Ally Auto Refinance and Lease Buyout Loans: 2024 Review

Ally Auto Refinance offers pre-qualified rate estimates for auto refinance and lease buyout loans.
Funto Omojola
Last updated on May 21, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

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Auto loan reviews

Auto loan refinancing
The Nerdy headline:

Best for borrowers who want an easy online application process and the ability to see pre-qualified offers without affecting their credit scores.

Auto loan refinancing review

Ally - Refinance loan

NerdWallet rating
Est. APR
Loan amount
$7,500 - $99,999
Min. credit score
on Ally's website


  • Offers pre-qualification with a soft credit check.

  • Application process 100% online including document upload.

  • Social Security number not required to see pre-qualified offers.

  • Borrowers can choose loan payment due date.


  • No rate discount offered.

  • Has vehicle restrictions.

  • Not available in all states.

Best for borrowers wanting an easy online application process and the ability to see pre-qualified offers without affecting their credit scores.

Compare auto loans lenders
Est. APR
Loan amount
Min. credit score
Visit Lenderon RefiJet's website
on RefiJet's website
5.29- 21.99%
$5,000- $150,000
4.99- 17.99%
$3,000- $250,000
Visit Lenderon Gravity Lending's website
on Gravity Lending's website
5.24- 29.90%
$5,000- $100,000
5.99- 28.55%
$10,000- $125,000
5.24- 24.55%
$10,000- $150,000
Visit Lenderon Auto Approve's website
on Auto Approve's website
View more

Auto lease buyout loan review

Ally - Lease buyout loan

NerdWallet rating
Est. APR
Loan amount
$7,500 - $99,999
Min. credit score
on Ally's website


  • Offers pre-qualification with a soft credit check.

  • Application process 100% online including document upload.

  • Application automatically pre-fills vehicle information for existing Ally lease.

  • Social Security number not required to see pre-qualified offers.


  • No rate discounts.

  • Has vehicle restrictions.

  • Not available in all states.

Best for lessees wanting an easy online process to finance the purchase of their leased car, whether the current lease is with Ally or another lender.

Full Review of Ally Auto Refinance

Ally Auto Refinance, part of Ally Financial Inc., is a direct lender that offers refinancing and lease buyout loans.

Ally is an online bank and therefore doesn't have any physical locations. Applicants can apply for a loan by phone or through an easy application process that’s 100% online. Applicants are able to receive pre-qualified offers based on a soft credit check, which won’t affect their credit scores. Unlike some lenders, Ally does not require a Social Security number with the initial application.

Table of contents

Ally Auto Refinance at a glance

Minimum credit score


Minimum credit history


Minimum annual gross income


Maximum debt-to-income ratio

Did not disclose.

Maximum loan-to-value ratio


Loan terms

36-72 months.

Co-applicants allowed?

Co-borrowers are allowed. Does not allow co-signers.

Pre-qualification or preapproval offered?

Offers pre-qualification with a soft credit check. Does not offer preapproval with a hard credit check.

Origination/processing fee?


Rate discount offered?

No rate discount offered.

States covered

Refinance loans are not available in NV, VT and DC. Lease buyout loans are not available in IN, NV, VT, WI and DC.

    • Maximum vehicle age: 10 model years.

    • Maximum vehicle mileage: 121,000.

    • Other vehicle restrictions: Does not refinance business or commercial vehicles, cars that have branded titles or more than one lien, cars that have unrepaired or comprehensive damage and vehicles that were financed less than seven months before loan application.

    • Loan amount minimum: $7,500.

    • Loan amount maximum: $99,999.

    • Maximum loan-to-value ratio: 155%.

    • Refinance time restrictions: Borrowers must have at least seven months remaining on their current loan or lease to refinance. Additionally, borrowers must wait a set number of months after closing on the previous loan to refinance with Ally. The bank did not disclose how many months a borrower must wait.

    • Bankruptcy restrictions: No currently open bankruptcies.

    • Approval speed: Within minutes. Approved loan offer is good for 30 days.

    • Initial deferred payment: Does not offer.

    • Existing loan payoff: For refinancing, funds are mailed to the lender by check.

    • Selected payment due date: Borrowers can select their payment due date after the first payment is made.

    • Late payment grace period and fee: Offers a grace period of 10 or more days. Charges late payment fee of $15 or 5% of the part of the payment that is late, whichever is greater.

    • Hardship plans: Offers hardship plans in the form of an extension program for short-term hardships, and date modification requests for continued financial hardships.

    • Contact options: Email and phone. Ally also provides Spanish-speaking agents by phone.

    • Availability: Customer service is available Mon-Fri, 10 a.m.-8 p.m. ET.

    • Mobile app to manage account: Yes.

    • Online resources: Provides educational articles about car-buying and car-maintenance.

    • Related services: Ally offers GAP insurance and an extended vehicle protection plan for an additional fee to consumers who pre-qualify for financing through the bank.

Ally Auto Refinance may be a good fit for those who:

  • Want to compare rates. Pre-qualification with a soft credit check will not affect an applicant's credit score.

  • Have fair credit. Co-borrowers are accepted, which can help a person who might not qualify alone.

  • Prefer an online application process. Ally's application is simple and 100% online, including document upload.

Do you qualify for a Ally Auto Refinance loan?

Here are Ally's basic eligibility requirements to apply for an auto loan:

  • Must be 18 years or older or 19 in Alabama.

  • Must be a U.S. citizen, permanent resident or non-permanent resident who lives in the U.S.

Here are Ally's's minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. Also, many lenders are flexible with minimum requirements when considering an applicant's total financial picture.

  • Minimum credit score: 520.

  • Minimum credit history: None.

  • Maximum debt-to-income ratio: Did not disclose.

  • Minimum annual income: $24,000.

Before you apply

Check your credit. You can get your free credit report on NerdWallet or at If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. For purchase loans, use an auto loan calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. When you know your maximum car payment, a car affordability calculator can help you determine a realistic car price. For auto refinance loans, use an auto refinance calculator to see your monthly payment and determine what APR and term you need to make refinancing worthwhile.

Gather your documents. Ally requires the following to submit an initial application: Address, time at address, phone, email, birthdate, employment status, income, housing status, housing payment amount, basic vehicle information and vehicle identification number.

How to apply for an Ally Auto Refinance loan

  1. Pre-qualify online or by phone. Applicants can apply for a loan online or by phone at 1-888-925-2559. During the pre-qualification process, applicants are asked to provide information about the vehicle they’re financing as well as some personal and housing information. The pre-qualified offers show several different options for loan terms and the resulting rate and monthly payment. Pre-qualified loan offers aren’t a guarantee of approval and can change after a hard credit inquiry. If the information initially submitted was accurate though, the pre-qualification offer shouldn’t change significantly and can help with faster approval.

  2. Preview offers and formally apply. After an applicant selects a loan offer, Ally will run a hard credit inquiry and request additional information, such as Social Security number. A hard credit inquiry slightly lowers your credit score, but only temporarily.

  3. Stay on top of your loan payments. Ally Auto Refinance reports car payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments, if available, is a good way to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the lender. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging lenders to send us updates when rates change. We also compare these rates to APRs on the lender's website, if available. The accuracy of our rates depends on the information lenders provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar lenders, to determine if a lender’s provided rate seems realistic.

We ask lenders to provide their lowest rate that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months, without including any potential rate discounts. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask lenders for their highest rates, which typically reflect rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this lender’s auto loan borrowers may be different from the rates shown in this review.

How do we review direct lenders for auto loans?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a lender must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating direct lenders and our process, read our full methodology.

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Frequently asked questions

  • Ally Auto Refinance, which is part of Ally Financial Inc., is a direct lender that offers refinancing and lease buyout loans. Ally also offers banking products, home loans and investment accounts. Ally has provided automotive financing (formerly as Ally Clearlane and General Motors Acceptance Corporation or GMAC) since 1919. Ally Clearlane was introduced in 2017 as an online marketplace that provided loans through various lenders. In 2020, Ally Clearlane became a direct lender with all auto loans financed by Ally. In 2023, the Ally Clearlane name was changed to Ally Auto Refinance.

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