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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 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched and well-researched content that break down complex subjects into bite-sized pieces.

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 financial calculators and tools that provide objective and unique content, by enabling you to conduct your own research and compare information at no cost to 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 Earn Money The deals that are displayed on this website come from companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. But this compensation does not influence the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you.

About our reviews Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or acknowledged by any advertiser. The information such as rates and charges that are included in the review is correct at the time 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.

At a look 3.8 rating: 3.8 stars out of five

Score of the Bankrate

Available Rating: 3.5 stars out of 5

The Affordability Score: 3.4 stars out of 5

Customer Experience Rating: 4.4 stars out of five

Transparency Rating: 4 .

Compare rates for auto loan rates

About Ally Loan amount not specific

Min. credit score Not specified

APR not specific from

Funds available in a matter of days or weeks

Ally Pros and Cons You can get a bargain in auto loan refinancing or purchase of lease loans through Ally. However, the range of offerings is limited, as are the other drawbacks to take into consideration.

PROS No formal inquiry required for prequalification

Check out the actual loan conditions

Flexible qualification criteria

Co-applicants are permitted

ConS is not available for all fifty states.

Insufficient funding times

Options for auto financing with limited limits

Terms of loan not yet published online

Ally is an 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 for financing without affecting your credit score and receive personalized options that fit your needs and budget. Furthermore, loans are available to certain borrowers who have credit problems and there aren’t charges for application or down amount requirements for payments.

Do you qualify? The requirements to be eligible for car financing through Ally includes: Must be a U.S. citizen, permanent resident or resident. At least 18 . Have a satisfactory credit score and debt-to-income ratio. Make at least 2 000 dollars per month. You can purchase a noncommercial vehicle under 10 years of age and hasn’t previously been used as a taxi or police vehicle. Vehicle cannot have extensive or unrepaired damage from a collision or be under multiple lien. Refinancing is possible, but current finance must be a minimum of seven months older. You must provide proof of insurance. What do we like about it and what don’t like Here’s the thing that is what makes Ally worth considering as well as some disadvantages to keep in mind.

What we like Prequalify without a hard credit check: Ally does not perform a hard inquiry when checking the odds of approval. View real loan conditions: You are able to view actual monthly payments and APR options if you pre-qualify for financing. Flexible criteria for qualification: If you earn at least $2,000 per year, you could get accepted for a loan even if you have less than perfect credit. Co-applicants are permitted: You could boost your odds of approval or receive better financing terms through the addition of a co-applicant that has good credit with a steady income. What we do not like Not available across every state: Ally is unavailable to customers in the District of Columbia, Nevada and Vermont. Insufficient funding time can take anywhere from a few days or even weeks to be able to get your loan funded. Limited auto financing options The only way to get a loan is through Ally to refinance your current loan or buy out a lease. The loans for used and new car purchases aren’t currently offered. Loan terms not published online: Average interest rates and loan terms aren’t available online. Potential borrowers must pre-qualify to access this information. How to contact Ally You can contact Ally via fax, phone or email. The business hours are Monday through Friday from 7 a.m. to 6 p.m. The hours are Saturday from 9 a.m. until 1 p.m. PST. There is also a mobile app, online chat is unavailable.

Auto loan types available Ally provides auto loan refinancing and lease purchase loans.

Auto loan refinancing

Loan quick facts Amounts: Not specific Terms: 36 to 75 % APR for 75 Months: Not specified

< class="Accordion-title mr-2 md:flex-1 my-0"> On this page , you can think about refinancing your vehicle with Ally to get a more affordable monthly payment or lower your interest rate. Refinancing can also be used to change the owner’s name 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 official application procedure is simple. Certain customers can also get additional protections, such as GAP Insurance and Extended Warranty, with Ally when they buy out their lease. How do you apply for an loan through Ally Ally breaks the auto financing process down in three easy steps. Start by visiting the website and providing basic information to determine whether you prequalify to be eligible for auto loan refinancing or the lease buyout loan. If you’re a good match to be eligible for a loan review your options, choose the best option and submit an application for approval. You must provide the following details for Ally to process your loan application:

Information required for application Driver’s license number (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 relevant)

The lender will provide your loan documents for review once your application is approved. Should you still have concerns or questions, you can inquire. Otherwise, you can accept your loan agreement and supply any additional documents or information 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 auto financing solutions.

What credit score do you require to be able to refinancing with Ally? Ally does not disclose its minimum credit score requirement. However, you should strive to have a great or excellent credit score prior to applying to improve your odds of approval and, if you are eligible, get competitive finance terms.

Does Ally charge penalties for prepayments? Ally does not charge late repayment fees.

What is the speed at which you can get an automobile loan through Ally? It is possible to get preapproved within minutes, however it could take a few days or even weeks to allow your loan to be fully funded. It’s dependent on how quickly you can send the required documentation to Ally for review.

How do you calculate the rates at which Ally is a Bankrate

Overall score




Ally does not offer loan amounts , and it has limitations on the types of vehicles that are acceptable However, it is a service for the majority of states.



There’s some room to play with the acceptance criteria of Ally, however it doesn’t provide a comprehensive listing of its rates and fees.

Customer experience


A reasonable funding timeline and access to online, app accessibility and the option to use autopay will earn you a higher score.



Prequalification is available, but rates and fees aren’t.

Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, APR that is disclosed and the acceptance standards. Each lender holds a score based on four categories. Accessibility: This is a factor that accounts for loan amounts, vehicle restrictions and their availability in every state. Accessibility: This section covers expected APR, acceptance criteria, discounts for autopay and the amount of charges. Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are taken into account.

Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or approved by any advertiser. The information such as rates and charges provided in the review is correct as of the date when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender’s site for the most up-to-date details.

Written by

Allison Martin

Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since been published in numerous prestigious financial publications 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 writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing precise, well-researched and well-organized information that breaks down complicated topics into bite-sized pieces.

Auto loans editor



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