Ally auto loans review
This young bank works with dealerships to get you financing.
finder.com’s rating: 3.0 / 5.0
- Best for borrowers looking to finance through a dealership.
- Pick something else if you want to apply directly with a lender.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Ally is a relatively new bank. You can access a free FICO score, and its mobile app allows you to manage your account from your phone. But while it has plenty of modern conveniences, its website still lacks some crucial information like rates and terms.
Most importantly, you can’t apply online. Ally works through dealerships, which means you’re stuck bargaining with a salesperson for rates. And since Ally doesn’t list any specifics on its website, you’ll be in the dark until you’re ready to meet with a financial officer.
First, am I eligible?
Ally doesn’t list any eligibility requirements on its website. However, you will likely need to meet these basic criteria:
- US citizen or permanent resident
- At least 18 years old
For better rates, you will need a low debt-to-income ratio and good to excellent credit.
What types of car loans does Ally offer?
Ally has both loan and lease options, but it doesn’t have any specific information listed on its website. Instead, you’ll need to visit a dealership and set up your financing to know the potential terms you qualify for.
Pros and cons
- Mobile app for easy repayments
- Loan and lease options available
- Free FICO score reports
- Must finance through dealership
- No online application
- Rates and loan terms aren’t transparent
Compare more car loan options
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Ally reviews and complaints
|BBB customer reviews||1.2 out of 5 stars, based on 73 customer reviews|
|BBB customer complaints||231 customer complaints|
|Trustpilot Score||2.9 out of 5 stars, based on 4 customer reviews|
|App Store Score||2.5 out of 5 stars, based on 6 customer reviews|
|Google Play Score||3.9 out of 5 stars, based on 6,717 customer reviews|
|Customer reviews verified as of||19 October 2020|
Ally gets mostly negative reviews on both its Better Business Bureau (BBB) and Trustpilot pages. The only review that mentions its auto loan product as of October 2020 is a 1-star one on its BBB page. The customer complains of automatic payments not being posted to their loan when they are scheduled, and expresses disappointment with the customer service received.
How do I apply?
Ally doesn’t have an online application, but you can find a partner dealership by following these three quick steps:
- Visit Ally’s website and click Find a Dealer under the Auto tab in the menu.
- Allow Ally to use your location or manually enter your address or ZIP code.
- Select a vehicle brand to find a participating dealership and click Get Results.
To finance through Ally, you’ll need to visit the dealership and request Ally as your lender.
What documents do I need to apply?
Ally doesn’t list any specific documents you’ll need to apply for a loan. But when you visit a dealership, make sure you have the following to make the application process easier:
- Proof of insurance
- Proof of employment or income
- Social Security number
- Date of birth
How do repayments work?
Ally gives you three repayment options:
- Online or with its mobile app
- By phone: Call 888-925-2559
- By mail: Payment Processing Center
PO Box 9001951
Louisville, KY 40290-1951
If you can’t make a repayment, check your loan contract. It should state the late fee you’ll be charged.
So remember to reach out before the payment due date. Ally allows some borrowers to skip or extend a payment — in some cases, you may even be able to change your due date.
Ally offers an option to work with dealerships to get you a car loan. But, if you want a lender that’s up front about its terms, read our guide to car loans.
Car loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor