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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. Since then, she's been featured in numerous prestigious financial 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.









Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and unique content. This allows you to conduct your own research and compare information at no cost 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 Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and when products appear on this site, including for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that may be open to you.




About our reviews Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely the views of the reviewer. They are not reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is accurate up to the date that the review was written. Check the data in the upper right hand corner of the page as well as the lender's website for the most up-to-date information.








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

Availability Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of five
Customer Experience Rating: 4.4 stars out of five
Transparency Rating 4 .


Compare rates on auto loan rates


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



Ally advantages and disadvantages can get a bargain on auto loan refinancing and leasing buyout loans with Ally. However, the range of services is limited and there are other disadvantages to take into consideration.
PROS No hard inquiry for prequalification
View real loan conditions
Flexible qualification criteria
Co-applicants are permitted

ConS is not available for all fifty states.
Slow funding times
Options for auto financing with limited limits
The loan terms are not available online.





Ally is an direct lender that offers a streamlined digital auto financing experience for those looking to refinance their current vehicle or to buy out their lease. You can apply for financing without affecting your credit score and receive personalized options that fit your budget and needs. Plus, loans are available to certain borrowers who have credit problems, and there are no costs for applications or down amount requirements for payments.

Do you qualify? The requirements to be eligible for car financing through Ally is: Must be an U.S. citizen, permanent resident or resident. Must be at least 18 . Have a credit score that is satisfactory in addition to a ratio of debt to income. Make at least $2000 per month. Purchase a noncommercial vehicle that's not more than 10 years old and isn't being used as a taxi or police vehicle. Vehicle cannot have damaged or unrepaired collisions or be subject to several lien. To refinance, the current finance must be least 7 months old. Provide proof of insurance. What we like and what don't like Here's what is what makes Ally worth considering as well as some drawbacks to keep in your mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform a hard inquiry when checking the odds of approval. Check out the real loan conditions: You can see the actual monthly payments as well as APR options if you pre-qualify for credit. Flexible qualification criteria that include earning at least $2,000 per month, you could get approved for the loan even when you do not have perfect credit. Co-applicants are permitted: You could improve your approval odds or receive better financing terms when you add a third party with a solid credit history as well as income on your request. What we don't like Not available in the 50 States: Ally is unavailable to customers who reside in Vermont, the District of Columbia, Nevada and Vermont. Insufficient funding time: It could take several days to a few weeks to get your loan funded. There are a few options for financing your car You are able to use Ally to refinance your existing loan or buy out a lease. The loans for used and new car purchases aren't currently offered. Loan terms aren't published online The average interest rate and loan terms are not published online. Potential borrowers must pre-qualify to view the information. Contact Ally You can contact Ally by phone, fax or email. Its hours of operation are Monday through Friday from 7 a.m. to 6 p.m. on Saturdays between 9 a.m. to 1 p.m. PT. There is also an app for mobile devices, online chat is unavailable.
Auto loan types offered Ally provides auto loan refinancing and lease purchase loans.
Auto loan refinancing
The loan quick facts are Not specified Terms: 36 to 75 months APR: Not specified


On this page Consider refinancing your vehicle through Ally to receive a more affordable monthly payment or to lower your interest rate. 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 also makes it easy to sell your leased vehicle. You can get preapproved in minutes and not impact your credit score, and the official application procedure is simple. Certain customers can also get additional protections, such as GAP insurance and extended warranties, through Ally when buying out their lease. How to apply for an loan through Ally Ally breaks the auto financing process to three stages. Begin by visiting the site and providing basic information to determine whether you prequalify for the auto loan refinancing or the lease buyout loan. If you are a good fit for a loan, evaluate your offers then select the best one and then submit a formal application for approval. You will need to provide the following for Ally to approve an application for a loan application:
The information required to apply for the application is vehicle information. Number of driver's license (including issue and expiration date) Contact information for personal contact Social Security number Proof of employment. Proof of insurance. current lender as well as loan information (if relevant)


The lender will send over your loan documents to be reviewed if your application is approved. If you have any concerns or questions, you can inquire. Otherwise, you can accept the loan agreement and supply any additional documents or information the lender must have to conclude the financing agreement. Ally FAQs
Is Ally part of 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 require to qualify for refinancing through Ally? Ally does not disclose its minimum credit score requirements. However, you should strive to have a great or excellent credit score prior to applying to improve your odds of approval and possibly qualify for competitive credit conditions.



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



How fast can you obtain an automobile loan with Ally? It is possible to get preapproved within minutes, however it could take a few days or even weeks for the loan to be fully paid. It depends on how quickly you're able to forward the required documentation to Ally to review.



How do you calculate the rates at which Ally is a Bankrate
Overall score
3.8
The availability
3.5
Ally does not offer loan amounts and has restrictions on acceptable cars -- but it serves most states.
Affordability
3.4
There's some flexibility in Ally's acceptance requirements, but it does not provide a complete listing of its rates and fees.
Customer experience
4.4
A fair funding timeframe, accessibility via the internet, availability of apps and the option to use autopay can earn you a better score.
Transparency
4.0
Prequalification is offered, but rates and fees are not.


Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These factors range in consideration in relation to loan amount, disclosed APR and the acceptance standards. Each lender has a score that is that is based on four different categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and the availability of each state. Accessibility: This section covers the expected APR, acceptance criteria and discounts for autopay, as well as the number of fees. Customer experience: This section includes online access, support availability and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are recorded.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the views of the reviewer. They are not reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review is correct as of the date of the review. Check the data in the upper right hand corner of the page as well as the lender's website to find the most up-to-date information.




Written by
Allison Martin


Allison Martin's work started over 10 years ago as a digital media strategist, and she's since been published in several leading financial outlets, including 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 passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.






Auto loans editor










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