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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 prior to that 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

Edited 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 confidence to take control of their finances by providing precise, well-studied information that break down complex topics into digestible chunks.

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 reliable and original content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies that pay us. This compensation may impact how and when products appear on this website, for example, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial deals that may be available to you.

About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date of the review. Look over the information in the upper right hand corner of the page, and the lender’s site for the most up-to-date details.

A glance 3.8 Rating: 3.8 stars out of five

Score of the Bankrate

Available Rating: 3.5 stars out of 5

Cost of Affordability: 3.4 stars out of 5

Customers Experience Score: 4.4 stars out of five

Transparency Rating 4 .

Compare auto loan rates

About Ally Loan amount not stated

Min. credit score Not specified

APR not specific from

Funds available in a matter of days or weeks

Ally Pros and Cons You might be able to get a discount for auto loan refinancing or lease buyout loans with Ally. Still, its scope of services is limited plus there’s other cons to take into consideration.

PROS No hard inquiry for prequalification

View real loan terms

Flexible qualification criteria

Co-applicants permitted

The CONS service isn’t available to all states.

Slow funding times

Options for auto financing with limited limits

Terms of loan not yet published online

Ally is a direct lender that offers a simple and efficient online auto financing service for people seeking to refinance their car or purchase a new lease. It is possible to apply without impacting your credit score and receive customized options that meet your needs and budget. Furthermore, loans are available to those with credit issues, and there are no application fees or down payments required.

Do you qualify? The qualification criteria to be eligible for vehicle financing with Ally includes: Being an 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. At least earn $2,000 per month. You can purchase a noncommercial vehicle under 10 years of age, and hasn’t previously been employed as a taxi or police car. The vehicle cannot be in the condition of having extensive or unrepaired damage from a collision or have multiple lien. For refinancing, current credit 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 makes Ally worth looking into, as well as some disadvantages to bear in mind.

What we like Prequalify without a hard credit check: Ally does not perform a hard inquiry when checking the odds of approval. See the actual loan conditions: You are able to see the actual monthly payments as well as APR rates if you’re pre-qualified for credit. Flexible criteria for qualification that include earning at least $2,000 per year it is possible to be accepted for an loan even when you do not have perfect credit. Co-applicants are permitted: You could increase your chances of approval or receive better financing terms when you add a third party with a solid credit history and income to your application. What we don’t like Not available across all 50 states: Ally is unavailable to customers in states like the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days or even weeks to receive your loan paid. There are a few options for financing your car The only way to get a loan is through Ally to refinance your current loan or to buy out the lease. Loans for used and new automobiles aren’t offered at present. Terms of loans are not available online: Average interest rates and loan conditions aren’t published on the internet. Potential lenders must qualify for access to this information. How do I contact Ally It is possible to contact Ally by phone, fax or email. Its business hours are Monday through Friday from 7 a.m. to 6 p.m. on Saturdays from 9 a.m. to 1 p.m. PST. And while there is an app for mobile devices but online chat is not available.

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

Auto loan refinancing

Loan quick facts Amounts: Not specific Terms: 36 to 70 months at a rate of Not stated

< 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 your interest rate. You can 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 also makes it easy to sell your leased vehicle. It is possible to get preapproved within minutes, without affecting your credit score, and the procedure for applying is easy. Select customers can also purchase extra protections, such as GAP Insurance and Extended Warranty, through Ally when buying out their lease. How to apply for a loan with Ally Ally breaks the auto financing process in three easy steps. Begin by going to the website and providing basic information to determine if you are eligible in the field of auto loan refinancing or the lease buyout loan. If you are a good candidate to be eligible for the loan take a look at the offers, choose the best option and submit a formal request for approval. You must provide the following for Ally to approve the loan application:

The information required to apply for the application is vehicle information. Driver’s license number (including expiration and issue dates) Contact information for personal contact Social Security number. Proof of employment. Proof of insurance. Present lender and loan information (if applicable)

The lender will forward your loan documents for review once your application is approved. In case you’ve got any concerns or questions then you can contact the lender. In other cases, you can accept the loan agreement and provide any additional documents or information the lender needs to finalize the financing arrangement. 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 need to qualify for refinancing through Ally? Ally doesn’t provide information about its minimum credit score requirement. However, you should strive at a high or good credit score before applying to improve your odds of approval and, if you are eligible, get competitive financing conditions.

Does Ally charge penalties for prepayments? Ally is not a charge for fees for early repayments.

What is the speed at which you can get an automobile loan with Ally? You could get preapproved in minutes, but it may require several days or weeks for your loan to be completely funded. It’s contingent on how fast you can send the required documentation to Ally to be reviewed.

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

Overall score




Ally does not provide loan amounts and has restrictions on acceptable cars However, it is a service for the majority of states.



There is some leeway in Ally’s acceptance criteria, but it doesn’t provide a comprehensive list of rates and fees.

Customer experience


A reasonable timeframe for funding with access to online, app accessibility and the option to pay with autopay earns a higher score.



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

Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 various factors. These factors range in consideration to the loan amount, APR that is disclosed and acceptance criteria. Each lender has a score that is which is determined by four categories. The availability category includes loan amounts, vehicle restrictions and availability in each state. Affordability: The primary focus of this section covers the expected APR, acceptance requirements autopay discounts, and the number of fees. Customer experience: This category includes access to support online, online accessibility along with funding timelines, options for automatic payment and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and fees are taken into account.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is accurate up to the date when the review first appeared. Review the information at the top of this page as well as the lender’s website to find the most current details.

Written by

Allison Martin

Allison Martin’s work began over 10 years prior to that as a digital content strategist. She’s been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-organized information that is broken down into complex topics into manageable bites.

Auto loans editor



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