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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 ago as a digital media strategist, and she’s since been featured in a variety of top 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 since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with precise, well-studied information that break down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing reliable and original content, by enabling users to conduct research and compare data 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 offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products appear on this site, including, for example, the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we publish, or the reviews you see on this site. We do not include the vast array of companies or financial deals that may be open to you.
Reviewer’s disclosure of editorial rights Reviewers are supervised by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information that is included, including rates and fees, presented in the review is accurate up to the date when the review first appeared. Look over the information on the right and the lender’s website to find the most recent information.
At a look 3.8 Rating: 3.8 stars out of 5
Availability Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
Customer Experience Rating: 4.4 five stars of 5
Transparency Rating 4 .
Check rates on auto loan rates
About Ally Loan amount Not specific
Min. credit score Unspecified
APR not specific from
Funds available in Several days or weeks
Ally Pros and Cons You could get a deal for auto loan refinancing or lease buyout loans through Ally. But its range of products is limited plus there’s other disadvantages to consider.
PROS No mandatory inquiry to prequalification
Check out the actual loan terms
Flexible qualification criteria
Co-applicants are permitted
ConS is not available for all fifty states.
The slow funding times
Auto financing is not available in all states.
Loan terms not published online
Ally is a direct lender that offers a streamlined digital auto financing experience for those who want to refinance their existing vehicle or buy out their lease. It is possible to apply without impacting your credit score, and get customized options that meet your budget and needs. Plus, loans are available to select borrowers with credit challenges and there aren’t charges for application or down payments required.
Do you qualify? The criteria for being eligible for car financing through Ally is: Must be an U.S. citizen, permanent resident or resident. You must be at least 18 . Have a credit score that is satisfactory in addition to a ratio of debt to income. At least earn $2000 per month. Buy a noncommercial car that’s not more than 10 years old, and isn’t being used as a taxi or police car. The vehicle cannot be in the condition of having extensive or unrepaired damage from a collision or be under several lien. Refinancing is possible, but current finance must be least 7 months old. Document evidence of insurance. What do we like about it and what don’t like . Here’s what makes Ally worth looking into along with some disadvantages 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 the odds of approval. See the actual loan conditions: You are able to view actual monthly payments and APR options if you pre-qualify for financing. Flexible qualification criteria that include earning minimum $2,000 per month, you could get approved for a loan even in the event that you don’t have perfect credit. Co-applicants are allowed: You can boost your odds of approval or obtain better terms for financing when you add a third party that has a solid credit history with a steady income. What we do not like Not available in the 50 States: Ally is unavailable to customers from Vermont, the District of Columbia, Nevada and Vermont. Insufficient funding time: It could take several days or even weeks to receive your loan paid. Limited auto financing options You are able to use Ally to refinance your existing loan or purchase the lease. The loans for used and new cars aren’t available at the moment. Terms of loans are not available online: Average interest rates and loan terms aren’t available online. Prospective borrowers must be pre-qualified for access to the information. Contact Ally You can reach Ally by phone, fax or email. Its hours of operation are Monday to Friday from 7 a.m. to 6 p.m., and Saturday between 9 a.m. until 1 p.m. (Pacific Time). And while there is an app for mobile but online chat is not available.
Auto loan kinds available Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Quick facts about loans Not specified Terms: 36 to 70 months at a rate of Not stated
On this page Consider refinancing your car through Ally to make an affordable monthly payment or lower the interest rate. Refinancing can also be used 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 can also make it simple to sell your leased vehicle. It is possible to get preapproved within minutes without impacting your credit score and the formal application process is straightforward. Certain customers can also get extra protections, such as GAP assurance and warranties with extended duration, with Ally when they buy out their lease. How do you apply for an loan through Ally Ally breaks the auto financing process in three easy steps. Begin by visiting the website and providing some 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 fit to be eligible for an loan, evaluate your offers, choose the best option and then submit a formal application for approval. You must provide the following details for Ally to review the loan application:
The information required to apply for the application is vehicle information. Number of driver’s license (including the date of issue and expiration) Personal contact information Social Security number. Proof of employment Insurance proof Current lender as well as loan information (if required)
The lender will send over your loan documents for review if your application is accepted. Should you still have concerns or questions then you can contact the lender. If not, you may accept the loan agreement and provide any additional information or documents the lender needs to finalize the financing agreement. 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 through Ally? Ally does not provide a minimum credit score requirement. But, you must aim to have a great or excellent credit score prior to submitting an application to improve your chances of approval and perhaps qualify for better finance terms.
Does Ally charge prepayment penalties? Ally is not a charge for early repayment fees.
How fast can you obtain an automobile loan through Ally? You can get preapproved in just a few minutes, but it might take a few days or even weeks for your loan to be completely funded. It’s contingent on how fast you can send documents requested to Ally for review.
How Bankrate rates Ally
Ally does not offer loan amount and has restrictions on the types of vehicles that are acceptable however it does serve all states.
There is some leeway in Ally’s acceptance criteria, but it does not provide a complete listing of its charges and rates.
A fair funding timeframe, accessibility via the internet, availability of apps and the option to pay with autopay earns a higher score.
Prequalification is possible, however the rates and charges are not available.
Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. The factors are based on from the loan amount, APR that is disclosed and the acceptance standards. Each lender holds a score that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and the availability of each state. Accessibility: This section covers expected APR, acceptance criteria autopay discounts, and the amount of fees. Experience with customers: This category includes online access, support availability, funding timeline, option for automatic payments and app availability. Transparency: Here , prequalification and the disclosure of fees and rates are taken into account.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review is accurate as of the date of the review. Review the information on the right and the lender’s website to find the most recent details.
Allison Martin’s work started over 10 years ago as a digital media 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 editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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