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
Ally auto loan refinancing: 2024 review
Published 2024-01-01 13:59:00
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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 experience
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.
What people 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.
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.
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 get an Ally auto loan
Ally breaks the auto financing process down into three steps:
- 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.
- 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 | |
|---|---|---|
| Availability | 4 | 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. |
Methodology
Bankrate's trusted augo loans industry expertise
57
years in business
37
lenders reviewed
18
loan features weighed
666
data points collected
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.