Ally Auto Loans Review

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.

Fixed APR
Loan Amount
up to $100,000
12–84 months
4 / 5.0
SimpleScore Ally 4
New Car Rates 5
Max Loan Size 5
Min. Used Car Rate N/A
Customer Satisfaction 2
Fees 4

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.

In this article

    Ally Financial auto loans at a glance

    LenderMin-Max Loan AmountAPR RangeTermsKey Benefit
    Ally Financial$1,000 to $100,000VariesUp to 84 monthsMultiple loan options, online account.

    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.

    Check Your Auto Loan Rates

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    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 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+), Lightstream customers can expect auto loan rates between as low as 2.49% w/Autopay 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, while a loan between $50,000 to $100,000 with a 24- to 36-month term has the lowest rates. For lower credit scores, Ally may provide a better option.

    Check Your Auto Loan Rates

    View our top-rated lenders and find the best rates today. It’s quick and easy.

    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.

    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.



    We’ve created the SimpleScore™ to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore™

    We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020.

    Why do some brands have different SimpleScores™ on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores™ because they offer more than one financial solution — like auto loans, home loans, personal loans and banking.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore™ to each financial solution, we’re able to give you a more accurate view of their services and how they compare to competitors’ services.

    Minimum new car rate

    Companies that look out for new car buyers with lower rates receive higher scores from us.

    Minimum used car rate

    We also give higher ratings to companies that look out for used car buyers by offering lower rates.

    Maximum loan size

    Having enough money to cover your auto loan is important –– that’s why companies with higher maximum loan amount receive better scores from us.

    Customer satisfaction

    We use the J.D. Power 2019 Consumer Lending Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)


    Fees can add up very fast –– that’s why we give a higher score to companies who have fewer fees.

    Gary Smith

    Contributing Writer

    As senior editor and full-time writer for markITwrite, Gary has the privilege of creating articles on a vast range of topics, from marketing and business to technology and politics. He treats each new project with the utmost care and attention, whether researching a topic or putting pen to figurative paper. Outside work, Gary is an active participant in the theatre and believes strongly in getting involved with his community.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to,, and elsewhere.