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Ally Auto Refinance

Business concept meaning REFINANCE CAR with inscription on the piece of paper.

What You Need To Know About Ally Auto Refinance Services

Ally auto refinance services let you refinance your car loan or buy out the lease on your vehicle with an easy-to-use system in its entirely online process. A convenient online service can be a handy option for drivers who need refinancing, but it’s not always easy to know which company offers the best options. Learn everything you need to know about Ally auto refinance services and discover whether they best suit your needs.

How Refinancing Works

Auto refinancing with Ally is simple, as it essentially requires only three steps. First, you fill in your information to see if you pre-qualify for refinancing. Second, you choose an offer and apply for approval. Third, you sign the approved agreement and provide the additional necessary information.

The information you need to provide includes data like your vehicle’s VIN and plate number in addition to the year, make, and model. You may even get pre-qualified without having to input your VIN and plate number. You’ll also have to provide your car’s current mileage and the approximate amount you wish to borrow to see if you get pre-qualified. In order to process your full application, however, Ally will need additional information, such as your Social Security number, email address, phone number, and several employment details, including recent pay stubs for verification.

Keep in mind that Ally allows you to see monthly payment options and APR without requiring a Social Security number and without pulling your credit and lowering your score. Your Social Security number is only necessary for choosing and applying for a specific loan deal and is not required for the pre-qualification process. This is all done through Ally’s Clearlane system, which can determine if you pre-qualify for refinancing within minutes after submitting your initial information. Average total interest savings with Ally refinancing is $3,320, with average monthly payment savings of $119.

Eligibility for refinancing with Ally depends on several factors, but it’s fairly straightforward. You must be a citizen of the United States or a permanent resident. You have to be at least 18 and be able to provide proof of insurance. The vehicle you’re seeking to refinance must not be a commercial vehicle, and it can’t have a history of use as a taxi or police car. It also can’t be older than 10 years. Finally, you must have a satisfactory credit score and debt-to-income ratio in addition to earning at least $2,000 a month.

Benefits of Ally Auto Refinancing

Refinancing with Ally comes with quite a few benefits you may be interested in. One of the most substantial is that you don’t need a hard credit check to see if you pre-qualify for refinancing. Pulling credit for something like refinancing typically lowers your credit score, but that’s not a concern with Ally’s process. No hard inquiry takes place for pre-qualification.

If you pre-qualify, you can browse a wide variety of offers that are expressed in terms of real numbers. That means clear-cut monthly payments and APR options that you can directly compare rather than general promises and vague estimates. Plus, the eligibility requirements make it possible to get approved for a loan even if you have bad credit, as long as you make at least $2,000 a month.

If you have bad credit or just want better financing terms, Ally also allows you to apply along with someone else. Adding a co-applicant with a solid credit history and income can often drastically improve the terms you can get on your loan. The entire process is handled digitally, so you and your co-applicant don’t have to travel anywhere.

The diversity of loan coverage is quite impressive. The minimum loan amount that Ally will work with is $5,000, but they can refinance loans as high as $100,000. Borrowers with less-than-perfect credit are welcome to apply, as Ally works with credit scores as low as 520 and offers hardship plans that let borrowers opt for bi-weekly payments. As an added bonus, an autopay option is available and requires no extra fees.

Downsides of Ally Auto Refinancing

You’ll find a few downsides to Ally that may not make refinancing the best option for some situations. If you live in DC, Nevada, or Vermont, for example, it’s not an option at all, as Ally’s services are unavailable in those areas. Additionally, getting your loan funded typically takes several days and, in some cases, can take up to a few weeks.

The options available at Ally are relatively limited. There are only two real options available: refinancing your current loan or buying out your lease. If you need to get a loan for purchasing a new or used car, you’ll have to look elsewhere. The loan terms are also not available to browse before you actually start the process. Applicants must pre-qualify before Ally’s rates and terms are visible.

If you’re interested in a short-term loan, you likely won’t find it here. The current minimum loan term is 36 months, and the interest rates tend to start around 3.74%, which is higher than the industry average of 2.5%. Additionally, cash-out refinancing is unavailable with Ally.

Who Clearlane Is For?

Overall, Ally auto refinance services have a lot to offer people looking for online refinancing, including those with low credit. Just keep in mind that the amount of time it usually takes to process may not be suitable for some situations, especially when same-day refinancing is available elsewhere.

Pre-qualifying is easy, however, and only takes a few minutes. This makes Ally’s Clearlane system a great way to gather valuable insight into loan options without having to do a hard credit check. With that being the case, there’s no risk in checking to see what’s available. All the loan options are made available for viewing after you pre-qualify, but you don’t have to actually decide on any of them until you feel comfortable with the terms. The personalized service makes the process so easy that it can be handled entirely from your phone.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.


About the Author

FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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