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Ally
Ally: 2023 Auto Loan Refinancing Review Published 2023-01-01 at 00:00:00
Written by Allison Martin Written by
Allison Martin's work began over 10 years ago as a digital media strategist. She's been published in several leading financial outlets, 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 the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and interactive tools that provide objective and unique content. This allows users to conduct research and compare information for free to 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 Earn money The products that are advertised on this site are from companies who pay us. This compensation may impact how and when products appear on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that may be accessible to you.
Reviewer's disclosure of editorial rights: All reviews are prepared by staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information, including rates and fees, presented in the review are accurate as of the date that the review was written. Look over the information at the top of this page and the lender's website for the most recent details.
At 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
Customer Experience Rating: 4.4 5 stars from 5
Transparency Rating Four stars from five
Compare auto loan rates
About Ally Loan amount Not stated
Min. credit score not specified
APR starting from not specified
Funds available in Several days or weeks
Ally advantages and disadvantages You could get a deal in auto loan refinancing or leasing buyout loans through Ally. But its range of products is limited as are the other cons to consider.
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
Loan terms not published online
Ally is an direct lender that offers a simplified digital experience for financing your car for individuals looking to refinance their current vehicle or buy out their lease. You can apply without affecting your credit score, and get tailored options that are customized to your needs and budget. Furthermore, loans are available to certain borrowers who have credit problems, and there are no charges for application or down payments required.
Do you qualify? The requirements to be qualified for financing on a vehicle with Ally includes: Must be a U.S. citizen, permanent resident or permanent resident. Must be at minimum the age of 18. You must have a good credit score in addition to a 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 hasn't previously been used as a taxi or police vehicle. The vehicle cannot be in the condition of having damaged or unrepaired collisions or be under more than one lien. Refinancing is possible, but existing finance must be least 7 months old. 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 and some drawbacks to keep in mind.
What we like Prequalify without a hard credit check: Ally does not perform an inquiry that is hard to verify your chances of approval. See the actual loan conditions: You can look up actual monthly payments and APR options when you are pre-qualified for credit. Flexible qualification 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 boost your odds of approval or get better financing terms when you add a third party with good credit and income to your application. What we don't like Not available in every state: Ally is unavailable to customers who reside in the District of Columbia, Nevada and Vermont. Slow funding times: It could take several days or weeks to be able to get your loan paid. Limited auto financing options The only way to get a loan is through Ally to refinance your current loan or to buy out the lease. Loans for new and used automobiles aren't offered at present. Loan terms aren't published online: Average interest rates and loan terms aren't available on the internet. Potential lenders must qualify to access this information. Contact Ally You can contact Ally by phone, fax or email. Its hours of operation are Monday through Friday between 7 a.m. until 6 p.m. The hours are Saturday from 9 a.m. to 1 p.m. PT. There is also a mobile app, online chat is unavailable.
Auto loan types offered Ally offers auto loan refinancing as well as lease buyout loans.
Auto loan refinancing
The loan quick facts are Not specific Terms: 36 to 75 % APR for 75 Months: Not stated
On this page , you can think about refinancing your car through Ally to get a more affordable monthly installment or lower your interest rate. You can also refinance to change the owner's name as the owner on your title. Lease buyout loans
Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified
Ally can also make it simple to purchase your lease vehicle. You can get preapproved in minutes without impacting your credit score and the formal application process is straightforward. Customers who are selected can also buy additional protections, such as GAP insurance and extended warranties through Ally when buying out their lease. How to apply for a loan through Ally Ally breaks the auto financing process in three easy steps. Begin by going to the site and providing basic information to determine whether you qualify in the field of auto loan refinancing or a lease buyout loan. If you're a suitable match for the loan, evaluate your offers and select the most suitable option and then submit a formal application to be approved. The information you provide to Ally will be the following information to Ally to process 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 current lender and loan information (if required)
The lender will provide your loan documents to be reviewed if your loan application is approved. If you have any concerns or questions you may contact us. In other cases, you can sign the loan agreement and supply any additional information or documents the lender needs to finalize the financing agreement. Ally FAQs
Is Ally owned by Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. A leading provider of automotive financing solutions.
What credit score do you need to qualify for refinancing through Ally? Ally does not disclose its minimum credit score requirement. However, you should strive for a good or excellent credit score prior to applying to improve your chances of approval and possibly qualify for competitive finance terms.
Does Ally charge penalties for prepayments? Ally does not charge fees for early repayments.
How fast can you obtain an auto loan through Ally? You can get preapproved in just a few minutes, but it might take several days or weeks for to get the loan to be completely funded. It's dependent on how quickly you can send the required documentation to Ally to be reviewed.
How Bankrate rates Ally
Overall score
3.8
Availability
3.5
Ally does not offer loan amounts and has restrictions on vehicles that can be used however it does serve all states.
Affordability
3.4
There is some leeway in the acceptance criteria of Ally, however it's not able to provide a comprehensive list of its costs and charges.
Customer experience
4.4
A fair funding timeframe, accessibility via the internet, availability of apps and the option to pay with autopay will earn you a higher score.
Transparency
4.0
Prequalification is available, but rates and fees are not.
Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, disclosed APR as well as acceptance requirements. Each lender has a score that is based on four categories. Availability: This accounts for loan amounts, restrictions on vehicles and their availability in every state. Affordability: Primarily, this section covers expected APR, acceptance requirements, discounts for autopay and the number of fees. Customer experience: This category includes access to support online, online accessibility and funding timeframe, as well as the option for automatic payments and app availability. Transparency: Here , prequalification and disclosure of rates and charges are taken into account.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertiser. The information such as rates and charges provided in the review are accurate as of the date of the review. Look over the information at the top of this page, and the lender's website to find the most current details.
Written by
Allison Martin
Allison Martin's career began more than 10 years ago as a digital content strategist. She's been published in numerous prestigious financial publications 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 the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with clear, well-researched information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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