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Ally Financial Auto Loans Calculator & Overview

Updated 24 July 2023

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A quick review of Ally Financial auto loans

Ally Financial is a digital-only bank that offers a wide variety of car loans, vehicle refinance, lease buyouts, and automotive financing options between $1,000 and $300,000. Ally Bank has partnerships with a network of affiliated dealerships nationwide to help you buy a new or used car. You can even customize the vehicle for business reasons or to suit your personal needs. Final rates are based on Ally’s underwriting conditions; however, if you have a credit score between 781 and 850, you can potentially qualify for as low as 2.65% APR.

Recognized as the 2023 TIME Dealer of the Year, Ally also provides services such as SmartAuction, lease-end process assistance, and business vehicle financing of light, medium, and heavy-duty vehicles. You can also inquire about their vehicle protection programs, vehicle service contracts, and extended vehicle coverage. You will pay $0 origination fees when you apply and you can receive a decision in 30 minutes or less.

How much can an Ally Financial auto loan potentially cost you? How about other types of vehicle financing? Check out the Ally Financial auto loan calculator below! Enter your desired loan amount and repayment term to view an estimate. You can easily adjust the numbers until you finally like what’s on the screen.

Key Ally Financial auto loan features

Minimum loan amount: $1,000.
Maximum loan amount: $300,000.
Interest rates: New and used auto loans start from 2.65% APR and 3.80% APR, respectively, for applicants with credit scores between 781 and 850. Estimates provided by Experian are used as a basis. Creditworthiness and the type of dealership will determine the final APRs.
Loan terms: From 12 to 84 months.
Loan fees: $0 origination fees.
Discounts: Undisclosed.

Ally Bank car loan options

New Vehicle Finance

Minimum and maximum loan amounts of $1,000 and $300,000.
Interest rates vary based on the applicant’s creditworthiness and the type of dealership.
Rates are as follows: from 2.65% APR with credit scores from 781 to 850; from 3.69% APR with credit scores from 661 to 780; from 6.64% APR with credit scores from 601 to 660; from 10.58% APR with credit scores from 501 to 600; and, from 14.20% APR with credit scores from 300 to 500.

Used Vehicle Finance

Minimum and maximum loan amounts of $1,000 and $300,000.
Interest rates vary based on the applicant’s creditworthiness and the type of dealership.
Rates are as follows: from 3.80% APR with credit scores from 781 to 850; from 5.59% APR with credit scores from 661 to 780; from 10.13% APR with credit scores from 601 to 660; from 16.56% APR with credit scores from 501 to 600; and, from 20.30% APR with credit scores from 300 to 500.

Vehicle refinance

From the current model year up to the 2003 model year.
Minimum loan amount is $1,000.
Repayment term is from 36 to 75 months.

Auto lease buyout

From the current model year up to the 2003 model year.
Not available in the following states: AK, FL, IN, IA, KS, MA, ME, MN, SD, and WI.
Minimum loan amount is $1,000.

Business vehicle finance

Traditional business loan option is for new/used light/medium vehicles used exclusively for business reasons.
ComTRAC® option is an open-end lease for vehicles used for business reasons 50% of the time.
SmartLease® option is a closed-end lease for vehicles used for personal or business reasons.
Specialty vehicle financing option is for modified vehicles with special business equipment (e.g., right-hand drive capability).
Heavy duty truck financing option is for new/used heavy vehicles up to 6 model years and not over 700,000 miles.
Commercial line of credit option for eligible borrowers purchasing or leasing a fleet of commercial vehicles.

Ally Balloon Advantage

Accepts reduced monthly payments in exchange for a lump sum of cash during the end of the loan contract.
Accepted FICO credit score is 660; accepted D&B credit score is 460.
Financing option for both new and used vehicles.
New vehicles with less than 7,500 miles while used vehicles with less than 60,000 miles.
All makes and models are allowed except Saab and Suzuki.
Available in all states except Maryland (MD), Nevada (NV), New Hampshire (NH), North Carolina (NC), and Pennsylvania (PA).
Minimum loan amount of $48,000. Not applicable to the State of New Jersey.
Repayment terms between 48 and 60 months. Refinance up to 84 months.
Only ‘right-to-refinance’ states can refinance vehicles for personal and commercial use.
If from states of MI and VA, refinance is only for commercial/business use vehicles.

Ally Financial auto loan calculator

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Term

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for an Ally Bank auto loan

Eligibility criteria

Be 18 years old or legally allowed to apply for an auto loan in your state of residence (e.g., 19 years old in Alabama).
Be either a U.S. citizen or a resident alien (permanent or non-permanent).
Provide proof of a good to excellent credit score and low debt-to-income ratio (DTI).
Have a minimum gross income that exceeds $2,000/month or $24,000/year.

What you’ll need to have ready:

When you apply for auto financing with Ally Bank, you’ll be asked to provide personal information such as:

Your full name (or any other previous names, if applicable)
Email address
SSN (Social Security Number)
Proof of identity to show your name, photograph, signature, and date of birth (passport, driver’s license, state-issued ID, or any valid unexpired government ID)
Proof of residence to show your complete physical and mailing address (utility bill, lease or rental agreement, property tax bill, etc.)
Proof of employment (pay stubs, W-2s, job contract, or employer’s contact information)
If self-employed: tax returns, bank slips, deposit forms, financial statements
Proof of earnings or other sources of income (pension, statements from investment accounts)
Proof of insurance

Ally Bank may also request additional documents when buying a used car, refinancing an existing auto loan, or purchasing other types of vehicles. Make sure to have ready the car registration, original title, and purchase agreement or bill of sale, if applicable. When applying for a lease buyout loan or trading in a financed vehicle, you must provide the vehicle identification number (VIN) as well as the year, make, and model. You might also need to disclose current mileage or any existing liens on the vehicle.

How to apply for an Ally auto loan:

To pre-qualify, contact a loan representative via online chat. This step will only result in a soft credit check. If you’re pre-approved, it has a 30-day validity.
Browse through available vehicle brands and registered dealers near you using Ally’s Find A Dealer Locator.
Upload the required documents online – it can be done in minutes! Alternatively, you can bring it directly to your preferred dealership.
If you have a co-borrower, make sure he or she provides documents proving his or her capacity to help you pay for the loan.
Receive a decision in 30 minutes or less.

Additional Ally auto loan details

Automatic payment: Available. Choose between AutoPay and Direct Pay options.

Loan approval times: 30 minutes or less. There’s AI-backed real-time verification to ensure a fast turnaround process for qualified applicants.

Rate discounts: Undisclosed.

Repayment frequency: Monthly.

Late payment fees: 5% of the scheduled monthly payment. The grace period is between 7 and 15 days to avoid late fees.
Prepayment penalty: None.

Co-borrowers allowed: Yes.
Co-signers: No.

Ways to repay: Online banking, mobile banking, bank bill pay, debit card, by text, by phone, by mail, in-person.

Hardship program: Available. Skip your payment for up to 120 days without late fees.

Vehicle restrictions and limitations

Maximum vehicle age: Ally Financial does not accept vehicles more than 10 years old.
Maximum vehicle mileage: Only driven up to 120,000 miles.
Vehicle make restrictions: American Motors, Coda Automotive (electric cars), Hummer, Pontiac, Saab, and Suzuki not accepted for Ally auto loans, whether new or used.
Vehicle finance restrictions: Not accepted if previously used as police cars, taxis, or for business reasons.
Vehicle refinance restrictions: If from other lenders, there should be at least 7 months’ payments with over $5,000 remaining balance. If from Massachusetts, Ohio, or Oklahoma, the minimum is $7,500.
Other vehicle restrictions: Not accepted if declared with comprehensive damage or unrepaired collision, has a branded title, or has two more current liens.

Pros and cons

Pros

A wide range of auto financing options for new and used cars, including refinancing, leasing, lease buyout, trade-in, commercial-use vehicle loan, and balloon auto financing.
With more than 18,000 participating dealerships across the country – choose one nearest you.
Customize your vehicle to accommodate specialty capabilities or accessibility needs.
Ally SmartLease® allows you to trade up or trade in more often.
No hard credit check to pre-qualify.
Upload documents online in minutes.
Fast approval for qualified borrowers.
Ideal choice for mid-level to excellent credit.
Check your remaining balance or payment status anytime, anywhere.
Multiple vehicle protection programs, vehicle service contracts, and car warranties such as Ally Premier Protection, Ally Auto Care, SmartLease Protect, and GAP.

Cons

No physical bank locations so you can only apply through its network of affiliated dealerships.
It is difficult to compare quotes because it is not available online, only via selected dealers.
Not available in 50 states. Residents of NV, VT, and Washington D.C (District of Columbia) are not eligible to apply even if they have good credit standing.
Customer support is only available six days a week. If your concern falls on a Sunday, you have to wait for the next day.
No principal-only payments. Extra payments go to any fees or charges.
Has vehicle restrictions. Does not accept certain model years, makes, or models. If vehicle mileage exceeds 120,000 miles, it will also not be considered.
You must earn at least $2,000/month or $24,000/year.
If FICO credit score is less than 520, your application might be denied.
Slow funding times. Can take several days or weeks.
No late fees during Ally’s protection period but finance charges can accrue for every missed payment day.

Frequently asked questions

Can I apply directly for an auto loan at Ally?

No. You should visit an Ally-affiliated dealership to be able to apply for an auto loan. There are over 18,000 participating dealers all over the country – find one that is nearest to you. Before you submit your application, make sure to request an accurate valuation from your Ally car dealer.

Are Ally auto loan interest rates fixed or variable?

Ally auto loans have variable interest rates. Different lenders use different variables to evaluate the final APR. Qualified applicants with credit scores from 781 to 850 can potentially receive a new car loan at 2.65% APR or a used car loan at 3.80% APR.

Are there discounts available on Ally vehicle financing and refinancing?

Ally did not disclose any information regarding discounts or rebates. Any potential discounts or rebates will depend on the car dealer. However, applicants with good to excellent credit scores can potentially receive a lower APR.

What is the maximum term of an Ally auto loan?

Term lengths vary based on the loan type. A repayment term between 12 and 84 months is available on new and used auto loans. If you’re applying for vehicle refinance or heavy-duty truck financing, the maximum loan term is 75 months. For eligible borrowers, longer terms can mean potentially larger loan amounts but with affordable monthly payments.

How long does Ally take to approve an auto loan application?

Ally makes it easy for eligible borrowers to drive away with a new car. You can submit your application to any of the 18,000 affiliated dealers nationwide or even upload the documents online. As long as you meet the lender’s conditions, you can potentially get a nod in under 30 minutes.

Does Ally offer vehicle refinance loans?

Yes. Ally offers refinancing for vehicles from the current model year up to the 2003 model year. For a minimum loan amount of $1,000, you can choose a repayment term between 36 and 75 months. Ally helps car buyers to obtain reliable vehicle pricing information using the NADA Used Car Guide.

Are lease buyout loans available at Ally?

Yes. Alliant allows borrowers to purchase their existing leased vehicles as long as it is from the current model year up to the 2003 model year. Refer to Ally’s Underwriting Policies & Provisions before submitting an application for a lease buyout loan. However, this loan type is not available in the following states: AK, FL, IN, IA, KS, MA, ME, MN, SD, and WI.

Can I purchase a commercial vehicle with an Ally auto loan?

Yes. Ally offers a wide range of business vehicle financing. If you’re interested in purchasing a light or medium duty vehicle for commercial use, you can opt for a traditional business loan. Ally also approves loans for heavy duty truck vehicles up to 6 model years and not over 700,000 miles. Other types of commercial-use auto loans are also available for vehicles used for both personal and business reasons, modified vehicles with special equipment, and lease options for dealers.

What credit score will qualify for Ally car finance?

The higher the credit score, the more qualified you can be for Ally car finance. You can potentially secure a loan from Ally if your credit score is at least 620. Moreover, Ally uses Experian to provide an estimate of APRs based on the credit score range. Refer to this Ally article on what affects credit scores and how to improve them.

Are Ally auto loans available in all 50 states?

No. Unfortunately, Ally auto loans are not available for residents of Nevada and Vermont. Residents of Washington D.C (District of Columbia) also cannot apply. If you live in other states, you can apply at a local dealership affiliated with Ally and you can receive a decision in less than an hour.

Video: Ally | We’re all better off with an ally.

Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.