reviews

Ally auto loan refinancing: 2025 review

Written by
Allison Martin
Edited by
Rebecca Betterton
Updated on January 8, 2025

At a glance

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with Bankrate
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4.2
Bankrate Score
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Availability
4.3
Affordability
4.3
Customer Experience
4.2
Transparency
4.0

About Bankrate Score

Full methodology

Bankrate’s take

As an online-only service, Ally offers a streamlined service that allows borrowers to refinance their existing loans or purchase a new vehicle. It features a range of payment options — including paying by text — that set it apart from similar lenders.

Lender Details

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Loan amount

Not specified

Rates Icon

APR from

5.49%-23.49%

Credit Good Icon

Min Credit Score

520

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Funds available in

Several days to a few weeks

Ally is best for prequalifying before refinancing 

Because Ally is online only, the refinancing application process is quick and simple. The company offers prequalification with a soft credit check that doesn't affect a borrower's credit score. Ally’s rate previews are available fast, though the terms are somewhat limited, and you won't find many discount opportunities. 

Types of car loans that Ally offers 

Ally Bank offers financing options for refinancing, buying out a lease or purchasing a new or used car.

Refinance auto loans Lease buyout loans Vehicle purchase auto loans
APR Not specified Not specified Not specified
Loan amounts Not specified Not specified Not specified
Loan terms 36-75 months 36-75 months 24-75 months

Refinance auto 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 Ally auto loan rates are available until you prequalify. You can also refinance to update the owners listed on the title or remove a co-signer. 

Lease buyout

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.  

Vehicle purchase 

Ally offers vehicle loans to purchase personal or business vehicles. There are a wide variety of payment options, such as auto pay, one-time payments, Ally’s bill pay feature and even paying by text. You can also get specialty vehicle financing for accessibility vehicles. For leasing, Ally advertises SmartLease, which offers shortened financing terms to help you get a new car faster.    

 

Where Ally stands out 

  • 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 prequalify for financing.
  • 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.

Where Ally falls short  

  • Limited coverage: Ally auto financing is not available in all 50 states. Ally is unavailable to customers in the District of Columbia, Nevada and Vermont.
  • Slow funding timeline: Funding your loan could take several days to a few weeks. The website states that refinancing takes a few days, typically. However, it could take longer based on how long it takes Ally to get the information and verify the payoff quote.
  • Loan details not published online: Average interest rates are not published online. Potential borrowers must prequalify to view this information.

Ally customer resources

Unless you plan to go into an Ally branch location, you will handle the application and management directly on the site. While the app and site are easy to use, it is wise to compare other auto loan rates.

Customer support 

You can reach Ally by phone at 888-925-2559 or by 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. 

Digital experience 

The Ally website is forthcoming about how to contact them, listing the phone number and hours at the top. You can prequalify right through the site, and Ally will connect you with loan offers. However, the lender does not specify much information, like minimum credit scores, loan amounts, or APR, on its website.     

How this lender compares

Ally vs. RefiJet 

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.  

Ally vs. Tresl 

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, but it has limited loan products and collects lender fees depending on who you end up choosing. 

Read a full comparison of Tresl vs. Ally

Do you qualify for an Ally auto loan? 

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.
  • Earn at least $2,000 per month.
  • For refinancing, purchase a noncommercial vehicle that hasn’t been used as a delivery, rideshare, 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.

How to apply for an auto loan with Ally

Ally breaks the auto financing process down into three steps: 

  1. Get a quote: 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 may gain approval for a loan even if you have less-than-perfect credit. 
  2. Submit application: 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:

3. Finalize loan: At this point, 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. 

How Bankrate rates Ally

Overall score 4.0
Availability 4.0 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 4.0 Prequalification is available, but rates and fees are not.

Methodology

Bankrate's trusted auto loans industry expertise

Read our full methodology

48

years in business

26

lenders reviewed

20

loan features weighed

520

data points collected

The Bankrate team uses a 20-point system to evaluate auto loan lenders across four main 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.

What customers think

What people across the web are saying about Ally

Ally holds a 1.2 out of 5 review on Trustpilot. Most reviews are for other banking services, like credit cards or online banking, however. Reviews related to auto products stated difficulty paying and frustration in reaching customer support. 

One customer had this, in part, to say: 

“The customer service sucks. Rude reps. I got hung up on twice. Took 15 min to get through to a person to ask a simple question. I'm unsatisfied with service but evidently no one cares and theres no recourse. So I decided to close my account and move my loan to another bank, but they would not email me a vehicle payoff.” 

— Trustpilot user

Another borrower was struggling to make their final loan payments: 

“I am trying to submit the last payment for my auto loan. I have been paying without a problem for 4 years, and not when it is the last one, I cannot access to my account. I would like to chat with customer service, and it require to log in, but even thought I am using the same information, it cannot allow me to log in.”

— Trustpilot user

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Community Ally scores

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AUTO LOAN

Ally

Dive into community reviews below and see what others think about Ally.

4.5 Star Icon
24 ratings
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Score breakdown
5 stars
63%
4 stars
29%
3 stars
8%
2 stars
0%
1 star
0%
Score by category
Overall rating 4.5 / 5
Fees & closing costs 3.3 / 5
Funding time 4.3 / 5
Customer service 4 / 5
Application process 4.4 / 5
Online portal or mobile app 4 / 5
Verified Badge Icon

In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about Ally.
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Describe why you selected this lender
Car company recommended it
Loan purpose
New car loan
Score by category
Fees & closing costs 5 / 5
Funding time 5 / 5
Online portal or mobile app NA / 5
Customer service 5 / 5
Application process 5 / 5
Describe your experience with the application process
We really didn't have to do much, our dealership took care of most of it and we just signed everything. Ally always made it clear how much we owed and how much our payment was going towards interest or principal. The app was easy to use and understand.
Loan purpose
Used car loan
Score by category
Fees & closing costs 4 / 5
Funding time 5 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Application process 4 / 5
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