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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 a variety of top financial publications 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 since late 2021. They are passionate about helping readers feel confident to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare information for free – so that you can make informed financial decisions. Bankrate has agreements 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 featured on this site come from companies that compensate us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you see 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 The reviews are written by staff. The opinions expressed in them are only opinions of the author, and are not evaluated or approved by any advertising company. The information, including rates and fees provided in the review is correct up to the date when the review first appeared. Look over the information at the top of this page, and the lender’s site for the most current details.
A glance 3.8 rating: 3.8 stars out of five
Bankrate Score
Availability Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
The Customer Service Rating is 4.4 5 stars from 5
Transparency Rating 4 .
Check rates for auto loan rates
About Ally Loan amount Not specified
Min. credit score Not specified
APR not specific from
Funds available in a matter of days or weeks
Ally advantages and disadvantages might be able to get a discount for auto loan refinancing or leasing buyout loans with Ally. But its range of services is not extensive, and there are some other drawbacks to think about.
PROS No hard inquiry to determine prequalification
View real loan terms
Flexible qualification criteria
Co-applicants permitted
The CONS service isn’t available to all states.
The 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 simplified digital experience for financing your car for people who want to refinance their existing car or purchase a new lease. You can apply for financing without affecting your credit score, and get customized options that meet your budget and needs. Additionally, loans are available to certain borrowers who have credit problems and there aren’t application fees or down payment requirements.
Do you qualify? The qualification criteria to be eligible for car financing through Ally includes: Must be an U.S. citizen, permanent resident or permanent resident. Must be at least the age of 18. Have a satisfactory credit score and ratio of debt to income. At least earn $2,000 per month. You can purchase a noncommercial vehicle not more than 10 years old and isn’t used as a taxi or police vehicle. Vehicle cannot have extensive or unrepaired damage from a collision or be under multiple lien. For refinancing, current financing must be at least seven months old. Document evidence of insurance. What do we like about it and what don’t like . Here’s the thing that is what makes Ally worth considering , as well as some drawbacks to bear in your mind.
What we like about prequalifying without a credit check: Ally does not perform an inquiry that is hard to verify your approval odds. View real loan terms: You can see the actual monthly payments as well as APR rates if you’re pre-qualified for financing. Flexible eligibility criteria: If you earn minimum $2,000 per month and you meet the minimum income requirement, you may be accepted for a loan even in the event that you don’t have perfect credit. Co-applicants are allowed: You can increase your chances of approval or get better financing terms through the addition of a co-applicant that has an excellent credit score with a steady income. What we do not like Not available in the 50 States: Ally is unavailable to customers from the District of Columbia, Nevada and Vermont. Slow funding times: It could take several days to a few weeks to receive your loan paid. There are a few options for financing your car: You can only use Ally to refinance your current loan or buy out the lease. Loans for used and new cars aren’t available at the moment. Loan terms aren’t published online The average interest rate and loan terms are not published online. Prospective borrowers must be pre-qualified for access to the information. How to contact Ally You can contact Ally by phone, fax or email. The business hours are Monday through Friday between 7 a.m. until 6 p.m. The hours are Saturday between 9 a.m. to 1 p.m. PT. There is also an app for mobile however, chat on the internet is not available.
Auto loan types offered Ally provides auto loan refinancing and lease purchase loans.
Auto loan refinancing
The loan quick facts are: Not specified Terms are 36 to 75 months APR: Not stated
< class="Accordion-title mr-2 md:flex-1 my-0"> This page suggests refinancing your car through Ally to receive a more affordable monthly installment or to lower the rate of interest. 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 can also make it simple to buy out your leased vehicle. You can get preapproved in minutes, without affecting your credit score The application process is simple. Select customers can also purchase extra protections, such as GAP assurance and warranties with extended duration, through Ally when they buy out their lease. How do you apply for a loan with Ally Ally breaks the auto financing process in three easy steps. Start by going to the website and providing basic details to determine if you are eligible in the field of an auto loan refinancing or a lease buyout loan. If you are a good fit for an loan review your options and select the most suitable option and submit a formal application for approval. You will need to provide the following information to Ally to process an application for a loan application:
Information required for application Driver’s license number (including the date of issue and expiration) Personal contact information Social Security number Proof of employment. Proof of insurance. Current lender and loan information (if applicable)
The lender will provide your loan documents for review if your application is approved. If you have any concerns or questions then you can contact the lender. In other cases, you can complete the loan agreement and supply any additional information or documents the lender needs to finalize the financing agreement. FAQs for Ally
Is Ally owned by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc., a leading supplier of financing for cars.
What is the credit score you require to be able to refinancing with Ally? Ally does not provide a minimum credit score requirements. But, it is recommended to aim for a good or outstanding credit score prior to applying in order to improve your approval chances, and even be eligible for financing terms that are competitive.
Does Ally charge prepayment penalties? Ally is not a charge for fees for early repayments.
How quickly can you get auto loan through Ally? It is possible to get preapproved within minutes, however it could take several days or weeks to allow to get the loan to be fully paid. It’s dependent on how quickly you can send the requested documentation to Ally for review.
What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
The availability
3.5
Ally does not provide loan amounts , and it has limitations on vehicles that can be used — but it serves the majority of states.
Affordability
3.4
There’s some flexibility in Ally’s acceptance requirements, but it’s not able to provide a comprehensive listing of its costs and charges.
Customer experience
4.4
A reasonable time frame for funding and online access, app availability and the option of using autopay can earn you a better score.
Transparency
4.0
Prequalification is available, but rates and fees aren’t.
Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 various factors. These variables range from the loan amount, disclosed APR as well as the acceptance conditions. Each lender scores which is determined by four categories. The availability category includes loan amount, vehicle restrictions and their availability in every state. Accessibility: This section is about expected APR, acceptance requirements and discounts for autopay, as well as the amount of fees. Customer experience: This section includes accessibility to online services, availability of support and funding timeframe, as well as the option for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and fees are taken into account.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review are accurate as of the date of the review. Review the data 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 career began more than 10 years ago as a digital content strategist. Since then, she’s been published in several leading 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 since the end of 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-studied information that break down complex subjects into digestible chunks.
Auto loans editor
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