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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 started over 10 years ago as a digital media strategist. She's been featured in a variety of top financial 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 committed to helping readers gain the confidence to control their finances through providing clear, well-researched data that breaks otherwise 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 choices by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and compare information at no cost and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site are from companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that could be available 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 have not been checked or acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct at the time when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender's website for the most up-to-date information.








At a glance 3.8 Rating: 3.8 stars out of five
Bankrate Score

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


Compare rates for auto loan rates


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



Ally Pros and Cons You might be able to get a discount in auto loan refinancing or purchase of lease loans via Ally. Still, its scope of services is not extensive, and there are other disadvantages to think about.
PROS No hard inquiry for prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants allowed

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





Ally is a direct lender that offers a simplified digital experience for financing your car for those who want to refinance their existing car or purchase a new lease. You can apply for financing without affecting your credit score, and get customized options that meet your budget and needs. Plus, loans are available to those with credit issues, and there are no charges for application or down amount requirements for payments.

Do you qualify? The qualification criteria to be eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or resident. At minimum 18 . Have a satisfactory credit score and ratio of debt to income. Make at least $2000 per month. Purchase a noncommercial vehicle that's less than 10 years old and isn't used as a taxi or police car. Vehicle cannot have unrepaired collision or comprehensive damage or have several lien. Refinancing is possible, but current finance must be a minimum of seven months old. You must provide proof of insurance. What we like and what don't like . Here's the thing that is what makes Ally worth considering along with some disadvantages to keep in mind.
What we like Prequalify without a hard credit check: Ally does not perform an inquiry that is hard to verify the odds of approval. See the actual loan conditions: You can look up actual monthly payments and APR options if you pre-qualify for financing. Flexible qualification criteria In the event that you earn at least $2,000 per month it is possible to be approved for an loan even if you have less than perfect credit. Co-applicants are permitted: You could increase your chances of approval or receive better financing terms when you add a third party with a solid credit history with a steady income. What we don't like Not available across the 50 States: Ally is unavailable to customers from states like the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days to several weeks to receive your loan approved. Limits on auto financing options The only way to get a loan is through Ally to refinance your current loan or purchase the lease. Loans for used and new car purchases aren't currently offered. Loan terms not published online The average interest rate and loan terms aren't available on the internet. Potential borrowers must pre-qualify for access to this information. How to contact Ally It is possible to contact Ally by phone, fax or email. Its hours of operation are Monday through Friday between 7 a.m. until 6 p.m., and Saturday from 9 a.m. to 1 p.m. PST. There is also a mobile app but online chat is not available.
Auto loan kinds available Ally offers auto loan refinancing and lease buyout loans.
Auto loan refinancing
Quick facts about loans not stated Terms are 36 to 75 months APR: Not specified


On this page , you can think about refinancing your car through Ally to receive a more affordable monthly installment or to lower your interest rate. You can also refinance to update the owner's listed as the owner on your title. Lease buyout loans
Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified


Ally can also make it simple to purchase your lease vehicle. You can get preapproved in minutes, without affecting your credit score The application process is straightforward. Customers who are selected can also buy extra protections, such as GAP insurance and extended warranties through Ally when buying out their lease. How do you apply for a loan through Ally Ally breaks the auto financing process down in three easy steps. Begin by visiting the site and providing basic information to determine whether you are eligible to be eligible for auto loan refinancing or a lease buyout loan. If you're a suitable match to be eligible for an loan review your options then select the best one and submit a formal request for approval. You must provide the following information to Ally to approve your loan application:
Information required for application License number of the driver (including expiration and issue dates) Personal contact information Social Security number Proof of employment Proof of insurance current lender as well as loan information (if applicable)


The lender will provide your loan documents for review once your application is approved. In case you've got any concerns or questions then you can contact the lender. If not, you may sign the loan agreement and provide any additional information or documents the lender must have to conclude the financing agreement. FAQs for Ally
Is Ally controlled by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top supplier of financing for cars.



What credit score do you need to meet to be eligible for refinancing with Ally? Ally does not provide a minimum credit score requirement. But, it is recommended to strive for a high or excellent credit score before applying to increase your approval chances, and even get financing with competitive terms.



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



What is the speed at which you can get an auto loan through Ally? It is possible to get preapproved within just a few minutes, but it might take a few days or even weeks to allow your loan to be fully funded. It depends on how quickly you're able to forward the requested documentation to Ally for review.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
Availability
3.5
Ally does not offer loan amount and has restrictions on the types of vehicles that are acceptable -- but it serves most states.
Affordability
3.4
There's some room to play with the acceptance criteria of Ally, however it's not able to provide a comprehensive listing of its charges and rates.
Customer experience
4.4
A reasonable time frame for funding, access to online, app accessibility 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 For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 different factors. The factors are based on in relation to loan amount, disclosed APR as well as the acceptance conditions. Each lender has a score that is that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and availability in each state. Affordability: This section covers expected APR, acceptance requirements, discounts for autopay and the number of fees. Customer experience: This section includes accessibility via the internet, support available, funding timeline, option to pay by automatic method and app availability. Transparency: Here prequalification and disclosure of rates and fees are taken into account.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information such as rates and charges provided in the review is accurate at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender's website for the most recent details.




Written by
Allison Martin


Allison Martin's work began over 10 years prior to that as a digital content strategist. She's been featured in numerous prestigious financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with concise, well-studied and well-researched content that break down complex topics into manageable bites.






Auto loans editor










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