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Ally: 2023 Auto Loan Refinancing Review Published 2023-01-01 00:00:00
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital content strategist, and she’s since been featured in numerous prestigious financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to control their finances with precise, well-studied facts that break down 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 choices by offering interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on the site, such as for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not contain the entire universe of businesses or financial deals that could be available to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely that of the person who wrote them, and are not reviewed or approved by any advertising company. The information that is included, including rates and fees, presented in the review is correct as of the date of the review. Check the data at the top of this page and the lender’s website for the most recent details.
A glance 3.8 Rating: 3.8 stars out of five
Rating of Availability: 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 auto loan rates
About Ally Loan amount not specific
Min. credit score Not specified
APR starting from not specified
Funds are available within a few days to a few weeks
Ally Pros and Cons You could get a deal in auto loan refinancing and leasing buyout loans through Ally. However, the range of services is not extensive, and there are other disadvantages to take into consideration.
PROS No formal inquiry required for prequalification
See the real loan conditions
Flexible qualification criteria
CONS Not available in all 50 states
Slow funding times
Limited auto financing options
The loan terms are not available online.
Ally is a direct lender that offers a streamlined digital auto financing experience for people looking to refinance their current car or purchase a new lease. It is possible to apply without impacting your credit score, and get customized options that meet your budget and needs. Plus, loans are available to those with credit issues, and there are no application fees or down payment requirements.
Do you qualify? The criteria for being eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or permanent resident. Must be at minimum 18 years old. Have a credit score that is satisfactory and debt-to-income ratio. Earn at least $2,000 per month. You can purchase a noncommercial vehicle under 10 years of age, and isn’t used as a taxi , or police car. The vehicle cannot be in the condition of having unrepaired collision or comprehensive damage or be subject to more than one lien. For refinancing, existing financing must be at least seven months older. Document proof of insurance. What we like and what do not like here’s what is what makes Ally worth considering , as well as some disadvantages to keep in your mind.
What we like Prequalify without a credit check: Ally does not perform an investigation to determine your chances of approval. See the actual loan terms: You are able to view actual monthly payments and APR options if you pre-qualify for financing. Flexible eligibility criteria In case you earn at least $2,000 per year and you meet the minimum income requirement, you may be accepted for the loan even when you do not have perfect credit. Co-applicant permitted: You can improve your approval odds or obtain better terms for financing by adding a co-applicant that has an excellent credit score with a steady income. We don’t like not being accessible in every state: Ally is unavailable to customers from the District of Columbia, Nevada and Vermont. Insufficient funding time: It could take several days or even weeks to be able to get your loan paid. 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 cars aren’t available at the moment. Loan terms aren’t published online Average interest rates and loan terms are not published online. Potential lenders must qualify to view the information. Contact Ally You can reach Ally via fax, phone or email. The business hours are Monday through Friday between 7 a.m. until 6 p.m. The hours are Saturday from 9 a.m. to 1 p.m. PT. While there is an app for mobile but online chat is not available.
Auto loan kinds available Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
The loan quick facts are not specified Terms: 36 to 75 months APR: Not stated
This page suggests refinancing your car through Ally to get a more affordable monthly payment or lower the interest rate. You can 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 is also a great way to buy out your leased vehicle. It is possible to get preapproved within minutes, without affecting your credit score The formal application process is simple. Certain customers can also get extra protections, such as GAP insurance and extended warranties, with Ally when buying out their lease. How do you apply for a loan through Ally Ally breaks the auto financing process down in three easy steps. Begin by visiting the site and providing basic information to determine whether you qualify to be eligible for the auto loan refinancing or the lease buyout loan. If you’re a good match to receive the loan review your options and select the most suitable option and then submit a formal application for approval. The information you provide to Ally will be the following for Ally to process the loan application:
Required application information Vehicle information Number of driver’s license (including expiration and issue dates) Contact details for the person who will be your contact. Social Security number Proof of employment Insurance proof current lender in addition to loan information (if applicable)
The lender will forward your loan documents to be reviewed if your application is accepted. In case you’ve got any questions or concerns then you can contact the lender. In other cases, you can accept the loan agreement and provide any additional documents or information the lender requires to complete the financing agreement. FAQs for Ally
Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. A leading provider of automotive financing solutions.
What credit score do you need to qualify for refinancing with Ally? Ally doesn’t provide information about its minimum credit score requirement. However, you should strive for a high or excellent credit score prior to applying to increase your chances, and even get financing with competitive terms.
Does Ally charge penalties for prepayments? Ally is not a charge for late repayment fees.
How quickly can you get auto loan through Ally? You could get preapproved in minutes, but it may take a few days or even weeks for to get the loan to be fully paid. It’s dependent on how quickly you’re able to send documents requested to Ally to be reviewed.
How do you calculate the rates at which Ally is a Bankrate
Ally doesn’t provide its loan amount and has restrictions on acceptable cars However, it is a service for all states.
There is some leeway in the acceptance criteria of Ally, however it’s not able to provide a comprehensive list of charges and rates.
A reasonable time frame for funding, online access, app availability and the option of using autopay earns a higher score.
Prequalification is possible, however rates and fees are not.
Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These factors range in consideration to the loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score that is based on four different categories. Availability: This accounts for loan amounts, restrictions on vehicles 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. Experience with customers: This category includes accessibility to online services, availability of support and funding timeframe, as well as the option to pay by automatic method and app availability. Transparency: In this category, prequalification as well as the disclosure of fees and rates are accounted for.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed nor accepted by any advertiser. The information that is included, including rates and fees that are included in the review are accurate at the time that the review was written. Check the data in the upper right hand corner of the page and the lender’s site for the most recent details.
Allison Martin’s work started over 10 years prior to that as a digital content strategist, and she’s since been featured in numerous prestigious 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 from late 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-studied and well-researched content that breaks down complicated subjects into bite-sized pieces.
Auto loans editor
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