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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 work began over 10 years ago as a digital content strategist. Since then, she's been published in several leading financial 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 their readers feel confident to control their finances by providing precise, well-studied data that breaks complicated subjects into digestible pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this website, for example such things as the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not contain the vast array of companies 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 opinions of the author and have not been evaluated or approved by any advertiser. The information such as rates and charges that are included in the review is accurate as of the date that the review was written. Look over the information on the right as well as the lender's website for the most up-to-date information.
A glance 3.8 rating: 3.8 stars out of 5
Bankrate Score
Availability Rating: 3.5 stars out of 5
Cost of Affordability: 3.4 stars out of 5
Customers Experience Score: 4.4 stars out of 5
Transparency Rating: 4 .
Compare rates for auto loan rates
About Ally Loan amount not specified
Min. credit score Unspecified
APR from Not specified
Funds available in Several days to a few weeks
Ally pros and cons might be able to get a discount on auto loan refinancing or leasing buyout loans via Ally. However, the range of products is limited and there are some other drawbacks to think about.
PROS No hard inquiries for prequalification
Check out the actual loan terms
Flexible qualification criteria
Co-applicants allowed
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 simplified digital experience for financing your car for individuals looking to refinance their current car or purchase a new lease. You can apply for financing without affecting your credit score, and get tailored options that are tailored to your needs and budget. Additionally, loans are available to those with credit issues and there aren't charges for application or down payments required.
Do you qualify? The requirements to be eligible for car financing through Ally includes: Being a U.S. citizen, permanent resident or resident. Must be at least 18 . Have a satisfactory credit score and ratio of debt to income. Make at least $2000 per month. You can purchase a noncommercial vehicle less than 10 years old, and isn't used as a taxi , or police car. Vehicle cannot have damaged or unrepaired collisions or be under more than one lien. For refinancing, current credit must be least 7 months older. You must provide evidence of insurance. What do we like about it and what don't like . Here's what makes Ally worth considering along with some drawbacks to keep in your mind.
What we like Prequalify without a credit check: Ally does not perform an investigation to determine your approval odds. See the actual loan conditions: You can look up actual monthly payments and APR options when you are pre-qualified for credit. Flexible eligibility criteria In the event that you earn at least $2,000 per month and you meet the minimum income requirement, you may be accepted for the loan even when you do not have perfect credit. Co-applicants are permitted: You could boost your odds of approval or get better financing terms by adding a co-applicant that has an excellent credit score and income to your application. What we don't like Not available across the 50 States: Ally is unavailable to customers from the District of Columbia, Nevada and Vermont. The time to fund your loan is slow can take anywhere from a few days to several weeks to be able to get 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 existing loan or purchase the lease. The loans for used and new cars aren't available at the moment. Loan terms aren't published online: Average interest rates and loan terms aren't available online. Prospective borrowers must be pre-qualified to access the information. How do I contact Ally You can contact Ally via fax, phone or email. Its business hours are Monday through Friday between 7 a.m. until 6 p.m., and Saturday between 9 a.m. to 1 p.m. (Pacific Time). While there is an app for mobile devices however, chat on the internet is not available.
Auto loan types offered Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
Loan quick facts Amounts not stated Terms: 36 to 75 months APR: Not stated
This page suggests refinancing your car through Ally to get a more affordable monthly payment or to lower the rate of interest. You can also refinance 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 also makes it easy to purchase your lease vehicle. You can get preapproved in minutes, without affecting your credit score, and the formal application process is simple. Customers who are selected can also buy additional protections, such as GAP Insurance and Extended Warranty through Ally when they purchase their lease. How to apply for an loan with Ally Ally breaks the auto financing process in three easy steps. Begin by visiting the website and providing some basic information to determine if you qualify to be eligible for the auto loan refinancing or leasing buyout loan. If you are a good fit for the loan, evaluate your offers then select the best one and submit an request for approval. You will need to 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 issue and expiration date) Personal contact information Social Security number Proof of employment. Proof of insurance. Present lender in addition to loan information (if relevant)
The lender will provide your loan documents for review once your application is approved. Should you still have questions or concerns, you can inquire. Otherwise, you can sign the loan agreement and supply any additional documents or information the lender must have to conclude the financing arrangement. Ally FAQs
Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top 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 requirement. But, it is recommended to strive for a high or excellent credit score before applying to increase your chances, and even be eligible for financing terms that are competitive.
Does Ally charge penalties for prepayments? Ally doesn't charge late repayment fees.
How fast can you obtain an auto loan with Ally? You could get preapproved in just a few minutes, but it might take a few days or even weeks to allow to get the loan to be completely funded. It's contingent on how fast you're able to forward the requested documentation to Ally for review.
What is the rate of interest at which Bankrate rates Ally?
Overall score
3.8
Availability
3.5
Ally doesn't provide its loan amounts and has restrictions on vehicles that can be used However, it is a service for all states.
Affordability
3.4
There's some room to play with the acceptance criteria of Ally, however it does not provide a complete list of costs and charges.
Customer experience
4.4
A fair funding timeframe with access to online, app accessibility and the option of using autopay earns a higher score.
Transparency
4.0
Prequalification is offered, but rates and fees aren't.
Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These variables range from the loan amount, the APR disclosed and acceptance criteria. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and their availability in every state. Accessibility: This section covers the expected APR, acceptance requirements, discounts for autopay and the amount of charges. Experience with customers: This category includes accessibility via the internet, support available and funding timeframe, as well as the option for automatic payments and app availability. Transparency: In this category, prequalification as well as disclosure of rates and fees are taken into account.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the views of the reviewer. They have not been reviewed or accepted by any advertising company. The information such as rates and charges, presented in the review is correct at the time that the review was written. Check the data on the right, and the lender's site for the most current information.
Written by
Allison Martin
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 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 confidence to take control of their finances by providing clear, well-researched information that break down complex subjects into digestible chunks.
Auto loans editor
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