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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 prior to that as a digital content strategist, and she’s since been featured in numerous prestigious 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 writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise 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 that provide objective and unique content. This allows you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this website come from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that may be open to you.
About our reviews Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are only the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate as of the date of the review. Check the data on the right, and the lender’s website to find the most recent information.
A glance 3.8 rating: 3.8 stars out of five
Bankrate Score
Rating of Availability: 3.5 stars out of 5
Affordability Rating: 3.4 stars out of 5
Customers Experience Score: 4.4 5 stars from 5
Transparency Rating: 4 stars out of 5
Find out about 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 Pros and Cons might be able to get a discount for auto loan refinancing and leasing buyout loans via Ally. However, the range of services is limited as are the other drawbacks to think about.
PROS No hard inquiry for prequalification
See the real loan conditions
Flexible qualification criteria
Co-applicants are permitted
CONS Not available in all 50 states
Slow funding times
Options for auto financing with limited limits
Loan terms not published online
Ally is a direct lender that offers a simple and efficient online auto financing service for those seeking to refinance their car or purchase a new lease. You can apply for financing without affecting your credit score and receive customized options that meet your budget and needs. Additionally, loans are available to certain borrowers who have credit problems and there aren’t charges for application or down payment requirements.
Do you qualify? The criteria for being qualified for financing on a vehicle with Ally includes: Must be a U.S. citizen, permanent resident or permanent resident. Must be at minimum 18 . Have a satisfactory credit score and debt-to-income ratio. Earn at least $2000 per month. Buy a noncommercial car that’s less than 10 years old, and isn’t being employed as a taxi or police vehicle. The vehicle must not have an extensive or unrepaired damage from a collision or have several lien. Refinancing is possible, but existing finance must be least seven months older. You must provide evidence of insurance. What do we like about it and what don’t like . Here’s what is what makes Ally worth looking into as well as some disadvantages to keep in your mind.
What we like Prequalify without a credit check: Ally does not perform an investigation to determine your approval odds. Check out the 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 an loan even in the event that you don’t have perfect credit. Co-applicants are permitted: You could improve your approval odds or get better financing terms when you add a third party with an excellent credit score with a steady income. We don’t like not being accessible in every state: Ally is unavailable to customers who reside in Vermont, the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days or even weeks to receive your loan paid. Limits on auto financing options: You can only use Ally to refinance your current loan or to buy out a lease. The loans for used and new cars aren’t available at the moment. Loan terms not published online The average interest rate and loan conditions aren’t published on the internet. Prospective borrowers must be pre-qualified to access this information. Contact Ally It is possible to contact Ally via fax, phone or email. Its hours of operation are Monday through Friday from 7 a.m. to 6 p.m. on Saturdays between 9 a.m. to 1 p.m. PT. There is also a mobile app however, chat on the internet is not available.
Auto loan kinds available Ally provides auto loan refinancing and lease purchase loans.
Auto loan refinancing
Loan quick facts Amounts Not specifically stated Terms: 36- 75 % APR for 75 Months: Not specified
< class="Accordion-title mr-2 md:flex-1 my-0"> On this page , you can think about refinancing your car through Ally to get a more affordable monthly payment or to 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 be preapproved in minutes, without affecting your credit score The official application procedure is straightforward. Select customers can also purchase added protections, like GAP assurance and warranties with extended duration through Ally when they buy out their lease. How do you apply for an loan with Ally Ally breaks the auto financing process down to three stages. Start by visiting the website and providing basic details to determine if you prequalify in the field of auto loan refinancing or a lease buyout loan. If you’re a good match for a loan, evaluate your offers and select the most suitable option and then submit a formal application for approval. The information you provide to Ally will be the following information to Ally to approve an application for a loan application:
Information required for application License number of the driver (including expiration and issue dates) Personal contact information Social Security number Proof of employment Insurance proof Present lender and loan information (if applicable)
The lender will send over your loan documents to be reviewed if your application is approved. In case you’ve got any questions or concerns you may contact us. In other cases, you can sign your loan agreement and provide any additional documents or information 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. is a top provider of automotive 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 aim to have a great or excellent credit score prior to submitting an application to improve your odds of approval and perhaps qualify for better financing terms.
Does Ally charge prepayment penalties? Ally does not charge fees for early repayments.
How fast can you obtain an auto loan from Ally? You could get preapproved in just a few minutes, but it might take several days or weeks to allow your loan to be completely funded. It’s contingent on how fast you can send documents requested to Ally to review.
How Bankrate rates Ally
Overall score
3.8
Availability
3.5
Ally doesn’t provide its loan amounts , and it has limitations on acceptable cars however it does serve the majority of states.
Affordability
3.4
There’s some flexibility in the acceptance criteria of Ally, however it’s not able to provide a comprehensive list of charges and rates.
Customer experience
4.4
A reasonable timeframe for funding and accessibility via the internet, availability of apps and the option of using autopay will earn you a higher score.
Transparency
4.0
Prequalification is possible, however the rates and charges are not available.
Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 various factors. These factors range in consideration from the loan amount, APR that is disclosed and acceptance criteria. Each lender holds a score based on four categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and availability in each state. Affordability: The primary focus of this section covers expected APR, acceptance criteria autopay discounts, and the amount of charges. Customer experience: This category includes online access, support availability and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are taken into account.
Disclaimer The reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate up to the date when the review first appeared. Review the information on the right, and the lender’s website to find the most recent details.
Written by
Allison Martin
Allison Martin’s work began over 10 years prior to that as a digital content strategist, and she’s since been featured in a variety of top 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 late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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