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Refinance Review Ally Financial 2024

Find out if you're getting ripped off on your car insurance in less than two minutes.
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Refinance Review Ally Financial 2024

Find out if you're getting ripped off on your car insurance in less than two minutes.
No long forms · No spam · No rush
Jerry, Inc.

Ally Financial Auto Loans Review 2021

Jerry can help you find savings on your car payment (and your insurance) by comparing providers for you

That’s more time for you, and money in your pocket.

Calculate your APR

Here’s a handy tool to help you calculate your approximate loan interest rate:
Average Annual Interest RateAverage Monthly Payment
8.45$362

Ally Financial auto loans overview

Ally Financial offers loans for new and used cars through participating dealerships. In other words, you can’t apply for a loan directly with Ally Financial. General Motors is one of their biggest partners.
Here’s everything you need to know about Ally Financial auto loans:
  • Starting APR: Not available
  • Minimum loan amount: $1,000
  • Maximum loan amount: $300,000
  • Loan terms: Maximum 84 months
  • Application fee: No
  • Prepayment penalty: No
  • Prequalification or preapproval: No
  • How to apply: Through the dealership
Ally Financial auto loan prosAlly Financial auto loan cons
Multiple loan optionsPoor customer reviews
Financing for specialty vehicles available on certain loansUnable to get financing directly from the bank
Fixed APRsLoans unavailable for vehicles over 10 model years old
No penalties for mileage or wear and tearNo principal-only payments
Lower monthly payments as your loan term progressesYou can only buy a car from a dealership that partners with Ally Financial
Buyer’s Choice programNo pre-qualification
Ability to add car mobility modification costs into your loan programNo live customer support

What kind of auto loans does Ally Financial offer?

Loan types

TypeDetails
New carMust be purchased from a dealer
Used carMust be purchased from a dealer
LeasingShortened financing terms
Specialty vehicle financingVehicles with wheelchair lifts or other accessibility modifications
Business vehicle financingIncludes heavy-duty trucks

How much do they cost?

Interest rate information will only be available when you apply for an Ally Financial loan through a dealer, but average rates for Ally customers are about 7.50%.
APRs may start as low as 0% if your purchase qualifies for your manufacturer’s financing promotion.

Getting a quote

Application requirements

To apply for an Ally Financial auto loan, you’ll need to provide a dealer with:
  • Your address
  • Social Security number
  • Annual gross income
  • Contact information for your current employer
  • Requested loan amount
  • Request loan term

Restrictions

Ally Financial does not offer loans for:
  • RVs
  • Motorcycles
  • Powersport vehicles
  • Used or certified pre-owned vehicles over 10 years old
  • Used or certified pre-owned vehicles with more than 120,000 miles

Refinancing your Ally Financial loan

You can apply to refinance a loan through Clearlane, a subsidiary of Ally Financial. Clearlane also allows you to apply directly for loans and lease buyouts—unlike Ally Financial, which requires you to apply through a dealer.

What if Ally Financial isn’t the right choice for you?

Ally Financial’s loan terms will vary depending on factors like your credit score, debt-to-income ratio, size of down payment, and employment. To ensure you’re getting the best terms on your new loan, you’ll want to shop around.
Jerry is the super app that helps you save on all your car-related expenses, including auto loan refinancing. It can help you quickly compare rates and find the best deal.
Here are average rates from some of the most popular lenders:
LenderStarting APRTerms (months)Loan amount
Bank of America2.59%48–72$7,500+
Lightstream2.49%24–84$5,000–$100,000
myAutoLoan2.49%24–72$8,000+
Carvana3.9%36–72$1,000–$85,000
Capital One3.99%36–72$4,000–$50,000

FAQ

How do you apply for an Ally Financial auto loan?

You can apply for an Ally Financial auto loan through the dealership when you go to purchase a new or used vehicle.

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