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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. Since then, she's been published in several leading financial publications such as 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 from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-organized facts that break down otherwise complicated topics into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free and help you make financial decisions with confidence. 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 offers that appear on this website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. 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 cover the universe of companies or financial offers that may be open to you.
About our reviews Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely that of the person who wrote them and have not been evaluated or approved by any advertising company. The information such as rates and charges provided in the review are accurate at the time that the review was written. Check the data in the upper right hand corner of the page and the lender's site for the most up-to-date information.
At a first glance 3.8 rating: 3.8 stars out of 5
Bankrate Score
Availability Rating: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of five
The Customer Service Rating is 4.4 stars out of five
Transparency Rating: 4 stars out of 5
Find out about auto loan rates
The amount of the loan from Ally is not specific
Min. credit score not specified
APR from Not specified
Funds available in a matter of days or weeks
Ally advantages and disadvantages You could get a deal on auto loan refinancing or leasing buyout loans through Ally. However, the range of services is not extensive, and there are some other drawbacks to take into consideration.
PROS No hard inquiry to determine prequalification
Check out the actual loan terms
Flexible qualification criteria
Co-applicants allowed
CONS Not available in all 50 states
Slow 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 who want to refinance their existing vehicle or to buy out their lease. It is possible to apply without impacting your credit score, and get personalized options that fit your needs and budget. 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 qualification criteria to be eligible for car financing through Ally is: Must be a U.S. citizen, permanent resident or resident. You must be at least the age of 18. You must have a good credit score and ratio of debt to income. At least earn $2,000 per month. Buy a noncommercial car that's not more than 10 years old, and isn't being employed as a taxi or police car. The vehicle must not have an extensive or unrepaired damage from a collision or be subject to several lien. Refinancing is possible, but current credit must be a minimum of seven months old. Provide evidence of insurance. What we like and what do not like here's the thing that makes Ally worth looking into, along with some drawbacks to keep in your mind.
What we like Prequalify without a credit check: Ally does not perform a hard inquiry when checking your chances of approval. View real loan terms: You can see the actual monthly payments as well as APR options when you are pre-qualified for financing. Flexible criteria for qualification: If you earn at least $2,000 per year, you could get accepted for the loan even in the event that you don't have perfect credit. Co-applicants are allowed: You can improve your approval odds or obtain better terms for financing by adding a co-applicant that has an excellent credit score as well as income on your request. We don't like not being accessible across the 50 States: Ally is unavailable to customers in the District of Columbia, Nevada and Vermont. The time to fund your loan is slow: It could take several days to a few weeks to receive your loan paid. Limits on auto financing options: You can only use Ally to refinance your current loan or buy out the lease. Loans for used and new automobiles aren't offered at present. Loan terms not published online: Average interest rates and loan terms are not published online. Potential borrowers must pre-qualify to view the information. Contact Ally It is possible to contact Ally by phone, fax or email. Its business hours are Monday to Friday from 7 a.m. to 6 p.m. The hours are Saturday between 9 a.m. until 1 p.m. PT. And while there is an app for mobile but online chat is not available.
Auto loan kinds available Ally offers auto loan refinancing and lease purchase loans.
Auto loan refinancing
Loan quick facts Amounts not stated Terms range from 36 to 75 month APR: Unspecified
This page suggests refinancing your car through Ally to get a more affordable monthly installment or to lower the interest rate. You may also refinance to update the owner's information in the title. Lease buyout loans
Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified
Ally is also a great way to buy out your leased vehicle. You can get preapproved in minutes without impacting your credit score The application process is simple. Certain customers can also get added protections, like GAP Insurance and Extended Warranty, through Ally when buying out their lease. How to apply for a loan with Ally Ally breaks the auto financing process in three easy steps. Start by going to the website and providing some basic information to determine if you are eligible in the field of the auto loan refinancing or the lease buyout loan. If you're a suitable candidate for an loan review your options and select the most suitable option and submit an application to be approved. You will need to provide the following for Ally to approve an application for a loan application:
Required application information Vehicle information Driver's license number (including issue and expiration date) Contact information for personal contact Social Security number. Proof of employment Proof of insurance current lender as well as loan information (if required)
The lender will provide your loan documents for review once your application is approved. Should you still have concerns or questions, you can inquire. In other cases, you can sign the loan agreement and provide any additional documents or information the lender requires to complete the financing arrangement. FAQs for Ally
Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. is a top supplier of financing for cars.
What is the credit score you require to be able to refinancing with Ally? Ally does not disclose its minimum credit score requirement. However, you should aim for a good or excellent credit score prior to applying to increase your chances, and even qualify for competitive financing terms.
Does Ally charge penalties for prepayments? Ally doesn't charge fees for early repayments.
How quickly can you get an auto loan with Ally? It is possible to get preapproved within minutes, however it could require several days or weeks to allow the loan to be completely funded. It's dependent on how quickly you're able to send the requested documentation to Ally to be reviewed.
How do you calculate the rates at which Ally is a Bankrate
Overall score
3.8
Availability
3.5
Ally does not provide loan amounts , and it has limitations on vehicles that can be used -- but it serves all states.
Affordability
3.4
There's some room to play with Ally's acceptance requirements, but it does not provide a complete list of its rates and fees.
Customer experience
4.4
A reasonable funding timeline and accessibility via the internet, availability of apps and the option of using autopay can earn you a better score.
Transparency
4.0
Prequalification is possible, however rates and fees are not.
Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 different elements. These variables range from the loan amount, the APR disclosed as well as the acceptance conditions. Each lender holds a score which is determined by four categories. The availability category includes loan amounts, vehicle restrictions and the availability of each state. Affordability: This section covers expected APR, acceptance criteria, discounts for autopay and the amount of fees. Experience with customers: This category includes accessibility to online services, availability of support along with funding timelines, options for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are accounted for.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review are accurate up to the date of the review. Look over the information on the right, and the lender's site for the most recent details.
Written by
Allison Martin
Allison Martin's work started over 10 years ago as a digital content strategist. She's been published in several leading financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the 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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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or when you click on specific links on our site. This compensation could influence the manner, place and in what order items are listed and categories, unless it is prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether the product is available in your region or within your own personal credit score can also impact how and where products appear on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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