Ally auto loans review

First, am I eligible?

Ally’s auto loans are through its dealership partners, so eligibility requirements aren’t listed on its website because they vary. However, we were able to get the basic eligibility criteria:

• US citizen or permanent resident
• At least 18 years old
• 520 minimum FICO credit score
• Minimum vehicle finance amount: $7,500
• Maximum vehicle finance amount: $99,999

What types of car loans does Ally offer?

Loan details and rates aren’t listed on the site, but Ally reports that its auto loan rates range from 7.29% to 22.24% APR as of December 2022.

Auto options with Ally include:

• New and used vehicle financing
• Refinancing
• Commercial vehicle financing
• Vehicle leasing
• Lease buyouts

For refinancing options, you can only refinance your vehicle with Ally if your current auto loan is with another lender and isn’t financed in Nevada, Vermont or the District of Columbia.

Pros and cons

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PenFed Auto Loans			Varies	Starting at 5.19%	3 to 7 years	Active membership with PenFed	One of the largest national credit unions in the U.S., it offers new and used auto financing with transparent low rates.	Go to site More Info	Compare	loading Fetching your data...
CarGurus			Varies	Varies depending on the lender	3 to 6 years	Varies depending on the lender	Go to site	Compare	loading Fetching your data...
Carvana			No minimum credit score	3.9% to 27.9%	1 to 6 years	18+ years old, annual income of $4,000+, no active bankruptcies	Get pre-qualified for used car financing and receive competitive, personalized rates.	Go to site More Info	Compare	loading Fetching your data...

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Ally reviews and complaints

Over the years, Ally’s BBB rating has improved and it has no alerts on its profile, but most reviews across all platforms are pretty negative.

Many of the reviews cite long waiting times for customer service, largely due to the fact that Ally has no physical branch locations. And many customers state that Ally’s customer service is poor.

But there isn’t much insight into how Ally handles its auto loans, as most of the reviews discuss checking accounts, app functionality and customer service.

How do I apply?

Ally doesn’t have an online application. To finance through Ally, you’ll need to visit the dealership and request Ally as your lender.

To start the process of getting an Ally personal auto loan, follow these steps:

1. Visit Ally’s website and select Auto from the main navigational bar, then select Personal under the header Vehicle Financing.
2. Select Find a Dealer and 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.

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:

• Valid driver’s license or valid government-issued ID
• 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 upfront about its terms, read our guide to car loans.

Ally auto loans is not currently available on Finder

Have you considered PenFed Auto Loans?

One of the largest national credit unions in the U.S., it offers new and used auto financing with transparent low rates.

• Low starting rates
• Car-buying service
• Reduced payments
• Extended warranty available
• Potential hardship relief

Learn more

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