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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 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 writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-researched and well-organized data that breaks complicated subjects into digestible pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information at no cost - so that you can make informed 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 Earn Profit The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and where products are displayed on this site, including such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that could be open to you.




About our reviews . Editorial disclosure Reviewers are supervised by staff. The opinions expressed in them are only opinions of the author, and are not reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review are accurate up to the date that the review was written. Review the information on the right as well as the lender's site for the most recent information.








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

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


Find out about rates for auto loan rates


The amount of the loan from Ally is not specific
Min. credit score Unspecified
APR not specific from
Funds available in a matter of days to a few weeks



Ally pros and cons might be able to get a discount in auto loan refinancing or leasing buyout loans through Ally. However, the range of services is not extensive, and there are some other drawbacks to consider.
PROS No formal inquiry required to determine prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants permitted

The CONS service isn't available to all states.
Slow funding times
Limited auto financing options
Terms of loan not yet published online





Ally is an direct lender that offers a simple and efficient online auto financing service for people looking to refinance their current vehicle or to buy out their lease. It is possible to apply without impacting your credit score, and get personalized options that fit your budget and needs. Plus, loans are available to certain borrowers who have credit problems, and there are no application fees or down payment requirements.

Do you qualify? The criteria for being qualified for financing on a vehicle with Ally is: Must be an U.S. citizen, permanent resident or resident. At least 18 . Have a credit score that is satisfactory and ratio of debt to income. At least earn 2 000 dollars per month. Purchase a noncommercial vehicle that's less than 10 years old, and isn't being used as a taxi or police vehicle. Vehicle cannot have unrepaired collision or comprehensive damage or be under more than one lien. For refinancing, current finance must be a minimum of seven months older. You must provide proof of insurance. What we like and what we don't like Here's the thing that is what makes Ally worth considering , as well as some disadvantages to keep in your mind.
We like the fact that you can prequalify without a hard credit check: Ally does not perform a hard inquiry when checking your approval odds. See the actual loan conditions: You can see the actual monthly payments as well as APR options if you pre-qualify for credit. Flexible qualification criteria In case you earn at least $2,000 per year it is possible to be approved for a loan even when you do not have perfect credit. Co-applicants are permitted: You could boost your odds of approval or get better financing terms when you add a third party with an excellent credit score with a steady income. We don't like not being available across the 50 States: Ally is unavailable to customers from the District of Columbia, Nevada and Vermont. Slow funding times: It could take several days to a few weeks to be able to get your loan funded. Limits on auto financing options The only way to get a loan is through Ally to refinance your existing loan or buy out a lease. Loans for new and used car purchases aren't currently offered. Loan terms aren't published online The average interest rate and loan terms are not published online. Potential lenders must qualify for access to this information. How do I contact Ally You can reach Ally by phone, fax or email. Its hours of operation are Monday to Friday from 7 a.m. until 6 p.m. on Saturdays between 9 a.m. until 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 and lease buyout loans.
Auto loan refinancing
Loan quick facts Amounts not specified Terms: 36 to 75 months APR: Not specified


On this page , you can think about refinancing your car through Ally to make an affordable monthly payment or lower the rate of interest. 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 can also make it simple to purchase your lease vehicle. It is possible to get preapproved within minutes, without affecting your credit score The formal application process is simple. Customers who are selected can also buy extra protections, such as GAP assurance and warranties with extended duration, through Ally when they purchase their lease. How do you apply for a loan through Ally Ally breaks the auto financing process down into three steps. Begin by visiting the website and providing some basic information to determine whether you prequalify to be eligible for an auto loan refinancing or a lease buyout loan. If you're a good fit to receive the loan, evaluate your offers and select the most suitable option and submit an application for approval. You will need to provide the following for Ally to review the loan application:
Information required for application License number of the driver (including issue and expiration date) Contact details for the person who will be your contact. Social Security number Proof of employment Proof of insurance Present lender and loan information (if relevant)


The lender will provide your loan documents for review if your loan application is approved. Should you still have concerns or questions then you can contact the lender. In other cases, you can complete the loan agreement and supply any additional documents or information 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. is a top supplier of financing for cars.



What is the credit score you need to meet to be eligible for refinancing through Ally? Ally does not provide a minimum credit score requirements. However, you should aim for a good or excellent credit score prior to applying in order to improve your approval odds and possibly be eligible for financing terms that are competitive.



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



How quickly can you get auto loan with Ally? You could get preapproved in just a few minutes, but it might take several days or weeks to allow your loan to be fully funded. It's dependent on how quickly you're able to send the required 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 vehicles that can be used However, it is a service for all states.
Affordability
3.4
There is some leeway in Ally's acceptance requirements, but it's not able to provide a comprehensive list of its rates and fees.
Customer experience
4.4
A fair funding timeframe and accessibility via the internet, availability of apps and the option of using autopay can earn you a better score.
Transparency
4.0
Prequalification is offered, but rates and fees aren't.


Methodology To rate lenders that are specialized in refinancing auto loans, Bankrate considers 16 different factors. The factors are based on to the loan amount, disclosed APR as well as acceptance requirements. Each lender has a score that is based on four categories. Availability: This accounts for loan amounts, restrictions on vehicles and their availability in every state. Accessibility: This section covers the expected APR, acceptance requirements including discounts for autopay as well as the amount of fees. Experience with customers: This category includes online access, support availability, funding timeline, option for automatic payments and app availability. Transparency: Here prequalification and disclosure of rates and charges are recorded.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertiser. The information, including rates and fees provided in the review is accurate at the time when the review first appeared. Check the data on the right, and the lender's website to find the most current details.




Written by
Allison Martin


Allison Martin's career began more than 10 years prior to that as a digital content strategist, and she's since 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.






Auto loans editor










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