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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. Since then, she’s been featured in numerous prestigious financial media outlets such as 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 from late 2021. They are passionate about helping readers gain confidence to control their finances by providing 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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare data for free and help you make sound 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 Make money The products that are advertised on this site are from companies that compensate us. This compensation can affect the way and when products appear on this website, for example such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that may 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 or acknowledged by any advertising company. The information such as rates and charges provided in the review is correct at the time of the review. Check the data at the top of this page as well as the lender’s website to find the most current information.
At a glance 3.8 Score: 3.8 stars out of five
Score of the Bankrate
Available Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
The Customer Service Rating is 4.4 stars out of 5
Transparency Rating 4 .
Find out about rates on auto loan rates
The amount of the loan from Ally is not specified
Min. credit score Not specified
APR not specific from
Funds available in Several days or a few weeks
Ally Pros and Cons You can get a bargain on auto loan refinancing or leasing buyout loans via Ally. However, the range of products is limited and there are other cons to consider.
PROS No hard inquiry for prequalification
See the real loan terms
Flexible qualification criteria
Co-applicants permitted
The CONS service isn’t available to all states.
Insufficient funding times
Auto financing is not available in all states.
Loan terms not published online
Ally is an direct lender that offers a streamlined digital auto financing experience for people seeking to refinance their car or purchase a new lease. You can apply for financing without affecting your credit score and receive tailored options that are customized to your requirements and budget. Plus, loans are available to those with credit issues and there aren’t 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 a U.S. citizen, permanent resident or permanent resident. At minimum 18 . You must have a good credit score in addition to a ratio of debt to income. Make at least 2 000 dollars per month. You can purchase a noncommercial vehicle less than 10 years old, and isn’t being used as a taxi or police vehicle. The vehicle must not have an extensive or unrepaired damage from a collision or be subject to 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 don’t like Here’s what is what makes Ally worth considering and some disadvantages to bear in your mind.
We like the fact that you can prequalify without a hard credit check: Ally does not perform an investigation to determine your approval odds. Check out the real loan conditions: You are able to view actual monthly payments and APR options when you are pre-qualified for credit. Flexible qualification criteria: If you earn minimum $2,000 per month it is possible to be approved for an loan even in the event that you don’t have perfect credit. Co-applicants are allowed: You can increase your chances of approval or receive better financing terms through the addition of a co-applicant that has an excellent credit score with a steady income. What we don’t like Not available in all 50 states: Ally is unavailable to customers in states like the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days or weeks to receive your loan funded. Limits on auto financing options You are able to use Ally to refinance your current loan or buy out the lease. Loans for used and new automobiles aren’t offered at present. Loan terms not published online The average interest rate and loan conditions aren’t published online. Potential lenders must qualify for access to the information. Contact Ally You can reach Ally by phone, fax or email. Its hours of operation are Monday through Friday between 7 a.m. until 6 p.m. on Saturdays between 9 a.m. until 1 p.m. PT. While there is an app for mobile devices however, chat on the internet is not available.
Auto loan kinds available Ally provides auto loan refinancing and lease purchase loans.
Auto loan refinancing
Quick facts about loans Not specifically stated Terms: 36- 70 months at a rate of not specified
On this page Consider refinancing your vehicle through Ally to get a more affordable monthly payment or to lower your interest rate. You may also refinance to update the owner’s information as the owner on your 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. You can be preapproved in minutes without impacting your credit score and the official application procedure is easy. Customers who are selected can also buy extra protections, such as GAP insurance and extended warranties, through Ally when they purchase their lease. How to apply for an loan through Ally Ally breaks the auto financing process down to three stages. Begin by visiting the site and providing basic details to determine if you qualify for an auto loan refinancing or the lease buyout loan. If you are a good candidate to be eligible for an loan review your options then select the best one and then submit a formal request for approval. You will need to provide the following details for Ally to approve an application for a loan application:
Required application information Vehicle information License number of the driver (including issue and expiration date) Contact information for personal contact Social Security number. Proof of employment Insurance proof Present lender in addition to loan information (if relevant)
The lender will send over your loan documents for review if your application is approved. If you have any concerns or questions, you can inquire. In other cases, you can sign the loan agreement and provide any additional documents or information the lender must have to conclude the financing agreement. Ally FAQs
Is Ally controlled 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 does not provide a minimum credit score requirement. However, you should aim to have a great or excellent credit score before applying to improve your chances of approval and perhaps qualify for better finance terms.
Does Ally charge prepayment penalties? Ally doesn’t charge early repayment fees.
What is the speed at which you can get an auto loan through Ally? It is possible to get preapproved within minutes, but it may require several days or weeks for your loan to be completely funded. It depends on how quickly you’re able to send the requested documentation to Ally to review.
How Bankrate rates Ally
Overall score
3.8
Availability
3.5
Ally does not offer loan amount and has restrictions on the types of vehicles that are acceptable However, it is a service for all states.
Affordability
3.4
There’s some room to play with Ally’s acceptance requirements, but it’s not able to provide a comprehensive list of costs and charges.
Customer experience
4.4
A fair funding timeframe and access to online, app accessibility and the option to pay with autopay can earn you a better score.
Transparency
4.0
Prequalification is offered, but the rates and charges are not available.
Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 various factors. These factors range in consideration from the loan amount, the APR disclosed as well as acceptance requirements. Each lender has a score that is which is determined by four categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and the availability of each state. Affordability: The primary focus of this section will cover expected APR, acceptance criteria, discounts for autopay and the number of fees. Experience with customers: This category includes access to support online, online accessibility along with funding timelines, options for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and fees are taken into account.
Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They are not reviewed or acknowledged by any advertiser. The information such as rates and charges provided in the review are accurate as of the date that the review was written. Review the information in the upper right hand corner of the page as well as the lender’s website for the most current information.
Written by
Allison Martin
Allison Martin’s work started over 10 years ago as a digital media strategist. She’s been featured in a variety of top financial publications 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 the confidence to control their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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