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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, and she’s since been featured in numerous prestigious financial outlets, 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 the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized 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 as well as publishing quality and impartial content. We also allow you to conduct your own research and compare data for free to 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 Earn Profit The products that are featured on this site come from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, 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, mortgage and other home lending products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be accessible to you.

About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only opinions of the author and are not reviewed or approved by any advertising company. The information that is included, including rates and fees provided in the review is correct at the time when the review first appeared. Look over the information at the top of this page and the lender’s website to find the most up-to-date information.

At a first glance 3.8 rating: 3.8 stars out of five

Bankrate Score

Available Rating: 3.5 stars out of 5

Affordability Rating: 3.4 stars out of 5

The Customer Service Rating is 4.4 five stars of 5

Transparency Rating 4 stars out of 5

Check auto loan rates

The amount of the loan from Ally is not specific

Min. credit score Unspecified

APR from Not specified

Funds available in a matter of days or weeks

Ally Pros and Cons You can get a bargain for auto loan refinancing or lease buyout loans via Ally. But its range of offerings is limited, and there are other disadvantages to think about.

PROS No formal inquiry required for prequalification

See the real loan conditions

Flexible qualification criteria

Co-applicants are permitted

CONS Not available in all 50 states

Slow 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 looking to refinance their current vehicle or to buy out their lease. It is possible to apply without impacting your credit score and receive customized options that meet your requirements and budget. Furthermore, loans are available to those with credit issues and there aren’t costs for applications or down payment requirements.

Do you qualify? The criteria for being eligible for vehicle financing with Ally is: Must be an U.S. citizen, permanent resident or permanent resident. Must be at minimum the age of 18. Have a satisfactory credit score and ratio of debt to income. Earn at least $2,000 per month. You can purchase a noncommercial vehicle not more than 10 years old and isn’t being employed as a taxi or police car. The vehicle must not have an unrepaired collision or comprehensive damage or be subject to multiple lien. Refinancing is possible, but current financing must be at least seven months old. Document evidence of insurance. What we like and what we do not like here’s what is what makes Ally worth looking into, along with some drawbacks to bear in mind.

What we like about prequalifying without a hard credit check: Ally does not perform an investigation to determine your chances of approval. See the actual loan terms: You can look up actual monthly payments and APR options if you pre-qualify for financing. Flexible eligibility criteria In the event that you earn minimum $2,000 per month it is possible to 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 when you add a third party who has an excellent credit score with a steady income. What we don’t like Not accessible in every state: Ally is unavailable to customers in Vermont, the District of Columbia, Nevada and Vermont. The time to fund your loan is slow it could take a few days to several weeks to be able to get your loan paid. There are a few options for financing your car You are able to use Ally to refinance your current loan or to buy out a lease. 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. Prospective borrowers must be pre-qualified to access this information. How to contact Ally You can contact Ally by phone, fax or email. Its hours of operation are Monday through Friday between 7 a.m. until 6 p.m. The hours are Saturday between 9 a.m. to 1 p.m. PST. And while there is 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 stated Terms: 36 to 75 months APR: Not specified

On this page , you can think about refinancing your car through Ally to get a more affordable monthly installment or to lower the rate of interest. You can also refinance to change the owner’s name 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 buy out your leased vehicle. You can get preapproved in minutes without impacting your credit score, and the formal application is easy. Customers who are selected can also buy additional protections, such as GAP insurance and extended warranties through Ally when buying out their lease. How do you apply for an loan through Ally Ally breaks the auto financing process down to three stages. Start by visiting the site and providing basic details to determine if you are eligible for auto loan refinancing or the lease buyout loan. If you’re a suitable candidate to receive an loan review your options then select the best one and submit a formal application for approval. You must provide the following information to Ally to approve an application for a loan application:

Required application information Vehicle information Driver’s license number (including expiration and issue dates) Contact details for the person who will be your contact. Social Security number Proof of employment Proof of insurance Present lender and loan information (if required)

The lender will forward your loan documents for review once your application is approved. If you have any concerns or questions then you can contact the lender. Otherwise, you can complete your loan agreement and provide any additional documents or information the lender must have to conclude the financing agreement. FAQs for Ally

Is Ally owned by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top provider of automotive financing solutions.

What is the credit score 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 outstanding 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 fees for early repayments.

How quickly can you get auto loan with Ally? It is possible to get preapproved within just a few minutes, but it might take several days or weeks to allow to get the loan to be fully funded. It’s dependent on how quickly you’re able to send the requested documentation to Ally for review.

How Bankrate rates Ally

Overall score

3.8

The availability

3.5

Ally doesn’t provide its loan amounts , and it has limitations on the types of vehicles that are acceptable — but it serves most states.

Affordability

3.4

There’s some room to play with Ally’s acceptance requirements, but it does not provide a complete list of its costs and charges.

Customer experience

4.4

A reasonable funding timeline, online access, app availability and the option of using autopay can earn you a better score.

Transparency

4.0

Prequalification is possible, however rates and fees aren’t.

Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 various factors. The factors are based on from the loan amount, APR that is disclosed and acceptance criteria. Each lender holds a score which is determined by four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and availability in each state. Affordability: This section is about expected APR, acceptance criteria, discounts for autopay and the number of fees. Experience with customers: This category includes accessibility via the internet, support available and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and fees are accounted for.

Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or approved by any advertising company. The information that is included, including rates and fees that are included in the review is accurate as of the date when the review first appeared. Check the data at the top of this page and the lender’s site for the most current information.

Written by

Allison Martin

Allison Martin’s work started over 10 years ago as a digital content strategist. She’s been published in several leading 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 since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-studied information that breaks down complicated topics into manageable bites.

Auto loans editor

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