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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 career began more than 10 years ago as a digital content strategist. She's been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







The edit was done by 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 with clear, well-researched information that breaks down complicated topics into digestible chunks.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost 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 Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and when products appear on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you.




About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information that is included, including rates and fees that are included in the review is correct at the time when the review first appeared. Look over the information on the right and the lender's website for the most recent details.








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

Availability Rating: 3.5 stars out of 5
Cost of Affordability: 3.4 stars out of 5
The Customer Service Rating is 4.4 5 stars from five
Transparency Rating: 4 stars out of 5


Compare auto loan rates


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



Ally Pros and Cons You can get a bargain in auto loan refinancing and purchase of lease loans through Ally. But its range of services is limited and there are other cons to take into consideration.
PROS No formal inquiry required for prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants are permitted

CONS Not available in all 50 states
The slow 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 people looking to refinance their current vehicle or buy out their lease. You can apply without affecting your credit score, and get tailored options that are customized to your requirements and budget. Plus, loans are available to select borrowers with credit challenges and there aren't application fees or down payment requirements.

Do you qualify? The requirements to be eligible for vehicle financing with Ally includes: Must be a U.S. citizen, permanent resident or permanent resident. You must be at minimum 18 years old. Have a satisfactory credit score in addition to a ratio of debt to income. At least earn $2,000 per month. Purchase a noncommercial vehicle that's not more than 10 years old, and isn't being used as a taxi , or police car. Vehicle cannot have extensive or unrepaired damage from a collision or have multiple lien. For refinancing, existing credit must be a minimum of seven months older. You must provide evidence of insurance. What we like and what we do not like here's what makes Ally worth considering along with some disadvantages to keep in mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform an inquiry that is hard to verify your chances of approval. View real loan conditions: You are able to see the actual monthly payments as well as APR options when you are pre-qualified for financing. Flexible eligibility criteria: If you earn at least $2,000 per year it is possible to be accepted for a loan even in the event that you don't have perfect credit. Co-applicants are allowed: You can increase your chances of approval or obtain better terms for financing through the addition of a co-applicant who has an excellent credit score and income to your application. What we don't like Not accessible in 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 or weeks to be able to get your loan approved. 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 buy out the lease. Loans for new and used car purchases aren't currently offered. Loan terms not published online Average interest rates and loan terms are not published on the internet. Potential borrowers must pre-qualify to view this information. Contact Ally You can contact Ally via fax, phone or email. Its business hours are Monday to Friday from 7 a.m. until 6 p.m. The hours are Saturday from 9 a.m. until 1 p.m. PT. And while there is a mobile app but online chat is not available.
Auto loan types available Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Quick facts about loans not specific Terms: 36 to 75 months APR: not specified


On this page Consider refinancing your vehicle through Ally to make an affordable monthly installment or lower your interest rate. You may 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 is also a great way to purchase your lease vehicle. It is possible to get preapproved within minutes and not impact your credit score The official application procedure is straightforward. Customers who are selected can also buy additional protections, such as GAP insurance and extended warranties, through Ally when they purchase their lease. How do you apply for a loan through Ally Ally breaks the auto financing process into three steps. Begin by visiting the website and providing basic information to determine if you are eligible to be eligible for an auto loan refinancing or the lease buyout loan. If you're a good candidate to be eligible for the loan, evaluate your offers, choose the best option and submit an request for approval. You will need to provide the following for Ally to approve an application for a loan application:
Required application information Vehicle information Number of driver's license (including the date of issue and expiration) Personal contact information Social Security number. Proof of employment Proof of insurance Present lender as well as loan information (if required)


The lender will provide your loan documents to be reviewed if your application is accepted. If you have any concerns or questions you may contact us. In other cases, you can accept your loan agreement and provide any additional information or documents the lender needs to finalize 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 credit score do you require to qualify for refinancing with Ally? Ally does not provide a minimum credit score requirements. But, you must aim for a good or excellent credit score prior to submitting an application to improve your odds of approval and, if you are eligible, get competitive credit conditions.



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



What is the speed at which you can get an auto loan from Ally? You could get preapproved in minutes, but it may take several days or weeks for to get the loan to be completely funded. It's contingent on how fast you're able to send the requested documentation to Ally for review.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
Accessibility
3.5
Ally doesn't provide its loan amounts and has restrictions on acceptable cars -- but it serves all states.
Affordability
3.4
There is some leeway in Ally's acceptance requirements, but it doesn't provide a comprehensive list of costs and charges.
Customer experience
4.4
A reasonable timeframe for funding, access to online, app accessibility and the option of using 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 to the loan amount, APR that is disclosed as well as acceptance requirements. Each lender has a score that is which is determined by four categories. The availability category includes loan amounts, restrictions on vehicles and their availability in every state. Affordability: Primarily, this section covers the expected APR, acceptance criteria and discounts for autopay, as well as the amount of charges. Customer experience: This section includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payment and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are recorded.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information, including rates and fees provided in the review is correct up to the date of the review. Look over the information in the upper right hand corner of the page, and the lender's website to find the most current information.




Written by
Allison Martin


Allison Martin's work began over 10 years ago as a digital media strategist. She's been published 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 writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into digestible pieces.






Auto loans editor










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