Ally Auto Loans Review

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Ally Auto Loans

From online challenger bank to financial heavyweight, Ally auto loan financing is great for customers who already bank with it.

New Car APR
0% – 18%

Max Loan Amount

Up to 84 months

3.25 / 5.0

Ally Auto Loans


  • Rates
  • Loan Size
  • Used Car Rates
  • Customer Satisfaction
  • Fees

Belonging to the same group as Ally Bank and Ally Invest and operating since 1919, Detroit-based Ally auto loans can be a good choice for those people looking for multiple loan options and additional features such as online account management. However, it’s important to note that Ally auto loans rates are only available through the car dealerships it partners with.
Full review

Our Two Cents — Although Ally’s banking products have great customer reviews, its auto loan customer satisfaction falls short. However, high loan amounts and middle-of-the-road rates keep it in the race.

Ally Financial auto loans at a glance

Lender Min-Max Loan Amount APR Range Terms Key Benefit
Ally Financial $1,000 to $100,000 0% to 18% Up to 84 months Multiple loan options, online account.

Rates accurate as of July 15, 2020

What we like about it

Ally auto finance is only available through dealerships, and this can be a great choice for those car buyers who want to avoid the hassle of looking elsewhere for their car loans or refinancing options. This, combined with the fact it offers multiple loan options, means it can be ideal for those looking for convenience and who need a range of term options to match their personal circumstances.

Ally auto loan rates can also include specialty auto financing for additional modifications such as wheelchair lifts for accessibility or right-hand drive functionality.

Things to consider

While the fact that Ally auto loans are only available through certain dealerships can be ideal for those who want a convenient option, it also stands as a major negative point for those who would like to consider Ally auto loans rates at dealers where they don’t have a partnership deal.

Ally reviews from existing customers seem to be rather negative, especially regarding its customer service. However, as people who have negative experiences are more likely to leave reviews, this shouldn’t necessarily form a complete picture of Ally ratings as a whole.

Ally auto loans also aren’t available for cars over 10 years old — something which counts against it being one of the best auto loans for bad credit, as people with low credit would be more likely to purchase an older vehicle.

Ally auto loans also don’t allow principle-only payments, which can make it more difficult to pay off additional chunks of your auto loans on those months when you have a little extra spare cash.

Ally’s credit threshold of 650+ also means it’s not among the best auto loans for bad credit customers, who may get better auto loans rates by shopping around.

What you need to know

Ally auto loans are available for any vehicles less than 10 years old, have fewer than 100,000 miles on the clock and are priced at between $1,000 and $100,000. Depending on your previous credit history and other factors, such as income, you can expect to see Ally auto loans rates between zero and 18% APR and terms ranging up to 84 months (seven years).

Because Ally auto loans are linked to dealerships, the person with whom you’ve negotiated your sale will also likely be the one who takes you through the application process. This can be a good thing, as it will save you having to fill out the application yourself and eliminate the need to keep going back to the dealer for key information. However, make sure to give all documents a good read through so you know exactly what it is you’re agreeing to.

If you qualify for an auto loan, you will be entered into a retail installment sale contract for purchases, or a lease agreement for leases. Once Ally has approved the loan, it then releases the finance to the dealership and agrees to receive the monthly payments from you, the customer. Always bear in mind that the application process will almost certainly involve a hard credit check on your finances which can negatively affect your rating if you are refused the loan.

Ally also has a whole lot of useful content to guide you through some of the pitfalls of car buying and ownership. There’s no such thing as being too informed when it comes to signing up for long-term financial commitments.

Criteria and eligibility

As long as your purchase fits the criteria described above and you have a credit rating of just 650 or higher, you are eligible for Ally auto loans. However, if you are one of the 10% of U.S. citizens with a credit score of less than 650, you won’t be able to purchase with an Ally auto loan.

Ally vs. LightStream

Possibly a better choice if you have a strong credit rating (660+), customers can expect auto loan rates between 3.99% and 10.49% for new car purchases. The service is available in all 50 states and is not tied to dealerships like Ally auto loans are.

Rates for LightStream loans depend on the price of your car and the loan term. Loans between $5,000 and $9,999 with a 73- to 84-month term have the highest rates (between 4.69% to 10.49%), while a loan between $50,000 to $100,000 with a 24- to 36-month term has the lowest rates (between 3.99% to 8.49%). For lower credit scores, Ally may provide a better option.

Ally vs. Carvana

Carvana offers only a single auto loan product and has prequalification available, meaning you can find out if you’d be accepted without harming your credit score. This could make Carvana a good choice for those with credit scores which cast doubt on their acceptance. To this end, Carvana has no lower threshold when it comes to credit scores, meaning that past history and your personal savings will have no impact on your ability to apply (although offer no guarantee of acceptance). However, you must buy your vehicle through Carvana to access its financing.

Carvana insists on a minimum salary of $4,000 per year and only offers payment terms between 36 and 72 months, making it slightly less flexible in this regard than Ally auto loans.

Too long, didn’t read?

Ally auto loans can be a good choice for customers with a middle-of-the-road credit rating, as it offers decent terms. However, if your credit rating is higher, you may want to consider an alternative such as LightStream for a better APR.

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The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For auto loans, we compared used car rates, new car rates, loan amounts, customer satisfaction and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a personal loan provider. Be sure to continue your research and shop around for the best personal loan that fits your specific needs.

We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Contact us at with comments or questions.

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