Ally Auto Refinance (formerly known as Ally Clearlane and General Motors Acceptance Corporation or GMAC) is a direct lender that offers refinancing and lease buyout loans online through a simple application process. Pre-qualified offers are available based on a soft credit check, and a Social Security number is not required for the initial application.
Ally Auto Refinance Overview
Ally Financial Inc. rebranded its online platform, Ally Clearlane, to Ally Auto Refinance in 2023. The platform helps customers save money by refinancing their current vehicle or securing financing for a leased vehicle.
With Ally Auto Refinance, customers can choose a loan that meets their unique needs and receive personalized support every step of the way. The platform’s user-friendly interface and competitive rates make it a top choice for anyone looking to take control of their auto financing.
Ally Auto Refinance Application Requirements
Pre-qualification is available and can be done with a soft credit check. To pre-qualify, borrowers will need to provide their vehicle VIN or license plate number, as well as their address, phone, email, birthdate, employment status, employer name, housing status, and housing payment amount.
A Social Security number is not required until the applicant proceeds with the loan. The entire process can be completed online, including uploading documents.
Approval for the loan is usually immediate, with the remainder typically under 30 minutes. Funding for the loan generally takes two days or more.
To qualify, borrowers must have a minimum credit score of 520 and an annual gross income of at least $24,000.
Types of Ally Auto Loans
Ally offers auto financing to customers throughout the United States. However, they don’t currently serve Nevada, Vermont, or the District of Columbia.
There are three types of car loans available through Ally: personal vehicle financing, auto loan refinancing, and lease buyouts. Find out what to expect for each loan type when working with Ally.
Personal Vehicle Financing
If you’re in the market for a new or used car and are interested in securing financing through Ally, their Dealer Locator tool can help you find the right dealership. By searching for dealerships that have an existing auto finance relationship with Ally, you can rest assured that you’ll have access to competitive financing options and excellent customer service.
Simply enter your location and preferred vehicle make and model, and the tool will provide you with a list of nearby dealerships that meet your criteria. With Ally’s Dealer Locator, finding your dream car has never been easier.
Auto Refinance Loans
Ally Auto Refinance, their customers boast an average monthly savings of $112 when they refinance an existing auto loan.
Refinancing your auto loan can help you save money by replacing your current auto loan with a new one up to $99,000. With auto loan refinancing, you can choose loan terms of up to 60 months. However, if you decide to pay off your loan early, be aware that a prepayment fee may be charged.
Lease Buyout Loans
A lease buyout allows you to purchase the vehicle you’ve leasing rather than turning it in. Again, you can get pre-qualified for this loan type, so you can preview interest rates before getting a hard credit check. Once you review those offers and select one, you can formally apply through your chosen lender. Then, upload some documents and sign your loan agreement to finalize the buyout.
Ally Auto Refinance Fees and Rates
Ally offers fixed APR auto loan refinancing rates ranging from 7.29 to 22.24% APR. Your credit scores significantly influence auto loan rates, just like any other type of loan.
Some lenders, however, use credit scoring models that are more specific to auto loans. FICO, for example, is the most widely used credit scoring model out there. They offer a FICO Auto Score that puts more weight on your previous history of paying back car loans.
This information, paired with your traditional credit score and income, has a considerable bearing on what kind of interest rate you can expect to pay on your next car loan. In addition, since Ally provides a pre-qualification without performing a hard credit pull, it’s easy to determine what kind of APR you can expect through their lender network.
Ally Auto Refinance’s Application Process
You can pre-qualify without entering your Social Security number or impacting your credit report and credit score.
Initially, any information regarding your application is communicated through Ally. Thereafter, you’ll work directly with your new lender, whom you will also make your monthly payment to.
Ally Auto Refinance Reviews
If you’re considering refinancing your current loan, it’s important to do your research and read reviews from other customers to ensure you’re making an informed decision. Ally Auto Refinance has received generally positive reviews from customers, with many praising the platform’s user-friendly interface, competitive rates, and helpful customer support. Customers also appreciate the ability to customize their loan terms to suit their individual needs.
However, some customers have reported issues with the application process, including lengthy wait times and requests for additional documentation. Overall, Ally is a solid option for anyone looking to save money on their auto loan payments, but it’s essential to weigh the pros and cons and read reviews from multiple sources before making a final decision. Ally currently has no rating with the Better Business Bureau (BBB).
Ally’s most significant winning feature is the fact that you can get near-instant quotes on your next car financing product. Another plus is that you can save your application if you don’t finish in one sitting. Then, when you’re ready, you can log back on and start right where you left off at a more convenient time.
Ally also has outstanding customer service that can be reached Monday – Saturday via their 1-800 number or any time via email.
In most states, Ally offers Guaranteed Asset Protection or GAP insurance, which can help cover the cost of the vehicle if it is totaled or stolen. They also offer extended vehicle coverage that can help cover repair costs no longer covered by a factory warranty.
Ally auto refinancing is backed by one of the nation’s largest online banks. That gives it some automatic clout because they have the size and technological capabilities to make the car loan process as easy as possible. You can shop for vehicles in your area and also get instantly connected to lenders who cater to your exact borrower profile.
Whether you have bad credit or excellent credit, you can likely find the auto loan you’re looking for with Ally’s financial partner network. Plus, it’s a risk-free way to compare offers regardless of what stage of the buying process you’re in right now.
Check out our other auto loan reviews below to continue exploring your options.