Ally Business Auto Loan Review Review! Loan amounts $5,000 and up!
Ally Bank auto loans work a little differently than most other banks.
If you want to refinance an auto loan from another lender, Ally Bank can help. You can prequalify for refinancing online and see a preview of your Ally auto loan rates. But if you want to take out a loan for a new or used vehicle, you’ll need to visit a dealership that offers Ally Bank loans. Here are a few things to know about getting an auto loan with Ally Bank:
You must visit a dealer for most loans: Unless you’re refinancing your car loan, you’ll have to visit a dealer to apply for an Ally Bank auto loan.
Scores as low as 520 can qualify for loans: You can get approved for an Ally loan for a new or used vehicle at a dealership with FICO scores as low as 520.
There are no loans for private purchases: Ally Bank doesn’t offer auto loans for purchases made through private parties.
Terms vary by loan type: The minimum loan amount and the length of repayment on your loan will depend on the type of loan you want from Ally.
Best for refinancing: You may have trouble finding a dealer who offers Ally Bank auto loans for car buying, but you can get prequalified and apply for an Ally Bank refinance loan online.
Ally Bank pros and cons
Ally Bank auto loans are available to borrowers with low credit scores, but unless you want a refinance loan, you’ll have to visit a dealership to apply.
Pros Cons
Prequalification is available for refinancing loans
Credit scores as low as 520 are accepted for some loans
Joint applications are allowed
Unless you're refinancing, you must visit a dealer to apply
Requirements vary by dealer and loan type
APR range is not disclosed
Finding an Ally Bank loan to buy a car can be difficult. While the bank’s credit score requirement is low, you’ll have to locate a dealership in your area that offers Ally loans, and then visit the dealer to apply in person. On top of the inconvenience, you may have to pay dealer fees for the financing.
Ally Bank can be a better choice if you’re looking to refinance. While the bank doesn’t disclose their interest rates up front, you can prequalify for an auto refinance loan online and decide if the terms are right for you.
A closer look at Ally Bank auto loans
Ally is an online bank that offers loans for new and used vehicles, leasing and refinancing, plus auto insurance policies.
The process of getting an Ally Bank auto loan is a little different from applying for a car loan with other banks. To apply, you’ll have to visit a dealership that offers Ally financing. You can, however, get a refinance loan by applying directly through Ally’s website.
Whatever type of financing you choose, one upside is that you won’t have to pay application or document fees to the bank. At the same time, Ally doesn’t disclose interest rates, so there’s a chance the APR could be high.
Additionally, Ally Bank customers don’t seem very satisfied. The bank has 1.06 out of 5 stars with the Better Business Bureau (BBB) and 1.2 out of 5 stars on TrustPilot, with many customers mentioning trouble making payments and problems with customer service.
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