Ally Auto Finance

Ally Auto Finance Review

Ally Auto Finance is offered by Ally Financial Inc., a bank founded in 2001 and based in Philadelphia, PA. Ally Auto Finance is available in 50 states (and Washington, DC).

How much can you borrow via Ally auto?

Ally auto loan amounts start at $1,000 and go up to $100,000.

What APR does Ally auto offer on its car loans?

Ally auto offers a fixed apr car loan product that ranges from 0% APR up to 18% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with Ally auto?

Ally auto has car loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your car loan, the more interest you will pay.

Does Ally auto charge an origination fee?

Yes, Ally auto may charge a loan origination fee.

Does Ally auto charge a late fee?

Yes, Ally auto charges borrowers with a late payment penatly fee

Does Ally auto charge prepayment fees?

No, Ally auto will not charge you a fee for paying your loan early. Whenever possible choose lenders like Ally auto that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my Ally auto loan?

Yes, you can. Ally auto does not charge a prepayment fee, so you can save money by paying your car loan early.

What do you need to qualify for Ally Auto Finance?

Applicants with a credit score of at least 560 and up to 750 may be eligible for Ally Auto Finance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Ally Auto Finance does not have or does not disclose a minimum annual income eligibility requirement. Ally Auto Finance only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members are eligible to apply for a loan via Ally Auto Finance. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a car loan via Ally auto?

Ally auto will typically approve (or deny) a car loan application within 48 hours and fund the car loan within 7 business days of approval.