Ally Auto Loan Review (2021) // New & Used Car Loans Thru Dealer Network

By Mark Huntley, J.D.

Real estate investor, lawyer, personal finance writer, and Co-Founder of Credit Knocks

Advertiser Disclaimer - Some links on this page may pay us advertising fees.

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Taking out an AllyAuto Loan is like grocery shopping at 7/11, you are going to pay a lot more. Ally Auto Finance only provides car loans through its network of dealers. Ally Auto Loans are not available for new or used private party purchases and they do not offer pre-approval letters. AllyAuto Financial has multiple unique car loan products designed to help dealerships get buyers into cars.


Same day funding with  dealership financing.


Dealership financing is usually the worst. 


Convenient customer dashboard and mobile app. 


Bad customer service and slow response times. 

    Credit Knocks Overall Star Rating:     

  • Multiple Loan Products
  • National Lender Network 
  • Ally Auto Balloon Advantage
  • Dealership Financing Only

  • Poor Customer Service
  • High APR% Rates


Ally Financial/Auto is only available through their vast dealership networks. 

If you are sitting in a dealership right now wondering if the Ally Bank Auto Loan offer in front of you is a good one, it probably is not.

Click on the view rates button below and arm yourself with multiple auto loan offers to negotiate a better rate with the dealership right now for free.  

The Ally Auto Balloon Advantage Program is a unique loan option that takes a large portion of the payments and applies them to the end of the loan.

There are a lot of better options than an Ally Car Loan if you are looking to get better interest rates, loan terms, and customer service. 

Guess What... It's Free To Apply 

Who Is AllyAuto Finance? 

Ally Auto Finance was originally GMAC Financing until 2008 when they became a bank and changed to their present name, Ally Financial. 

AllyAuto Financial is the largest auto lender by volume in the U.S. with over 6 million customers. 

Today My Ally Auto is the 19th largest bank in the United States. 

Ally Financial Auto Loan offers a variety of auto loan options through GM, Chrysler, Mitsubishi, Saab, and Suzuki dealerships. 

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What Makes Them Different?

AllyAuto Loan has an exclusive lending relationship with many auto brand specific dealerships throughout the U.S. 

Their strength is in getting people approved for an auto loan, not getting their customers the best rates. 

Think of Ally Auto Loans as convenience when you are looking to make an impulse vehicle purchase, Ally Bank Car Loan is there to make it as easy as possible but it will cost you. 

Dealership financing is where most of the profit is made in the auto sales industry. 

Ally Car Loan is the largest dealership lender in the industry... 

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You do not have to use the dealership financing, you can get a pre-approval loan letter right now by clicking on the view rates button. 

Once you find your car at the dealership you just simply show them your pre-approval letter and they handle the rest. 

Shopping for the best rates and auto loans prior to stepping foot on the dealership lot can save you thousands of dollars in interest.

That savings can then be spent on getting a better car with more upgrades! 

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How Does Ally Auto Finance Auto Loans Work?

Ally Financial Auto Loans are only offered through dealerships at brands like, GM, Chrysler, and Mitsubishi. 

The only way you will be able to get an Ally Financial/Auto Loan would be through one of their network of dealerships. 

If you have just received a loan offer from My Ally Auto then the first step is to get some competing rates. 

Getting an Ally Auto Loan is like doing your grocery shopping at 7/11, it is going to cost you a lot more money!

Click on the view rates button below and get multiple offers with the best rates possible. 

Any of those auto lenders can give you a pre-approval letter that you can use to buy your new or used car today. 

Regardless of which lender you choose, you will need to take the following steps to receive a car loan. 

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Meet The Guidelines

First you need to meet the general guidelines before you can apply and those are: 

At least 18 years old, A current resident of the US or Canada, and Employed full-time or able to prove a guaranteed fixed income of at least $1,000 a month

Are You Buying New or Used

You need to figure out what type of financing you will need, are you buying a new car or a used car?

Will you be refinancing or are you looking for a lease buyout?

Once you know which option you are going for then you can go to the next step. 

Follow The Process

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Get Your Paperwork Together

Things Ally Auto Financial will need are: 

  • Banking History
  • Proof Of Income
  • Proof Of Identity
  • Proof Of Insurance
  • Proof Of Residency
  • Information On Vehicle You Plan To Purchase
  • Current Vehicle Registration (If you plan to do a trade in)

Keep in mind this is just a general list, Ally Bank Auto Loan could need more or less information, just have at least the things above ready.

Time To Apply (Hard Inquiry)

Now that you know you meet the general requirements, you have all your documents together and you know that the dealer is in the Ally Car Loan network, it's time to apply.

Quick Tip:

FICO allows you to shop around for the best auto loan rates for 30 days after your first inquiry. During this grace period you can apply for an unlimited number of auto loans without any additional inquiries being recorded to your credit file. 

At this time you will probably see a hard credit inquiry hit your credit profile but don't worry, FICO will give you a 30 day grace period to shop for as many Ally Auto loan rates as you want and only show one hard inquiry will be recorded on your record.

It makes a lot of sense to get an Ally Financial Auto Loan Pre Approval letter before going to the dealership to buy your car. 

Many studies have conclusively shown that obtaining financing from the dealership is much more costly than having it in place before your purchase. 

Review Your Offer

Be sure to review the offer from Ally Car Loans before you purchase.

You need to look at their requirements as well as the Ally car loans rate and if they will require a down payment or a co-signer.  Just be sure to pick the best offer!

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Look At Everything

Remember that a Ally Financial Auto Loan will have its own specific requirements so be sure to look at the offer with as much detail as possible. 

Make sure you understand what you are paying for and keep referring to the original offer to make sure nothing changed from the time you accepted it to the time your loan was funded.

Pick The Best Offer

Once you choose an offer your loan can be funded by either bank deposit, ach, check or certificate.

Be sure to speak with your Ally Bank Auto loan officer about the date the funds are estimated to be available. 

Ally Auto customer service reviews indicate this estimated date may not be met. 

Auto Credit Express Tools

Before you start your application process, I recommend you check out some of the tools offered by Auto Credit Express to get a better idea of how much loan you may qualify for and what the costs would be.

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Ally Auto Loan Calculator

Before starting the auto loan process there are a couple of things you should familiarize yourself with and the Ally Auto Loan Calculator is a great tool. 

You should be aware of the current Ally Car Loan interest rates, and the Ally car loan calculator will be helpful in determining how much of a loan and payment you can afford.

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Checking Current Ally Car Loan Rates

First you want to check out the interest rate chart; we put this one below to give you an idea of what the chart looks like, you should be sure to click here to see current Ally Auto Loan rates. 

The above chart gives you an idea of the starting interest rate based on how long you need the loan for. 

As you can see, the longer time you plan to take to pay the loan off, the higher the rates become. 

While the monthly premiums will be lower if you select a longer payoff period, you are going to end up paying much more interest.

Estimating Your Rate

Once you have an idea of what your starting interest rate might be  you can now use the Ally Auto Calculator to help explore rates and payments. 

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During this step you will choose the type of loan , the loan amount, put in your credit type or actual credit score and then your Zip Code.

Once you complete this process you will see 3 different APR's, a low APR, an average APR and a high APR.

You can use the Average APR to help determine what your monthly car note may be.

Finally, you will take the estimated loan amount with the Annual Percentage Rate or APR that you received from the "Estimate Your Interest" Tool to get a rate.

Figuring Out Your Car Note

This tool is going to help you understand how much you will need to pay on a monthly basis based on the loan term length you choose.

AllyAuto Finance Reviews

AllyAuto Loans strength is getting its customers in vehicles quickly. 

They are not focused on anything beyond getting you to sign their high APR rate car loan. 

Consequently, their customer service once you have obtained your loan leaves a lot to be desired. 

Customers complain of long delays to receive responses to requests and disorganization throughout all departments. 

Below are some of the My Ally Auto Loan reviews:

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As part of the process of this review, we read countless hours of Ally Auto Loan reviews and while it is not uncommon for a large company to have negative reviews, these were especially troubling. 

Looking closely, it doesn't take long to realize that Ally auto customer service consistently shows a callousness to problems they have created and will make the minimal amount of effort necessary to correct a problem. 

If you are one of the lucky people who never has to contact Ally Auto customer service than you will probably have a fine experience but if there are any problems along the way...

Below we have gathered the most trusted customer Ally Auto Financial reviews from sites such as Yelp, Google and BBB for the Ally Auto Finance Division.

Ally Auto Loan Reviews

Customer Average Rating

Credit Knocks Reviews Avg. Rating


Yelp Reviews Avg. Rating


Google Reviews Avg. Rating


Better Business Bureau Avg. Rating


Consumer Affairs Reviews Avg. Rating


Best Company Reviews Avg. Rating




Ally Financial BBB - Better Business Bureau

Ally Financial BBB has had a file at the Better Business Bureau since 1984.

Ally Auto Loans has an A+ BBB rating with 1,421 complaints in the past three years (as of 10/14/2019).  

Ally Financial BBB complaints tend to be financial related with claims of payoffs taking weeks to be applied while additional fees were uncured.

My Ally Auto Loan BBB reviews and customer complaints are taken seriously by the company as most receive a response which is why they have an A+ BBB rating. 

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Taking Action On An Auto Loan

Hopefully, you found this Ally Auto Finance Review helpful because getting an auto loan can be complicated and a time-suck if done incorrectly.

Now that you know there are dealerships ready and willing to work with you there is no reason to go without a car. 

Getting a car loan is also part of establishing a different type of tradeline which overtime, will help increase your credit score.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Additional Resources


Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. Discrimination based on gender is absolutely forbidden. Whether the loan is for her or for him, you should receive the same terms. 

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