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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 career began more than 10 years ago as a digital content 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 writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.









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 that provide objective and original content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site come from companies who pay us. This compensation may impact how and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home loan products. However, this compensation will affect the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.




About our reviews . Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely that of the person who wrote them, and are not evaluated or accepted by any advertising company. The information such as rates and charges provided in the review are accurate at the time that the review was written. Look over the information on the right as well as the lender's site for the most recent details.








A first glance 3.8 Score: 3.8 stars out of 5
Bankrate Score

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


Find out about rates for auto loan rates


About Ally Loan amount not specific
Min. credit score not specified
APR not specific from
Funds are available within a few days or weeks



Ally advantages and disadvantages You might be able to get a discount in auto loan refinancing and lease buyout loans through Ally. Still, its scope of services is not extensive, and there are some other drawbacks to think about.
PROS No hard inquiries for prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants are permitted

The CONS service isn't available to all states.
Slow funding times
Limited auto financing options
Loan terms not published online





Ally is an direct lender that offers a simplified digital experience for financing your car for individuals 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 requirements and budget. Plus, loans are available to select borrowers with credit challenges and there aren't application fees or down amount requirements for payments.

Do you qualify? The requirements to be qualified for financing on a vehicle with Ally includes: Being a U.S. citizen, permanent resident or permanent resident. Must be at least 18 . You must have a good credit score and debt-to-income ratio. At least earn $2,000 per month. Purchase a noncommercial vehicle that's under 10 years of age, and isn't being used as a taxi or police car. Vehicle cannot have damaged or unrepaired collisions or have several lien. Refinancing is possible, but current credit must be least 7 months older. Document proof of insurance. What do we like about it and what don't like . Here's what makes Ally worth looking into, along with some drawbacks to keep in your mind.
We like the fact that you can prequalify without a credit check: Ally does not perform an inquiry that is hard to verify your chances of approval. View real loan conditions: You can look up actual monthly payments and APR rates if you're pre-qualified for credit. Flexible qualification criteria: If you earn at least $2,000 per year it is possible to be accepted for the loan even if you have less than perfect credit. Co-applicants are allowed: You can improve your approval odds or get better financing terms when you add a third party with a solid credit history with a steady income. What we do not like Not accessible in all 50 states: Ally is unavailable to customers who reside in Vermont, the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days to several weeks to receive your loan approved. Limited auto financing options The only way to get a loan is through Ally to refinance a current loan or purchase a lease. The loans for used and new car purchases aren't currently offered. Loan terms aren't published online: Average interest rates and loan terms aren't available on the internet. Prospective borrowers must be pre-qualified to view the information. How to contact Ally It is possible to contact Ally via fax, phone or email. Its hours of operation are Monday through Friday between 7 a.m. until 6 p.m., and Saturday between 9 a.m. to 1 p.m. (Pacific Time). And while there is a mobile app but online chat is not available.
Auto loan kinds available Ally provides auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Loan quick facts Amounts not stated Terms range from 36 to 75 month 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. Refinancing can also be used 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. You can be preapproved in minutes and not impact your credit score The formal application is easy. Select customers can also purchase additional protections, such as GAP insurance and extended warranties, with Ally when they purchase their lease. How to apply for a loan through Ally Ally breaks the auto financing process in three easy steps. Start by visiting the website and providing some basic information to determine whether you prequalify to be eligible for auto loan refinancing or a lease buyout loan. If you're a suitable candidate for a loan, evaluate your offers then select the best one and submit a formal application for approval. You will need to provide the following details for Ally to approve an application for a loan application:
The information required to apply for the application is vehicle information. License number of the driver (including the date of issue and expiration) Contact information for personal contact Social Security number Proof of employment Insurance proof Current lender and loan information (if applicable)


The lender will send over your loan documents for review if your application is approved. If you have any concerns or questions then you can contact the lender. In other cases, you can complete the loan agreement and supply any additional information or documents the lender needs to finalize the financing agreement. Ally FAQs
Is Ally owned by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. A leading provider of automotive financing solutions.



What credit score do you require to be able to refinancing with Ally? Ally doesn't provide information about its minimum credit score requirement. But, it is recommended to aim for a good or excellent credit score before applying in order to improve your approval chances, and even get financing with competitive terms.



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



How quickly can you get an automobile loan through Ally? It is possible to get preapproved within minutes, however it could take several days or weeks for to get the loan to be fully funded. It's dependent on how quickly you're able to send documents requested to Ally to be reviewed.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
Accessibility
3.5
Ally does not provide loan amounts , and it has limitations on vehicles that can be used However, it is a service for the majority of states.
Affordability
3.4
There is some leeway in Ally's acceptance criteria, but it doesn't provide a comprehensive list of rates and fees.
Customer experience
4.4
A reasonable funding timeline and accessibility via the internet, availability of apps and the option to pay with autopay can earn you a better score.
Transparency
4.0
Prequalification is offered, but rates and fees are not.


Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These variables range to the loan amount, APR that is disclosed as well as the acceptance conditions. Each lender has a score that is based on four categories. Availability: This accounts for loan amount, vehicle restrictions and their availability in every state. Affordability: Primarily, this section covers the expected APR, acceptance criteria including 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 to pay by automatic method and app availability. Transparency: In this category, prequalification as well as disclosure of rates and fees are taken into account.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information that is included, including rates and fees, presented in the review are accurate as of the date of the review. Check the data at the top of this page and the lender's site for the most recent information.




Written by
Allison Martin


Allison Martin's work began over 10 years ago as a digital media strategist. Since then, she's been featured in numerous prestigious financial outlets 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 writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing concise, well-studied and well-researched content that break down complex subjects into digestible chunks.






Auto loans editor










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