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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. Since then, she’s been featured in numerous prestigious financial media 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complex topics into digestible chunks.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own 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 Earn money The products that are advertised on this website are provided by companies that pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the information we provide, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be open to you.

About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date that the review was written. Review the information in the upper right hand corner of the page, and the lender’s website to find the most current information.

A glance 3.8 rating: 3.8 stars out of 5

Score of the Bankrate

Availability Rating: 3.5 stars out of 5

Cost of Affordability: 3.4 stars out of 5

Customer Experience Rating: 4.4 5 stars from five

Transparency Rating Four stars from five

Check rates on auto loan rates

The amount of the loan from Ally is not specific

Min. credit score not specified

APR not specific from

Funds available in a matter of days to a few weeks

Ally Pros and Cons You might be able to get a discount on auto loan refinancing and lease buyout loans with Ally. However, the range of products is limited plus there’s other drawbacks to take into consideration.

PROS No formal inquiry required for prequalification

See the real loan conditions

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.

Terms of loan not yet published online

Ally is a direct lender that offers a simplified digital experience for financing your car for individuals seeking to refinance their vehicle or to buy out their lease. It is possible to apply without impacting your credit score, and get tailored options that are customized 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 qualification criteria to be eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or permanent resident. You must be at least 18 years old. Have a satisfactory credit score as well as a debt-to-income ratio. Make at least $2000 per month. Buy a noncommercial car that’s not more than 10 years old, and hasn’t previously been used as a taxi or police car. Vehicle cannot have extensive or unrepaired damage from a collision or be subject to more than one lien. To refinance, the existing credit must be a minimum of seven months old. Document evidence of insurance. What we like and what do not like here’s what is what makes Ally worth looking into and some disadvantages to keep in mind.

What we like Prequalify without a hard credit inquiry: Ally does not perform an investigation to determine the odds of approval. See the actual loan conditions: You are able to look up actual monthly payments and APR rates if you’re pre-qualified for credit. Flexible criteria for qualification: If you earn at least $2,000 per year, you could get approved for an loan even when you do not have perfect credit. Co-applicants are permitted: You could increase your chances of approval or obtain better terms for financing when you add a third party who has an excellent credit score and income to your application. What we don’t like Not available in the 50 States: Ally is unavailable to customers from the District of Columbia, Nevada and Vermont. The time to fund your loan is slow can take anywhere from a few days or weeks to receive your loan approved. Limits on auto financing options The only way to get a loan is through Ally to refinance your current loan or purchase the lease. The loans for used and new automobiles aren’t offered at present. Loan terms aren’t published online: Average interest rates and loan terms aren’t available on the internet. Prospective borrowers must be pre-qualified for access to this information. Contact Ally It is possible to contact Ally by phone, fax or email. Its business hours are Monday through Friday between 7 a.m. to 6 p.m., and Saturday from 9 a.m. to 1 p.m. (Pacific Time). And while there is an app for mobile however, chat on the internet is not available.

Auto loan kinds available Ally provides auto loan refinancing as well as lease buyout loans.

Auto loan refinancing

Quick facts about loans Not specified Terms: 36 to 75 months APR: not specified

This page suggests refinancing your vehicle with Ally to receive a more affordable monthly payment or 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 purchase your lease vehicle. You can get preapproved in minutes without impacting your credit score and the official application procedure is easy. Customers who are selected can also buy additional protections, such as GAP assurance and warranties with extended duration through Ally when they buy out their lease. How do you apply for an loan with Ally Ally breaks the auto financing process in three easy steps. Begin by visiting the site and providing basic information to determine whether you prequalify in the field of the auto loan refinancing or the lease buyout loan. If you’re a suitable match for the loan, evaluate your offers, choose the best option and submit a formal application to be approved. You must provide the following for Ally to review your loan application:

Information required for application Number of driver’s license (including the date of issue and expiration) Personal contact information Social Security number. Proof of employment. Proof of insurance. current lender as well as loan information (if required)

The lender will forward your loan documents to be reviewed if your loan application is approved. Should you still have concerns or questions you may contact us. In other cases, you can sign your loan agreement and supply any additional documents or information the lender must have to conclude the financing arrangement. Ally FAQs

Is Ally controlled 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 need to qualify for refinancing with Ally? Ally does not disclose its minimum credit score requirement. However, you should aim for a good or excellent credit score before applying to improve your chances of approval and possibly qualify for competitive credit terms.

Does Ally charge prepayment penalties? Ally is not a charge for late repayment fees.

What is the speed at which you can get an automobile loan with Ally? It is possible to get preapproved within just a few minutes, but it might take a few days or even weeks to allow the loan to be fully paid. It’s contingent on how fast you’re able to forward the required documentation to Ally for review.

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

Overall score

3.8

Accessibility

3.5

Ally does not provide loan amount and has restrictions on acceptable cars — but it serves all states.

Affordability

3.4

There’s some flexibility in the acceptance criteria of Ally, however it doesn’t provide a comprehensive list of rates and fees.

Customer experience

4.4

A reasonable timeframe for funding and accessibility via the internet, availability of apps and the option to pay with autopay will earn you a higher score.

Transparency

4.0

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

Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration in relation to loan amount, disclosed APR and acceptance criteria. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and availability in each state. Affordability: Primarily, this section covers expected APR, acceptance requirements and discounts for autopay, as well as the number of fees. Customer experience: This category includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here , prequalification and disclosure of rates and charges are recorded.

Disclaimer The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information, including rates and fees provided in the review are accurate as of the date of the review. Check the data on the right and the lender’s website to find the most recent details.

Written by

Allison Martin

Allison Martin’s work began over 10 years ago as a digital media strategist. She’s been published in several leading financial media outlets, 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 late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-researched and well-organized information that breaks down otherwise complicated topics into bite-sized pieces.

Auto loans editor

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