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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 started over 10 years ago as a digital content strategist. Since then, she's been featured in a variety of top financial outlets such as 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 feel confident to control their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, 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 pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial deals that could be accessible to you.
Reviewer's disclosure about our reviews: All reviews are prepared by our staff. The opinions expressed in them are only opinions of the author and have not been checked or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review is correct up to the date when the review first appeared. Review the information at the top of this page as well as the lender's website for the most up-to-date details.
A first glance 3.8 rating: 3.8 stars out of five
Bankrate Score
Available Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
The Customer Service Rating is 4.4 stars out of five
Transparency Rating Four stars from five
Compare auto loan rates
The amount of the loan from Ally is not specified
Min. credit score not specified
APR starting from not specified
Funds available in a matter of days or a few weeks
Ally pros and cons can get a bargain on auto loan refinancing or purchase of lease loans with Ally. However, the range of offerings 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.
The slow funding times
Limited auto financing options
Loan terms not published online
Ally is a direct lender that offers a streamlined digital auto financing experience for those seeking to refinance their vehicle or buy out their lease. You can apply without affecting your credit score, and get tailored options that are tailored to your needs and budget. Furthermore, loans are available to those with credit issues There are also no application fees or down payments required.
Do you qualify? The criteria for being eligible for vehicle financing with Ally includes: Being a U.S. citizen, permanent resident or permanent resident. At minimum the age of 18. You must have a good credit score and debt-to-income ratio. Make at least $2000 per month. Purchase a noncommercial vehicle that's not more than 10 years old and isn't being used as a taxi , or police vehicle. The vehicle cannot be in the condition of having damaged or unrepaired collisions or have multiple lien. Refinancing is possible, but existing finance must be least seven months older. You must provide evidence of insurance. What we like and what we do not like here's the thing that is what makes Ally worth considering along with some drawbacks to keep in mind.
We like the fact that you can prequalify without a credit check: Ally does not perform a hard inquiry when checking the odds of approval. Check out the real loan terms: You are able to view actual monthly payments and APR options if you pre-qualify for credit. Flexible eligibility criteria In case you earn at least $2,000 per month, you could get accepted for an loan even if you have less than perfect credit. Co-applicant permitted: You can increase your chances of approval or get better financing terms by adding a co-applicant with good credit as well as income on your request. What we don't like Not available in the 50 States: Ally is unavailable to customers from Vermont, the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days to a few weeks to be able to get your loan approved. Limited auto financing options You are able to use Ally to refinance your existing loan or to buy out the lease. Loans for used and new automobiles aren't offered at present. Loan terms aren't published online Average interest rates and loan terms are not published on the internet. Potential lenders must qualify to view the information. How to contact Ally You can contact Ally by phone, fax or email. Its hours of operation are Monday through Friday from 7 a.m. to 6 p.m. The hours are Saturday between 9 a.m. to 1 p.m. PT. While there is a mobile app however, chat on the internet is not available.
Auto loan kinds available Ally provides auto loan refinancing and lease buyout loans.
Auto loan refinancing
The loan quick facts are not specified Terms range from 36 to 75 month APR: Not specified
On this page Consider refinancing your vehicle through Ally to make an affordable monthly payment or lower the interest rate. 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. It is possible to get preapproved within minutes, without affecting your credit score The formal application process is simple. Customers who are selected can also buy added protections, like GAP assurance and warranties with extended duration through Ally when they buy out their lease. How to apply for an loan with Ally Ally breaks the auto financing process down in three easy steps. Start by going to the website and providing basic information to determine whether you prequalify for an auto loan refinancing or leasing buyout loan. If you are a good match to be eligible for a loan take a look at the offers and select the most suitable option and submit an application for approval. You will need to provide the following information to Ally to approve your loan application:
Required application information Vehicle information Driver's license number (including expiration and issue dates) Personal contact information Social Security number. Proof of employment Proof of insurance current lender in addition to loan information (if applicable)
The lender will send over your loan documents to be reviewed if your loan application is approved. Should you still have concerns or questions you may contact us. Otherwise, you can accept your loan agreement and supply any additional documents or information the lender requires to complete the financing agreement. FAQs for Ally
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 need to qualify for refinancing through Ally? Ally does not provide a minimum credit score requirements. But, you must strive for a high or excellent credit score prior to applying to increase your approval odds and possibly get financing with competitive terms.
Does Ally charge penalties for prepayments? Ally is not a charge for early repayment fees.
How quickly can you get an automobile loan with Ally? You could get preapproved in minutes, but it may require several days or weeks for the loan to be fully paid. It depends on how quickly you're able to send the requested documentation to Ally for review.
How Bankrate rates Ally
Overall score
3.8
The availability
3.5
Ally doesn't provide its loan amounts , and it has limitations on vehicles that can be used however it does serve the majority of 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 reasonable time frame for funding, access to online, app accessibility and the option of using autopay will earn you a higher score.
Transparency
4.0
Prequalification is available, but the rates and charges are not available.
Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR as well as acceptance requirements. Each lender has a score that is that is based on four different categories. The availability category includes loan amount, vehicle restrictions and their availability in every state. Affordability: This section covers expected APR, acceptance criteria and discounts for autopay, as well as the amount of fees. Customer experience: This category includes accessibility via the internet, support available along with funding timelines, options to pay by automatic method and app availability. Transparency: In this category, prequalification as well as disclosure of rates and fees are taken into account.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and 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 in the upper right hand corner of the page, and the lender's website for the most up-to-date details.
Written by
Allison Martin
Allison Martin's work started over 10 years ago as a digital media strategist, and she's since been featured 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 late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down complicated subjects into digestible chunks.
Auto loans editor
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