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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 began over 10 years prior to that as a digital content strategist. She’s been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and

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 their readers feel confident to take control of their finances with concise, well-researched and well-organized facts that break down otherwise complicated subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships 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 website are provided by companies that pay us. This compensation could affect how and where products are displayed on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that could be available to you.

Reviewer’s disclosure about our reviews Reviewers are supervised by our staff. The opinions expressed in them are only those of the reviewer, and have not been checked or approved by any advertiser. The information such as rates and charges that are included in the review is correct as of the date when the review first appeared. Look over the information on the right, and the lender’s website to find the most recent details.

A glance 3.8 Score: 3.8 stars out of 5

Bankrate Score

Rating of Availability: 3.5 stars out of 5

Affordability Rating: 3.4 stars out of five

The Customer Service Rating is 4.4 5 stars from 5

Transparency Rating: Four stars from five

Compare rates for auto loan rates

About Ally Loan amount Not specified

Min. credit score Not specified

APR starting from not specified

Funds available in Several days to a few weeks

Ally pros and cons You can get a bargain on auto loan refinancing or leasing buyout loans through Ally. Still, its scope of products is limited and there are other disadvantages to take into consideration.

PROS No hard inquiries to determine prequalification

See the real loan terms

Flexible qualification criteria

Co-applicants are permitted

ConS is not available for all fifty states.

Insufficient funding times

Auto financing is not available in all states.

Loan terms not published online

Ally is a direct lender that offers a simple and efficient online auto financing service for people who want to refinance their existing vehicle or buy out their lease. You can apply without affecting your credit score, and get personalized options that fit your needs and budget. Furthermore, loans are available to select borrowers with credit challenges and there aren’t charges for application or down amount requirements for payments.

Do you qualify? The criteria for being qualified for financing on a vehicle with Ally is: Must be a U.S. citizen, permanent resident or permanent resident. At least 18 years old. Have a credit score that is satisfactory 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 employed as a taxi or police car. Vehicle cannot have unrepaired collision or comprehensive damage or be subject to more than one lien. For refinancing, current credit must be a minimum of seven months old. Provide evidence of insurance. What do we like about it and what do not like here’s what makes Ally worth considering , as well as some drawbacks to keep in mind.

What we like about prequalifying without a hard credit inquiry: Ally does not perform an inquiry that is hard to verify your approval odds. See the actual loan conditions: You can look up actual monthly payments and APR options if you pre-qualify for financing. Flexible qualification criteria In case you earn at least $2,000 per month it is possible to be accepted for an loan even in the event that you don’t have perfect credit. Co-applicants are permitted: You could improve your approval odds or obtain better terms for financing when you add a third party with an excellent credit score as well as income on your request. We don’t like not being available in every state: Ally is unavailable to customers from states like the District of Columbia, Nevada and Vermont. Slow funding times: It could take several days or even weeks to receive your loan paid. Limits on auto financing options The only way to get a loan is through Ally to refinance your existing loan or buy out a lease. Loans for new and used car purchases aren’t currently offered. Loan terms aren’t published online Average interest rates and loan terms are not published online. Potential borrowers must pre-qualify for access to the information. How do I contact Ally You can reach Ally by phone, fax or email. Its business hours are Monday to Friday from 7 a.m. to 6 p.m., and Saturday between 9 a.m. until 1 p.m. PT. There is also an app for mobile but online chat is not available.

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

Auto loan refinancing

Loan quick facts Amounts not stated Terms are 36 to 75 months APR: Unspecified

< class="Accordion-title mr-2 md:flex-1 my-0"> This page suggests refinancing your vehicle through Ally to get a more affordable monthly payment or lower the rate of interest. You may also refinance to update the owner’s listed 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 sell your leased vehicle. It is possible to get preapproved within minutes and not impact your credit score The formal application process is simple. Certain customers can also get extra protections, such as GAP insurance and extended warranties, through 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. Begin by visiting the site and providing basic information to determine whether you prequalify for the auto loan refinancing or leasing buyout loan. If you’re a good match to be eligible for a loan, evaluate your offers and select the most suitable option and submit a formal application for approval. You will need to provide the following information to Ally to review your loan application:

Required application information Vehicle information License number of the driver (including expiration and issue dates) Personal contact information Social Security number Proof of employment Insurance proof current lender and loan information (if relevant)

The lender will provide your loan documents for review if your application is accepted. If you have any concerns or questions then you can contact the lender. If not, you may complete the loan agreement and provide any additional documents or information the lender requires to complete the financing agreement. Ally FAQs

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

What is the credit score you require to be able to refinancing with Ally? Ally does not provide a minimum credit score requirements. However, you should try to achieve 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 doesn’t charge fees for early repayments.

How fast can you obtain auto loan through Ally? You could get preapproved in minutes, however it could take several days or weeks to allow your loan to be completely funded. It’s contingent on how fast you’re able to send the requested documentation to Ally to be reviewed.

What is the rate of interest at which Bankrate rates Ally?

Overall score




Ally does not provide loan amounts and has restrictions on vehicles that can be used However, it is a service for all states.



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

Customer experience


A fair funding timeframe and access to online, app accessibility and the option of using autopay will earn you 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 factors. The factors are based on in relation to loan amount, disclosed APR as well as acceptance requirements. Each lender scores which is determined by four categories. The availability category includes loan amounts, restrictions on vehicles and the availability of each state. Accessibility: This section covers the expected APR, acceptance criteria including discounts for autopay as well as the amount of charges. Experience with customers: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are taken into account.

Disclosure of author The reviews are written by staff. The opinions expressed are solely those of the reviewer and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is accurate at the time that the review was written. Look over the information in the upper right hand corner of the 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 media strategist. Since then, she’s been featured in a variety of top financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and

The edit was done by 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 manage their finances by providing concise, well-studied and well-researched content that breaks down complicated subjects into digestible chunks.

Auto loans editor



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