Ally auto loan refinancing: 2024 review

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. 

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

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 Bankrate rates Ally

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.