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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 prior to that as a digital content strategist. She’s 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 the confidence to control their finances with precise, well-studied information that break down complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that pay us. This compensation could affect how and when products appear on this site, including, for example, the sequence in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that may be available to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or accepted by any advertising company. The information, including rates and fees, presented in the review are accurate at the time that the review was written. Look over the information at the top of this page and the lender’s website to find the most up-to-date information.
A look 3.8 Score: 3.8 stars out of five
Score of the Bankrate
Available Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of five
The Customer Service Rating is 4.4 stars out of 5
Transparency Rating: Four stars from five
Check rates for auto loan rates
The amount of the loan from Ally is not specific
Min. credit score Not specified
APR from Not specified
Funds available in Several days or weeks
Ally pros and cons might be able to get a discount for auto loan refinancing or lease buyout loans through Ally. Still, its scope of products is limited plus there’s other cons to think about.
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.
Insufficient funding times
Options for auto financing with limited limits
The loan terms are not available online.
Ally is an direct lender that offers a streamlined digital auto financing experience for individuals who want to refinance their existing vehicle or to buy out their lease. You can apply without affecting your credit score and receive customized options that meet your requirements and budget. Additionally, loans are available to certain borrowers who have credit problems There are also no charges for application or down amount requirements for payments.
Do you qualify? The requirements to be eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or resident. At least the age of 18. You must have a good credit score in addition to a ratio of debt to income. Earn at least 2 000 dollars per month. You can purchase a noncommercial vehicle less than 10 years old and hasn’t been used as a taxi or police vehicle. The vehicle cannot be in the condition of having damaged or unrepaired collisions or be subject to several lien. For refinancing, current finance must be least seven months old. Provide proof of insurance. What we like and what we don’t like Here’s what is what makes Ally worth looking into, and some drawbacks to keep in your mind.
What we like Prequalify without a hard credit inquiry: Ally does not perform an inquiry that is hard to verify the odds of approval. View real loan terms: You can see the actual monthly payments as well as APR options if you pre-qualify for credit. Flexible eligibility criteria If you earn minimum $2,000 per month and you meet the minimum income requirement, you may be approved for an loan even when you do not have perfect credit. Co-applicants are allowed: You can increase your chances of approval or receive better financing terms when you add a third party that has a solid credit history with a steady income. What we do not like Not available across all 50 states: Ally is unavailable to customers in Vermont, the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days or even weeks to get your loan paid. Limited auto financing options: You can only use Ally to refinance your existing loan or purchase the lease. The loans for used and new automobiles aren’t offered at present. Loan terms not published online Average interest rates and loan terms aren’t available on the internet. Prospective borrowers must be pre-qualified to access the information. How to contact Ally You can reach Ally by phone, fax or email. The business hours are Monday through Friday between 7 a.m. to 6 p.m. The hours are Saturday between 9 a.m. to 1 p.m. (Pacific Time). And while there is an app for mobile devices, online chat is unavailable.
Auto loan types offered Ally provides auto loan refinancing and lease purchase loans.
Auto loan refinancing
Loan quick facts Amounts: Not specified Terms: 36 to 70 months at a rate of Not specified
On this page , you can think about refinancing your car through Ally to get a more affordable monthly payment or to lower your interest rate. Refinancing can also be used to change the owner’s name 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 be preapproved in minutes and not impact your credit score, and the formal application process is easy. Certain customers can also get additional protections, such as GAP assurance and warranties with extended duration through Ally when buying out their lease. How do you apply for an loan through Ally Ally breaks the auto financing process in three easy steps. Start by visiting the website and providing basic information to determine whether you qualify for auto loan refinancing or the lease buyout loan. If you’re a good match for an loan take a look at the offers and select the most suitable option and submit an application for approval. You must provide the following details for Ally to approve an application for a 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 Proof of insurance Current lender as well as loan information (if required)
The lender will provide your loan documents for review if your application is approved. Should you still have concerns or questions, you can inquire. Otherwise, you can complete the loan agreement and supply any additional information or documents the lender needs to finalize 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 require to be able to refinancing with Ally? Ally does not provide a minimum credit score requirements. However, you should aim at a high or good credit score prior to submitting an application to increase your approval odds and perhaps qualify for better financing conditions.
Does Ally charge prepayment penalties? Ally doesn’t charge fees for early repayments.
How fast can you obtain an automobile loan with Ally? You could get preapproved in minutes, however it could take several days or weeks for the loan to be completely funded. It’s dependent on how quickly you’re able to send documents requested to Ally to review.
How Bankrate rates Ally
Overall score
3.8
Availability
3.5
Ally does not provide loan amount and has restrictions on acceptable cars however it does serve all states.
Affordability
3.4
There is some leeway in the acceptance criteria of Ally, however it does not provide a complete list of its costs and charges.
Customer experience
4.4
A reasonable timeframe for funding and accessibility via the internet, availability of apps and the option to use autopay will earn you a higher score.
Transparency
4.0
Prequalification is offered, but rates and fees are not.
Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 different factors. These variables range to the loan amount, APR that is disclosed and the acceptance standards. Each lender has a score that is based on four categories. The availability category includes loan amount, vehicle restrictions and availability in each state. Accessibility: This section covers expected APR, acceptance requirements, discounts for autopay and the number of fees. Customer experience: This category includes accessibility to online services, availability of support, funding timeline, option for automatic payment and app availability. 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 are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees that are included in the review are accurate at the time of the review. Check the data in the upper right hand corner of the page and the lender’s website for the most current information.
Written by
Allison Martin
Allison Martin’s work started over 10 years prior to that as a digital content strategist. Since then, she’s been published in several leading financial publications 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 from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched, and clear information that is broken down into complicated subjects into digestible pieces.
Auto loans editor
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