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

Allison Martin's work started over 10 years prior to that as a digital content strategist, and she's since been featured in numerous prestigious financial publications 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 late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site come from companies that compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial deals that could be accessible to you.




Reviewer's disclosure about our reviews: All reviews are prepared by our staff. The opinions expressed are solely opinions of the author, and are not reviewed or accepted by any advertiser. The information that is included, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Check the data at the top of this page as well as the lender's website for the most current details.








A look 3.8 Rating: 3.8 stars out of five
Bankrate Score

Rating of Availability: 3.5 stars out of 5
The Affordability Score: 3.4 stars out of five
Customers Experience Score: 4.4 five stars of 5
Transparency Rating Four stars from five


Check auto loan rates


The amount of the loan from Ally is not specified
Min. credit score not specified
APR from Not specified
Funds are available within a few days or a few weeks



Ally advantages and disadvantages could get a deal in auto loan refinancing and lease buyout loans via Ally. However, the range of services is not extensive, and there are some other drawbacks to consider.
PROS No hard inquiry to determine prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants permitted

CONS Not available in all 50 states
The slow funding times
Auto financing is not available in all states.
The loan terms are not available online.





Ally is an direct lender that offers a streamlined digital auto financing experience for those 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 needs and budget. Furthermore, loans are available to those with credit issues, and there are no application fees or down amount requirements for payments.

Do you qualify? The criteria for being eligible for vehicle financing with Ally includes: Must be an U.S. citizen, permanent resident or resident. You must be at least 18 years old. You must have a good credit score and ratio of debt to income. Earn at least $2,000 per month. You can purchase a noncommercial vehicle not more than 10 years old and isn't used as a taxi , or police car. The vehicle cannot be in the condition of having unrepaired collision or comprehensive damage or be subject to several lien. Refinancing is possible, but existing finance must be least seven months old. You must provide evidence of insurance. What we like and what do not like here's the thing that makes Ally worth considering along with some disadvantages to keep in mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform an investigation to determine your chances of approval. View real loan terms: You can see the actual monthly payments as well as APR rates if you're pre-qualified for credit. Flexible criteria for qualification In the event that you earn at least $2,000 per month it is possible to be approved for a loan even when you do not have perfect credit. Co-applicants are allowed: You can increase your chances of approval or get better financing terms through the addition of a co-applicant that has good credit and income to your application. What we do not like Not available in all 50 states: Ally is unavailable to customers from states like the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days to a few weeks to receive your loan paid. Limits on auto financing options The only way to get a loan is through Ally to refinance a current loan or purchase the lease. Loans for used and new automobiles aren't offered at present. Loan terms not published online: Average interest rates and loan terms aren't available online. Potential lenders must qualify for access to the information. How do I contact Ally You can contact Ally via fax, phone or email. The business hours are Monday through Friday between 7 a.m. until 6 p.m., and Saturday between 9 a.m. until 1 p.m. PT. There is also an app for mobile devices but online chat is not available.
Auto loan types offered Ally provides auto loan refinancing and lease buyout loans.
Auto loan refinancing
The loan quick facts are not specified Terms: 36 to 75 months APR: Not specified


On this page Consider refinancing your car through Ally to make an affordable monthly installment or to lower your interest rate. You may also refinance to change the owner's name on the title. Lease buyout loans
Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified


Ally is also a great way to buy out your leased vehicle. It is possible to get preapproved within minutes without impacting your credit score The formal application process is straightforward. Certain customers can also get added protections, like GAP insurance and extended warranties through Ally when they purchase their lease. How do you apply for a loan with Ally Ally breaks the auto financing process down into three steps. Begin by visiting the website and providing basic details to determine if you prequalify for an auto loan refinancing or a lease buyout loan. If you're a suitable candidate for the loan take a look at the offers then select the best one and submit a formal application to be approved. You must provide the following information to Ally to process your loan application:
Information required for application Number of driver's license (including issue and expiration date) Personal contact information Social Security number. Proof of employment. Proof of insurance. Current lender in addition to loan information (if relevant)


The lender will forward your loan documents for review once your application is approved. Should you still have questions or concerns you may contact us. Otherwise, you can sign the loan agreement and provide any additional information or documents the lender needs to finalize the financing arrangement. FAQs for Ally
Is Ally controlled 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 be able to refinancing with Ally? Ally does not disclose its minimum credit score requirements. But, you must strive for a high or excellent credit score prior to applying to increase your approval chances, and even get financing with competitive terms.



Does Ally charge prepayment penalties? Ally doesn't charge early repayment fees.



How fast can you obtain auto loan with Ally? It is possible to get preapproved within minutes, but it may require several days or weeks to allow the loan to be completely funded. It depends on how quickly you're able to send the required documentation to Ally to be reviewed.



How do you calculate the rates at which Ally is a Bankrate
Overall score
3.8
Accessibility
3.5
Ally doesn't provide its loan amount and has restrictions on acceptable cars However, it is a service for the majority of states.
Affordability
3.4
There's some flexibility in the acceptance criteria of Ally, however it doesn't provide a comprehensive list of its costs and charges.
Customer experience
4.4
A reasonable funding timeline, online access, app availability and the option to use autopay earns a higher score.
Transparency
4.0
Prequalification is possible, however the rates and charges are not available.


Methodology To rate lenders that are specialized in refinancing auto loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, APR that is disclosed as well as acceptance requirements. Each lender holds a score based on four categories. The availability category includes loan amounts, vehicle restrictions and their availability in every state. Affordability: This section is about expected APR, acceptance requirements, discounts for autopay and the amount of fees. Customer experience: This category includes accessibility via the internet, support available, funding timeline, option for automatic payments and app accessibility. Transparency: In this category, prequalification as well as the disclosure of fees and rates are taken into account.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review are accurate up to the date of the review. Check the data in the upper right hand corner of the page and the lender's website for the most recent information.




Written by
Allison Martin


Allison Martin's work began over 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.
Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.






Auto loans editor










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