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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 work began over 10 years prior to that as a digital content strategist. She's been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-researched content that break down 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 offering interactive tools and financial calculators that provide objective and unique content. This allows you to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this website come from companies that pay us. This compensation can affect the way and when products appear on the site, such as such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that could be open to you.




About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor 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. Look over the information at the top of this page and the lender's website to find the most current information.








A look 3.8 Score: 3.8 stars out of 5
Bankrate Score

Available Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of five
Customers Experience Score: 4.4 stars out of 5
Transparency Rating 4 .


Find out about 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 a few weeks



Ally pros and cons You can get a bargain on auto loan refinancing or purchase of lease loans through Ally. However, the range of products is limited as are the other drawbacks to consider.
PROS No mandatory inquiry to prequalification
View real loan terms
Flexible qualification criteria
Co-applicants allowed

ConS is not available for all fifty states.
Insufficient funding times
Limited auto financing options
The loan terms are not available online.





Ally is a direct lender that offers a streamlined digital auto financing experience for those who want to refinance their existing vehicle or buy out their lease. You can apply without affecting your credit score and receive tailored options that are customized to your requirements and budget. Additionally, loans are available to certain borrowers who have credit problems, and there are no charges for application or down payments required.

Do you qualify? The criteria for being eligible for car financing through Ally includes: Must be a U.S. citizen, permanent resident or resident. You must be at least 18 years old. Have a credit score that is satisfactory and debt-to-income ratio. At least earn 2 000 dollars per month. You can purchase a noncommercial vehicle not more than 10 years old, and hasn't been employed as a taxi or police car. The vehicle cannot be in the condition of having damaged or unrepaired collisions or have more than one lien. Refinancing is possible, but existing credit must be least seven months older. Document proof of insurance. What we like and what do not like here's the thing that is what makes Ally worth considering as well as some disadvantages to keep in mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform an inquiry that is hard to verify your approval odds. See the actual loan conditions: You can look up actual monthly payments and APR options when you are pre-qualified for financing. Flexible qualification criteria If you earn at least $2,000 per month and you meet the minimum income requirement, you may be approved for an loan even if you have less than perfect credit. Co-applicants are permitted: You could improve your approval odds or receive better financing terms when you add a third party that has a solid credit history as well as income on your request. What we don't like Not available across the 50 States: Ally is unavailable to customers who reside in Vermont, the District of Columbia, Nevada and Vermont. Slow funding times: It could take several days or even weeks to receive your loan approved. There are a few options for financing your car The only way to get a loan is through Ally to refinance a current loan or buy out a lease. The loans for used and new automobiles aren't offered at present. Terms of loans are not available online Average interest rates and loan terms are not published online. Potential lenders must qualify to view this information. How do I contact Ally You can reach Ally via fax, phone or email. Its business hours are Monday through Friday from 7 a.m. until 6 p.m. The hours are Saturday from 9 a.m. to 1 p.m. PT. There is also an app for mobile devices but online chat is not available.
Auto loan types offered Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Quick facts about loans: Not specified Terms: 36 to 75 % APR for 75 Months: Not stated


On this page Consider refinancing your vehicle through Ally to make an affordable monthly payment or to lower the interest rate. You may also refinance to update the owner's listed in 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 buy out your leased vehicle. You can be preapproved in minutes, without affecting your credit score, and the official application procedure is simple. Select customers can also purchase extra protections, such as GAP insurance and extended warranties through Ally when buying out their lease. How to apply for a loan through Ally Ally breaks the auto financing process into three steps. Start by visiting the website and providing basic information to determine whether you are eligible in the field of auto loan refinancing or leasing buyout loan. If you are a good fit to be eligible for an loan take a look at the offers, choose the best option and submit an application for approval. The information you provide to Ally will be the following information to Ally to review the loan application:
Required application information Vehicle information Driver's license number (including issue and expiration date) Contact information for personal contact Social Security number. Proof of employment. Proof of insurance. current lender in addition to loan information (if applicable)


The lender will send over your loan documents for review once your loan application is approved. Should you still have questions or concerns then you can contact the lender. If not, you may complete your loan agreement and provide any additional documents or information the lender needs to finalize the financing arrangement. Ally FAQs
Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc., a leading provider of automotive financing solutions.



What credit score do you require to qualify for refinancing with Ally? Ally doesn't provide information about its minimum credit score requirements. But, you must aim for a good or excellent credit score prior to submitting an application to increase your approval odds and possibly qualify for competitive financing conditions.



Does Ally charge prepayment penalties? Ally is not a charge for fees for early repayments.



How quickly can you get an auto loan from Ally? It is possible to get preapproved within just a few minutes, but it might take a few days or even weeks to allow to get the loan to be fully paid. It's contingent on how fast you can send the requested documentation to Ally to be reviewed.



How do you calculate the rates at which Ally is a Bankrate
Overall score
3.8
The availability
3.5
Ally doesn't provide its loan amounts and has restrictions on vehicles that can be used however it does serve the majority of 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 fair funding timeframe and accessibility via the internet, availability of apps and the option to pay with autopay earns a higher score.
Transparency
4.0
Prequalification is possible, however rates and fees are not.


Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 various factors. These variables range from the loan amount, APR that is disclosed and acceptance criteria. Each lender holds a score that is based on four different categories. The availability category includes loan amounts, vehicle restrictions and their availability in every state. Accessibility: This section covers the expected APR, acceptance criteria, discounts for autopay and the amount of charges. Customer experience: This category includes access to support online, online accessibility along with funding timelines, options for automatic payment and app accessibility. Transparency: Here prequalification and the disclosure of fees and rates are recorded.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date when the review first appeared. Review the information at the top of this page, and the lender's site for the most current information.




Written by
Allison Martin


Allison Martin's career began more than 10 years ago as a digital media strategist, and she's since been published in numerous prestigious 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.






Auto loans editor










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