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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 ago as a digital media strategist. She's been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: 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 the confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and interactive tools that provide objective and unique content, by enabling you to conduct your own research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website come from companies that compensate us. This compensation could affect how and where products appear on this site, including, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be available to you.




About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information, including rates and fees provided in the review is correct at the time that the review was written. Check the data on the right, and the lender's website for the most recent details.








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

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


Find out about auto loan rates


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



Ally Pros and Cons You can get a bargain in auto loan refinancing and purchase of lease loans through Ally. However, the range of products is limited plus there's other drawbacks to think about.
PROS No hard inquiry for prequalification
See the real loan conditions
Flexible qualification criteria
Co-applicants allowed

The CONS service isn't available to all states.
Insufficient funding times
Limited auto financing options
The loan terms are not available online.





Ally is an direct lender that offers a simple and efficient online auto financing service for people seeking to refinance their vehicle or to buy out their lease. It is possible to apply without impacting your credit score and receive tailored options that are customized to your budget and needs. Furthermore, loans are available to certain borrowers who have credit problems, and there are no application fees or down payments required.

Do you qualify? The requirements to be eligible for car financing through Ally is: Must be a U.S. citizen, permanent resident or permanent resident. Must be at least 18 years old. Have a credit score that is satisfactory in addition to a ratio of debt to income. At least earn 2 000 dollars per month. You can purchase a noncommercial vehicle under 10 years of age, and hasn't previously been used as a taxi or police car. The vehicle cannot be in the condition of having unrepaired collision or comprehensive damage or have multiple lien. To refinance, the existing finance must be a minimum of seven months older. Provide evidence of insurance. What we like and what don't like . Here's the thing that is what makes Ally worth looking into, along with some drawbacks to keep in mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform a hard inquiry when checking your approval odds. See the actual loan conditions: You are able to view actual monthly payments and APR rates if you're pre-qualified for financing. Flexible criteria for qualification that include earning at least $2,000 per year and you meet the minimum income requirement, you may be approved for a loan even if you have less than perfect credit. Co-applicants are permitted: You could improve your approval odds or receive better financing terms through the addition of a co-applicant with an excellent credit score as well as income on your request. What we don't like Not accessible across the 50 States: Ally is unavailable to customers in 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 be able to get your loan funded. 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 purchase a lease. The loans for used and new cars aren't available at the moment. Loan terms not published online The average interest rate and loan terms aren't available on the internet. Prospective borrowers must be pre-qualified to view this information. Contact Ally You can contact Ally by phone, fax or email. Its business hours are Monday through Friday from 7 a.m. to 6 p.m. The hours are Saturday between 9 a.m. to 1 p.m. PT. While there is an app for mobile however, chat on the internet is not available.
Auto loan types offered Ally offers auto loan refinancing and lease buyout loans.
Auto loan refinancing
Loan quick facts Amounts 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 payment or to lower your interest rate. You can 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 can also make it simple to sell your leased vehicle. It is possible to get preapproved within minutes without impacting your credit score and the procedure for applying is straightforward. Certain customers can also get extra protections, such as GAP assurance and warranties with extended duration, through Ally when they buy out their lease. How to apply for a loan through Ally Ally breaks the auto financing process to three stages. Begin by going to the site and providing basic information to determine if you prequalify in the field of an auto loan refinancing or leasing buyout loan. If you're a suitable match to be eligible for an loan take a look at the offers and select the most suitable option and submit a formal request for approval. You will need to provide the following information to Ally to review an application for a loan application:
Required application information Vehicle information License number of the driver (including issue and expiration date) Personal contact information Social Security number. Proof of employment. Proof of insurance. Current lender and loan information (if required)


The lender will forward your loan documents for review if your application is accepted. Should you still have questions or concerns you may contact us. If not, you may accept the loan agreement and provide any additional information or documents the lender requires to complete the financing arrangement. Ally FAQs
Is Ally controlled by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. A leading supplier of financing for cars.



What is the credit score you require to qualify for refinancing through Ally? Ally doesn't provide information about its minimum credit score requirement. However, you should aim to have a great or excellent credit score prior to applying to increase your approval odds and, if you are eligible, get competitive credit conditions.



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



How fast can you obtain an automobile loan from Ally? You could get preapproved in just a few minutes, but it might take a few days or even weeks to allow the loan to be fully paid. It depends on how quickly you can send the requested documentation to Ally to review.



How Bankrate rates Ally
Overall score
3.8
Availability
3.5
Ally doesn't provide its loan amounts , and it has limitations on vehicles that can be used However, it is a service for all states.
Affordability
3.4
There's some room to play with the acceptance criteria of Ally, however it doesn't provide a comprehensive listing of its costs and charges.
Customer experience
4.4
A reasonable timeframe for funding, accessibility via the internet, availability of apps and the option to use autopay will earn you a higher score.
Transparency
4.0
Prequalification is offered, but the rates and charges are not available.


Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different elements. These factors range in consideration to the loan amount, disclosed APR and acceptance criteria. Each lender holds a score which is determined by four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: The primary focus of this section covers expected APR, acceptance criteria and discounts for autopay, as well as the amount of charges. Customer experience: This category includes online access, support availability and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are accounted for.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges that are included in the review are accurate as of the date that the review was written. Review the information on the right as well as the lender's website for the most current information.




Written by
Allison Martin


Allison Martin's work began over 10 years prior to that as a digital content strategist. She's been published in several leading financial media outlets such as 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 confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.






Auto loans editor










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