.






Auto loans editor










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