At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Ally
-
Loan amount
Not specified
-
Min. credit score
Not specified
-
APR from
7.54%
-
Funds available in
Several days to a few weeks
Loan amount
Not specified
Min. credit score
Not specified
APR from
7.54%
Funds available in
Several days to a few weeks
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.
No hard inquiry for prequalification
View real loan terms
Flexible qualification criteria
Co-applicants permitted
Not available in all 50 states
Slow funding times
Limited auto financing options
Loan terms not published online
The qualification criteria to be eligible for vehicle financing with Ally includes:
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.
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.
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.
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.