![]() Cons explained Does not publicly list starting annual percentage rates While the lowest available annual percentage rates are offered only to excellent credit borrowers, you may still see savings if your credit has improved since taking out your original auto loan. If you have poor credit, you can still apply for an auto loan with Ally, so long as your FICO score is at least 520. With Ally, you can receive pre-qualification with a soft credit check, which won’t negatively impact your credit score. When applying for an auto refinance loan, you’ll usually need to go through the same process as when you apply for a new car loan - this includes running a hard credit check. Pre-qualification without a hard credit check By having someone else willing to take joint responsibility for the loan, lenders - including Ally - are more likely to approve you and offer better rates. ![]() Having a co-borrower on your loan is often necessary if you have a lower credit score or don’t meet certain other requirements. Still, Ally’s lack of an origination fee is a standout feature. However, there are some fees, such as state taxes or DMV costs, that borrowers must pay. Some lenders charge as much as $499, and this cost is added to the total amount of the loan. Unlike many auto refinance lenders, Ally does not require borrowers to pay a loan origination fee, also called a document fee. ![]() Pros explained No fees for loan origination
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