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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. Since then, she's been featured in numerous prestigious 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 late 2021. They are passionate about helping readers to take control of their finances with concise, well-researched and well-organized facts that break down complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. This allows users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, 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. But this compensation does affect the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be accessible to you.




About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only that of the person who wrote them and have not been evaluated or accepted by any advertiser. The information, including rates and fees, presented in the review is correct as of the date when the review first appeared. Look over the information on the right as well as the lender's site for the most current details.








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

Availability Rating: 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: 4 .


Find out about auto loan rates


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



Ally pros and cons can get a bargain in auto loan refinancing or purchase of lease loans with Ally. Still, its scope of products is limited and there are other drawbacks to take into consideration.
PROS No hard inquiries for prequalification
View real loan terms
Flexible qualification criteria
Co-applicants permitted

ConS is not available for all fifty states.
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 simplified digital experience for financing your car for people looking to refinance their current car or purchase a new lease. You can apply without affecting your credit score and receive personalized options that fit your requirements and budget. Additionally, loans are available to select borrowers with credit challenges and there aren't charges for application or down payment requirements.

Do you qualify? The criteria for being eligible for vehicle financing with Ally is: Must be a U.S. citizen, permanent resident or resident. Must be at minimum 18 . You must have a good credit score and ratio of debt to income. Make at least $2,000 per month. You can purchase a noncommercial vehicle less than 10 years old, and isn't being used as a taxi , or police vehicle. The vehicle cannot be in the condition of having extensive or unrepaired damage from a collision or be under multiple lien. For refinancing, existing financing must be at least seven months old. You must provide evidence 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 your mind.
What we like Prequalify without a credit check: Ally does not perform an inquiry that is hard to verify the odds of approval. View real loan terms: You can look up actual monthly payments and APR options if you pre-qualify for credit. Flexible qualification criteria In the event that you earn minimum $2,000 per month it is possible to be accepted for the loan even in the event that you don't have perfect credit. Co-applicant permitted: You can increase your chances of approval or get better financing terms when you add a third party who has an excellent credit score with a steady income. What we do not like Not accessible in all 50 states: Ally is unavailable to customers who reside in the District of Columbia, Nevada and Vermont. Insufficient funding time: It could take several days or even weeks to get your loan approved. Limited auto financing options You are able to use Ally to refinance a current loan or purchase a lease. Loans for new and used cars aren't available at the moment. Loan terms aren't published online The average interest rate and loan conditions aren't published on the internet. Potential borrowers must pre-qualify to view this information. Contact Ally It is possible to contact Ally by phone, fax or email. Its business hours are Monday to Friday from 7 a.m. until 6 p.m. on Saturdays between 9 a.m. to 1 p.m. PT. There is also a mobile app but online chat is not available.
Auto loan types offered Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
The loan quick facts are not specified Terms are 36 to 75 months APR: Unspecified


On this page , you can think about refinancing your car through Ally to get a more affordable monthly installment or to lower the rate of interest. Refinancing can also be used to update the owner's information in 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 purchase your lease vehicle. You can get preapproved in minutes, without affecting your credit score The application is easy. Customers who are selected can also buy additional protections, such as GAP Insurance and Extended Warranty, through Ally when buying out their lease. How to apply for a loan through Ally Ally breaks the auto financing process to three stages. Begin by visiting the site and providing basic details to determine if you prequalify for an auto loan refinancing or leasing buyout loan. If you're a good match to be eligible for an loan review your options then select the best one and then submit a formal request for approval. You will need to provide the following details for Ally to process an application for a loan application:
The information required to apply for the application is vehicle information. Driver's license number (including the date of issue and expiration) Personal contact information Social Security number Proof of employment Insurance proof Present lender as well as loan information (if required)


The lender will provide your loan documents for review once your application is accepted. If you have any concerns or questions you may contact us. Otherwise, you can sign the loan agreement and provide any additional information or documents the lender requires to complete 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 is the credit score you need to qualify for refinancing with Ally? Ally does not provide a minimum credit score requirement. However, you should try to achieve a high or excellent credit score before applying in order to improve your approval chances, and even qualify for competitive financing terms.



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



How fast can you obtain auto loan from Ally? It is possible to get preapproved within minutes, however it could require several days or weeks for the loan to be fully paid. It's dependent on how quickly you can send the requested documentation to Ally for review.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
The availability
3.5
Ally doesn't provide its loan amounts and has restrictions on acceptable cars However, it is a service for all states.
Affordability
3.4
There is some leeway in Ally's acceptance requirements, but it does not provide a complete list of rates and fees.
Customer experience
4.4
A fair funding timeframe and accessibility via the internet, availability of apps and the option to use autopay earns a higher score.
Transparency
4.0
Prequalification is available, but rates and fees aren't.


Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 various factors. These variables range to the loan amount, the APR disclosed as well as the acceptance conditions. Each lender holds a score based on four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and the availability of each state. Affordability: This section covers expected APR, acceptance requirements and discounts for autopay, as well as the amount of charges. Experience with customers: This category includes accessibility to online services, availability of support, funding timeline, option for automatic payment and app availability. Transparency: Here prequalification and disclosure of rates and fees are accounted for.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review is correct as of the date that the review was written. Look over the information on the right, and the lender's website to find the most recent details.




Written by
Allison Martin


Allison Martin's career began more than 10 years ago as a digital content strategist, and she's since been featured in numerous prestigious 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 confidence to manage their finances with precise, well-studied information that break down complex topics into manageable bites.






Auto loans editor










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