Ally Financial Auto Loans Review 2021
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Calculate your APR
Here’s a handy tool to help you calculate your approximate loan interest rate:
Average Annual Interest Rate | Average Monthly Payment |
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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 pros | Ally Financial auto loan cons |
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Multiple loan options | Poor customer reviews |
Financing for specialty vehicles available on certain loans | Unable to get financing directly from the bank |
Fixed APRs | Loans unavailable for vehicles over 10 model years old |
No penalties for mileage or wear and tear | No principal-only payments |
Lower monthly payments as your loan term progresses | You can only buy a car from a dealership that partners with Ally Financial |
Buyer’s Choice program | No pre-qualification |
Ability to add car mobility modification costs into your loan program | No live customer support |
What kind of auto loans does Ally Financial offer?
Loan types
Type | Details |
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New car | Must be purchased from a dealer |
Used car | Must be purchased from a dealer |
Leasing | Shortened financing terms |
Specialty vehicle financing | Vehicles with wheelchair lifts or other accessibility modifications |
Business vehicle financing | Includes 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:
Lender | Starting APR | Terms (months) | Loan amount |
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Bank of America | 2.59% | 48–72 | $7,500+ |
Lightstream | 2.49% | 24–84 | $5,000–$100,000 |
myAutoLoan | 2.49% | 24–72 | $8,000+ |
Carvana | 3.9% | 36–72 | $1,000–$85,000 |
Capital One | 3.99% | 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.