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Ally: 2023 Auto Loan Refinancing Review

2023-01-01 00:00:00

At a glance

Rating: 3.9 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.5 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 4.4 stars out of 5
  • Transparency
    Rating: 4 stars out of 5
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About Ally

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from


  • Funds available in

    Several days to a few weeks

Ally pros and cons 

You could get a deal on auto loan refinancing and lease buyout loans through Ally. Still, its scope of offerings is limited, and there are other drawbacks to consider.


  • Checkmark

    No hard inquiry for prequalification

  • Checkmark

    View real loan terms

  • Checkmark

    Flexible qualification criteria

  • Checkmark

    Co-applicants permitted


  • Close X

    Not available in all 50 states

  • Close X

    Slow funding times

  • Close X

    Limited auto financing options

  • Close X

    Loan terms not published online

Ally is a direct lender that offers a streamlined digital auto financing experience for individuals looking to refinance their current vehicle or buy out their lease. You can apply without affecting your credit score and receive personalized options that fit your needs and budget. Plus, loans are available to select borrowers with credit challenges, and there are no application fees or down payment requirements.

Do you qualify? 

The qualification criteria to be eligible for vehicle financing with Ally includes:

  • Must be a U.S. citizen, permanent resident or resident.
  • Must be at least 18 years old.
  • Have a satisfactory credit score and debt-to-income ratio.
  • Earn at least $2,000 per month.
  • Purchase a noncommercial vehicle that’s less than 10 years old and hasn’t been used as a taxi or police car.
  • Vehicle cannot have unrepaired collision or comprehensive damage or be under more than one lien.
  • For refinancing, existing financing must be at least seven months old.
  • Provide proof of insurance.

What we like and what we don’t like

Here’s what makes Ally worth considering along with some drawbacks to keep in mind. 

What we like

  • Prequalify without a hard credit check: Ally does not perform a hard inquiry when checking your approval odds.
  • View real loan terms: You can view actual monthly payments and APR options if you pre-qualify for financing.
  • Flexible qualification criteria: If you earn at least $2,000 per month, you could get approved for a loan even if you have less than perfect credit.
  • Co-applicant permitted: You can improve your approval odds or get better financing terms by adding a co-applicant with a solid credit history and income to your application.

What we don’t like

  • Not available in all 50 states: Ally is unavailable to customers in the District of Columbia, Nevada and Vermont.
  • Slow funding times: It could take several days to a few weeks to get your loan funded.
  • Limited auto financing options: You can only use Ally to refinance your current loan or buy out a lease. Loans for new and used car purchases aren’t currently offered.
  • Loan terms not published online: Average interest rates and loan terms are not published online. Potential borrowers must pre-qualify to view this information.

How to contact Ally

You can reach Ally by phone, fax or email. Its business hours are Monday through Friday from 7 a.m. to 6 p.m., and Saturday from 9 a.m. to 1 p.m. PT. And while there is a mobile app, online chat is unavailable.

Auto loan types offered 

Ally offers auto loan refinancing and lease buyout loans. 

Auto loan refinancing

Consider refinancing your vehicle through Ally to get a more affordable monthly payment or lower your interest rate. You can also refinance to update the owner’s listed on the title. 

Lease buyout loans

Ally also makes it easy to buy out your leased vehicle. You can get preapproved in minutes without impacting your credit score, and the formal application process is simple. Select customers can also purchase added protections, like GAP insurance and extended warranties, through Ally when buying out their lease. 

How to apply for a loan with Ally

Ally breaks the auto financing process down into three steps. Start by visiting the website and providing some basic information to determine if you prequalify for auto loan refinancing or a lease buyout loan.

If you are a good fit for a loan, evaluate your offers, choose the best option and submit a formal application for approval. You will need to provide the following for Ally to process your loan application:

The lender will send over your loan documents for review if your application is approved. If you have any questions or concerns, you can inquire. Otherwise, you can sign the loan agreement and provide any additional information or documents the lender needs to finalize the financing arrangement.

Ally FAQs 

How Bankrate rates Ally

Overall score 3.9
Availability 3.8 Ally doesn’t provide its loan amounts and has restrictions on acceptable cars — but it serves most states.
Affordability 3.5 There is some leeway in Ally's acceptance criteria, but it doesn’t provide a comprehensive list of its rates and fees.
Customer experience 4.4 A reasonable funding timeline, online access, app availability and the option to use autopay earns a higher score.
Transparency 4 Prequalification is available, but rates and fees are not.


To rate lenders that specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender holds a score based on four categories. 

  • Availability: This accounts for loan amounts, vehicle restrictions and availability in each state.
  • Affordability: Primarily, this section covers expected APR, acceptance criteria, discounts for autopay and the number of fees. 
  • Customer experience: This category includes online access, support availability, funding timeline, option for automatic payment and app availability.
  • Transparency: Here prequalification and disclosure of rates and fees are accounted for.
Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Allison Martin

Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and

Edited by Auto loans editor