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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.

Not stated

APR

Details

APRNot stated
Interest Rate TypeFixed
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Review by


Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.

Expert review

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

Pros

  • Mobile app for easy repayments
  • Loan and lease options available
  • Free FICO score reports

Cons

  • Must finance through dealership
  • No online application
  • Rates and loan terms aren’t transparent

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Ally reviews and complaints

BBB accredited No
BBB rating B-
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:

  1. Visit Ally’s website and click Find a Dealer under the Auto tab in the menu.
  2. Allow Ally to use your location or manually enter your address or ZIP code.
  3. 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

We rate car loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

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