At a glance

- Availability
- Affordability
- Customer Experience
- Transparency
About Ally
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Loan amount
Not specified
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Min. credit score
Not specified
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APR from
Not specified
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Funds available in
Several days to a few weeks
Loan amount
Not specified
Min. credit score
Not specified
APR from
Not specified
Funds available in
Several days to a few weeks
Because Ally is online only, the refinancing application process is quick and simple. The company offers a prequalification process with a soft credit check process that doesn't affect a borrower's credit score. Ally offers competitive rates that are available fast, though the terms are somewhat limited and you won't find much for discount opportunities.
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
Co-applicants permitted
Not available in all 50 states
Slow funding times
Loan terms not published online
The qualification criteria to be eligible for vehicle financing with Ally includes:
RefiJet, like Ally, specializes in refinancing automobile loans. RefiJet doesn't have the same backing as Ally, which is part of Ally Financial Inc. Instead, RefiJet is privately owned and operated out of Colorado. It also is not a direct lender, but instead is a lending aggregator that works with a number of lenders to find the best fit for you. Unlike Ally, RefiJet shares that its minimum rate is 5.24%.
Like Ally, Tresl offers an online application process that provides a quick turnaround on getting loan offers. Unlike Ally, Tresl is a loan aggregator that works with a number of loan providers to compare rates and allow the borrower to find the best available terms. Because Tresl is a loan aggregator, though, it cannot guarantee any loan terms. Tresl offers prequalification, much like Ally, but it has limited loan products and does collect lender fees depending on the lender that you end up choosing.
Here’s what makes Ally worth considering along with some drawbacks to keep in mind.
You can reach Ally by phone, fax or email. Its business hours are Monday through Friday from 8 a.m. to 11 p.m., and Saturday from 9 a.m. to 7 p.m. ET. Online chat is available on the Ally website.
Ally offers auto loan refinancing and lease buyout loans.
Consider refinancing your vehicle through Ally to see if you qualify for a more affordable monthly payment or lower your interest rate. But you won't be able to see if lower rates are available until you prequalify. You can also refinance to update the owner’s listed on the title to update or remove a co-signer.
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 earn at least $2,000 per month, you could get approved for a loan even if you have less than-perfect credit.
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. Average interest rates and loan terms are not published online. Potential borrowers must prequalify to view this information. Unlike Ally, most direct lenders share at least some of this information upfront online. 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 offers prequalification for borrowers that provides loan details by collecting some information in advance but without requiring a hard credit pull. This means prequalification is provided without affecting a borrower’s credit score.
Ally also offers financial hardship protections that allow borrowers to lower their monthly payment while extending the length of their loan. During extension periods, Ally will not charge additional late fees to borrowers.
Ally Auto does not charge a prepayment penalty, nor does it charge a loan origination fee. Late fees may apply depending on the state that you live in and the requirements of that state.
Overall score | 3.9 | |
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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.
Editorial disclosure: All reviews are prepared by Bankrate.com 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.