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 

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. 

How to get an Ally auto loan 

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

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.