Auto Approve and Ally promise the convenience of refinancing your auto loan online. Neither lender has any physical branch locations. Instead, both offer refinancing and lease buyout products for those comfortable navigating financing on the web.

However, while Ally is a direct lender, Auto Approve is a loan marketplace that matches you with its partner lenders. Consider Auto Approve for customized support and Ally if you have imperfect credit.

Auto Approve vs. Ally at a glance

Auto Approve Ally
Bankrate score 3.9/5 4.0/5
Better for 
  • Vehicle add-ons
  • Fair credit
  • Applying with co-applicant
  • Viewing expected payments
Loans offered Refinancing, lease buyout Refinancing, lease buyout
Loan amounts $10,000–$150,000 Not specified
APRs 5.24%-24.99% Not specified
Loan term lengths 12–84 months 36-75 months
Fees Varies by lender Not specified
Minimum credit score 620 Not specified
State footprint 50 states 48 states
Time to funding Varies by lender Several days to a few weeks
Autopay discount? Varies by lender No
Refinancing restrictions
  • Varies by lender
  • Heavy equipment and commercial vehicles excluded
  • Existing loan must be at least seven months old
  • Noncommercial vehicle that is less than 10 years old and hasn’t been used as a taxi or police car

Auto Approve
Best for borrowers with fair credit

Auto Approve

Rating: 3.9 stars out of 5
Learn more in our Bankrate review
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    • Applying with a co-borrower: Applying with a co-borrower with strong credit can dramatically benefit your terms and rates.
    • Long shopping window: Your available rate will be locked in for 30 days, giving you time to apply with other lenders and ensure you find the best rate possible.
    • Deferred payment availability: The lender offers qualified borrowers a 90-day payment deferment option. This gives your wallet a break — but interest may continue to accumulate during this period.
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    • No list of lenders available: You will only have access to the lenders that you are matched with.
    • Potential fees: Auto Approve doesn’t charge a fee for its services. But its partner lenders may charge varying fees.
    • Phone communication: By submitting an application, you consent to communication via phone or text from company representatives.

Best for viewing expected payments


Rating: 4 stars out of 5
Learn more in our Bankrate review
  • Green circle with a checkmark inside


    • Automatic payments: Signing off on autopay will help you keep up with payments and ensure you stay on track.
    • Co-borrowers accepted: Like Auto Approve, Ally allows you to apply with a co-borrower to potentially improve your chance of approval.
    • Prequalification: Borrowers can prequalify for their loan and preview rates without a hard credit pull. This is especially useful because Ally doesn’t post possible rate ranges online.
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    • Not available in all states: Unlike the nationwide coverage Auto Approve offers, Ally does not offer lease buyout in 12 states and Washington, D.C. And it doesn’t offer refinancing in Nevada, Vermont or Washington, D.C.
    • Minimal information: Ally does not present potential fees, rates or loan amounts on its site.
    • Slow funding timeline: Funding can take up to a few weeks to become available. This could be challenging for a borrower in financial hardship.

How to choose between Auto Approve and Ally

When Auto Approve and Ally, there are more similarities than differences. Both come with the perk of applying online and have the same products. The application process is fairly straightforward for both.

Choose Auto Approve for customized support

Securing a lower interest rate through refinancing may save you money on your monthly payment.

Auto Approve matches its borrowers directly with a consultant who will present you with available loans, explain options and provide advice on what you qualify for. The lender will then work with the DMV to transfer the title from your old lender to your new one. Minimum rates are lower than industry averages, though remember this lowest rate will likely only be available to those with excellent credit.

If you are unsure what terms would better suit your monthly budget, Auto Approve’s customized support may provide insight.

Choose Ally if you have lower income

Ally does not disclose a minimum credit score but provides other eligibility criteria. Borrowers must earn at least $2,000 per month, be 18 years of age and have a satisfactory credit score and debt-to-income ratio.

Ally also has a generous financial hardship program that allows borrowers to extend their loans and thus lower the monthly payment. However, you’ll pay more interest over time).

Compare more lenders before applying

Auto Approve is suited for those who require additional support, and Ally can be great if you want to work with a direct lender. Brush up on how to get the best deal and compare multiple loan options before signing off. Neither of these lenders offers the lowest rates on the market, so if your credit score is good to excellent, you may save the most with another option.