Financing is a nice option when you buy a car. Not all finance companies are the same, however. You need to find the right one so you don’t have to pay more than you should. Here, we will talk about a finance company. Namely, Ally Car Payment. We will tell you things you need to know about the finance company.
Before we delve further, let’s talk about the history of the company first. The finance company originated in 1919. Back then, it was known as GMAC, a division of GM. Yes, it has been serving the community for roughly 100 years. In 2009, the company was changed into Ally and is based in Detroit, Michigan.
The finance company has been estimated to serve 18,000 auto dealerships across the U.S. with more than 4 million customers. As a finance company, Ally Car Payment is unique in the sense that it doesn’t have physical locations. Indeed, it is more or less an online bank. It has a selection of products. Auto loans are one of them.
Features Offered by Ally Car Payment
All finance companies have features that they offer to customers. Of course, this company has features, too. What are the features that the finance company offers? There are many of them. The most known features are flexible loan options, direct financing, and specialty-vehicle financing. We explain these and other features briefly below.
Manual payment is bothersome. The finance company knows this and offers an automatic payment feature. The customers need not worry about not making payments as their accounts can be set up for automatic payments.
There are various flexible loan options offered. And before you ask, yes, the company offers loans for both new and used cars. The loan options offered have a varying budget range as well as multiple terms. Whether you lease or buy a car, there will be different options available.
If you want to apply for an auto loan, you must do so via a partnering dealership. You cannot apply directly as the finance company is more or less an online bank. In a partnering dealership, you can learn many things about the financial services including the qualification, loan terms, and interest rates.
The finance company also has loan options for specialty-vehicle financing as well. Financing related to accessibility needs, like right-hand drive capabilities and wheelchair lifts, may be included in the loan options.
Being an online bank, the services can be easily accessed through the mobile Pay App.
- A customer can choose one-time or monthly payment through their account.
- Using a mobile device, you can check your balance, payment status, and statements.
- There is no principal-only payment, meaning extra payments will go toward finance charges or any outstanding fees first. Then, they will go to future payments.
- Financing options are available for both new and used cars (up to 10 years old or with 120,000 miles mileage, including certified pre-owned cars.
Is the finance company right for you? If you want quick, direct financing at the dealership, then yes. Ally Car Payment is a solid option if you want direct financing with a multitude of loan options. If you plan to pay your auto purchase quicker, the finance company is not a good option as principal-only payments are not allowed.
These are the things you need to know about Ally Car Payment. As a finance company, it offers many things to its customers. From the automatic payment, flexible loan options with multiple terms, availability for both new and used cars, ease of access for its features via mobile app, to specialty-vehicle financing.