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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 work started over 10 years ago as a digital content strategist. She's been featured in numerous prestigious 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 control their finances through providing concise, well-researched and well-organized data that breaks otherwise complicated subjects into digestible pieces.









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 tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may be open to you.




About our reviews . Editorial disclosure The reviews are written by our staff. Opinions expressed therein are solely that of the person who wrote them and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees, presented in the review are accurate at the time that the review was written. Check the data on the right as well as the lender's website to find the most up-to-date details.








At a first glance 3.8 Score: 3.8 stars out of 5
Bankrate Score

Rating of Availability: 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 5
Transparency Rating 4 stars out of 5


Compare rates for auto loan rates


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



Ally Pros and Cons You could get a deal for auto loan refinancing or purchase of lease loans via Ally. But its range of offerings is limited, and there are other drawbacks to consider.
PROS No hard inquiry for prequalification
Check out the actual loan terms
Flexible qualification criteria
Co-applicants allowed

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





Ally is an direct lender that offers a simple and efficient online auto financing service for individuals who want to refinance their existing vehicle or buy out their lease. You can apply for financing without affecting your credit score and receive tailored options that are tailored to your budget and needs. Plus, loans are available to those with credit issues There are also no application fees or down payments required.

Do you qualify? The criteria for being eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or permanent resident. You must be at minimum 18 . You must have a good credit score and debt-to-income ratio. Make at least $2000 per month. Purchase a noncommercial vehicle that's less than 10 years old, and isn't being used as a taxi or police vehicle. The vehicle cannot be in the condition of having extensive or unrepaired damage from a collision or be under several lien. Refinancing is possible, but current credit must be least seven months older. Document proof of insurance. What do we like about it and what do not like here's what is what makes Ally worth considering , as well as some drawbacks to bear in mind.
We like the fact that you can prequalify without a hard credit check: Ally does not perform an investigation to determine your chances of approval. View real loan terms: You are able to see the actual monthly payments as well as APR options if you pre-qualify for financing. Flexible criteria for qualification In case you earn at least $2,000 per month, you could get accepted for a loan even if you have less than perfect credit. Co-applicant permitted: You can boost your odds of approval 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 do not like Not accessible in all 50 states: Ally is unavailable to customers who reside in the District of Columbia, Nevada and Vermont. Slow funding times it could take a few days to several weeks to be able 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 the lease. The loans for used and new car purchases aren't currently offered. Loan terms aren't published online Average interest rates and loan conditions aren't published on the internet. Potential lenders must qualify to view the information. How do I contact Ally You can reach Ally by phone, fax or email. The business hours are Monday through Friday from 7 a.m. to 6 p.m., and Saturday between 9 a.m. until 1 p.m. PT. And while there is a mobile app, online chat is unavailable.
Auto loan kinds available Ally provides auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Loan quick facts Amounts not specified Terms range from 36 to 75 month APR: Not specified


On this page , you can think about refinancing your vehicle with Ally to make an affordable monthly installment or to lower the interest rate. You can also refinance to update the owner's information in 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 sell your leased vehicle. You can be preapproved in minutes and not impact your credit score The formal application process is simple. Certain customers can also get additional protections, such as GAP Insurance and Extended Warranty, with Ally when buying out their lease. How to apply for a loan with Ally Ally breaks the auto financing process into three steps. Start by visiting the site and providing basic information to determine whether you are eligible in the field of auto loan refinancing or a lease buyout loan. If you're a good fit to be eligible for the loan review your options and select the most suitable option and submit an request for approval. The information you provide to Ally will be the following for Ally to approve an application for a loan application:
The information required to apply for the application is vehicle information. Driver's license number (including issue and expiration date) Personal contact information Social Security number Proof of employment Insurance proof Present lender in addition to loan information (if relevant)


The lender will provide your loan documents to be reviewed if your loan application is approved. Should you still have concerns or questions then you can contact the lender. If not, you may accept the loan agreement and supply any additional documents or information the lender must have to conclude the financing agreement. FAQs for Ally
Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top 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 requirements. However, you should aim for a good or excellent credit score prior to applying to increase your odds and possibly be eligible for financing terms that are competitive.



Does Ally charge prepayment penalties? Ally does not charge early repayment fees.



What is the speed at which you can get auto loan through Ally? You can get preapproved in minutes, however it could require several days or weeks for to get the loan to be completely funded. It's contingent on how fast you can send the required documentation to Ally to be reviewed.



What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
Availability
3.5
Ally does not provide loan amounts , and it has limitations on the types of vehicles that are acceptable However, it is a service for the majority of states.
Affordability
3.4
There's some room to play with the acceptance criteria of Ally, however it doesn't provide a comprehensive list of its charges and rates.
Customer experience
4.4
A fair funding timeframe, accessibility via the internet, availability of apps and the option to pay with autopay earns a higher score.
Transparency
4.0
Prequalification is offered, but rates and fees aren't.


Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 various factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender scores that is based on four different categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Accessibility: This section covers expected APR, acceptance criteria including discounts for autopay as well as the number of fees. Customer experience: This category includes accessibility via the internet, support available along with funding timelines, options to pay by automatic method and app availability. Transparency: Here prequalification and disclosure of rates and charges are recorded.
Disclaimer: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct up to the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website to find the most recent information.




Written by
Allison Martin


Allison Martin's work began over 10 years ago as a digital media 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.
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 confidence to manage their finances by providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.






Auto loans editor










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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or when you click on certain hyperlinks on our website. Therefore, this compensation may affect the way, location and in what order items are listed, except where prohibited by law. We also offer loan products, such as mortgages and home equity and other home lending products. Other factors, such as our own website rules and whether the product is available in your region or within your self-selected credit score range may also influence how and where products appear on this website. Although we try to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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