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Get an oil analysis before buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing original and impartial content. This allows you to conduct research and compare data at no cost – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that compensate us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offerings that could be available to you.

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3 min read published March 29, 2022

Written by Kellye Guinan Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finances. She is also a full-time librarian at the local library which she assists her local community to get information about financial literacy, as well as other topics.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.

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At Bankrate we are committed to helping you make better financial choices. We adhere to the highest standards of ethical standards ,

This article may include references to products from our partners. Here’s an explanation for how we earn our money .

The promise of the Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track history of helping people make smart financial choices.

We’ve maintained our reputation for more than 40 years by making financial decisions easy to understand

process and giving customers confidence in the decisions they will take next. Bankrate has a very strict ,

so you can trust that we’re putting your interests first. All of our content is written by and edited by ,

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An engine oil analysis provides insights into a range of problems. It will reveal the presence of contaminants that are leaked through the motor, like antifreeze or gasoline. It will determine if the air and oil filters are functioning effectively. And it can find out what tiny metal particles have been removed from the interior of the engine, and if the levels are below or average for the type of engine and the mileage. If you can identify potential costly issues, you will be able to prevent them from becoming a sinkhole of mechanical issues. Three reasons to have an oil test prior to buying an used vehicle It might not be the best recommendation when looking for an old car, but an oil analysis could be informative. The quality of the engine is easily assessed with the analysis of oil. Your decision to buy a car should be based on , and an oil analysis could provide valuable information about the condition of the engine. 1. Determine the engine’s condition The primary reason to have an oil analysis performed is to determine the engine’s health. The analysis of oil will look for oxidation levels, concentrations of metal particles, and the quality of the lubrication, among other indicators. An owner who was previously in the vehicle should have maintained their vehicle and regularly scheduled oil adjustments. The oil test — as well as the mechanic’s logscan be a reliable evidence that the car was well-maintained. 2. Catch and prevent potential problems Avoid potential issues with older models, might not have been maintained correctly through previous owners. By confirming a healthy engine is a sure sign that you’re buying a car which may not last. Alongside confirming the condition of the engine currently and condition, you could be able to detect potential issues in the future. As simple as knowing the frequency of your next oil maintenance can be beneficial for your car. 3. Free or inexpensive with a used car purchases dealerships can provide an oil test within the purchase package similar to getting an auto history report. In this scenario, it may be free or included in the administration costs. Either way, you will be able to get the results you want without putting in any effort on your part. If the seller doesn’t provide the service, you can purchase the oil analyzer yourself. It could take longer to obtain your results but the cost is definitely worth it, particularly if the seller doesn’t have records of appointments with the mechanic. How do you get an oil analysis done An oil analysis can be done by a mechanic, or using an at-home tool. If it is done by an expert mechanic, the most difficult step will be waiting for it to be done and the results. If you decide to do it yourself, you should read the directions on the kit and view a few instructional videos. However, here are the essential steps: Warm up the engine, and then take a sample of the oil by using the tubing included in the kit. Take the sample to a qualified laboratory. See if the results are satisfactory- around two to three days -and then read the report. The report could contain helpful feedback, but if don’t fully understand the results it’s best to consult the mechanic for a professional opinion. What to do if the results aren’t as good? The decision to go through with the purchase is completely up to you. All vehicles, whether old or new, requires maintenance. The oil analysis may reveal potential problems however, if they’re not costly or more than you’re expecting to spend however, it might be worth it to buy the car , particularly in the event that it meets your other requirements. If the expense of maintaining could be excessive, there is no reason you should have to make the purchase. There are many ways to fix problems, and you may be stuck paying much more than the car is worth if you frequently require it to a mechanic. Take into consideration the expense of routine maintenance against the expense of engine problems that may occur. But if you’re financing the vehicle, be aware that the extra cost for repairs may put you — leading to more financial stress later on. What next? At time’s end, an analysis of the oil only provides some insight about the long-term future the car as well as the overall condition of the engine. It’s a useful analysis tool when searching for a used car. But it’s not the only tool, so carefully review the safety and mechanical features of a car -including accidents’ history prior to taking a risk. Related articles:

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Written by a Personal and Business finance contributor

Kellye Guinan is a freelance editor and writer who has more than five years ‘ experience within personal finance. She is also a full-time librarian at the local library where she helps her community gain access to information on financial literacy, as well as other subjects.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to take control of their finances with clear, well-researched facts that break down otherwise complicated subjects into digestible pieces.

Auto loans editor

Similar Articles: Auto Loans 5 min read Oct 10, 2022

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Auto Loans 3 min read on May 12, 2022

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods andservices or by you clicking on specific links on our site. Therefore, this compensation may impact how, where and when products are displayed within the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is available within your region or within your self-selected credit score range could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Ally

Ally 2023 Auto Loan Refinancing Review Published 2023-01-01 at 00:00:00

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist. She’s been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing reliable and original content. This allows you to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and when products appear on this site, including such things as the sequence in which they be listed within the categories of listing, except where prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that may be available to you.

Reviewer’s disclosure of editorial rights: All reviews are prepared by our staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date when the review first appeared. Check the data in the upper right hand corner of the page as well as the lender’s website for the most recent information.

A first glance 3.8 rating: 3.8 stars out of 5

Score of the Bankrate

Available Rating: 3.5 stars out of 5

Cost of Affordability: 3.4 stars out of five

The Customer Service Rating is 4.4 five stars of 5

Transparency Rating Four stars from five

Compare rates for auto loan rates

The amount of the loan from Ally is not specified

Min. credit score not specified

APR not specific from

Funds are available within a few days to a few weeks

Ally Pros and Cons could get a deal for auto loan refinancing or purchase of lease loans with Ally. But its range of services is limited and there are other disadvantages to think about.

PROS No mandatory inquiry to prequalification

Check out the actual loan terms

Flexible qualification criteria

Co-applicants are permitted

ConS is not available for all fifty states.

Insufficient funding times

Options for auto financing with limited limits

Terms of loan not yet published online

Ally is a direct lender that offers a simplified digital experience for financing your car for those who want to refinance their existing vehicle or buy out their lease. You can apply for financing without affecting your credit score, and get tailored options that are customized to your needs and budget. Furthermore, loans are available to select borrowers with credit challenges There are also no costs for applications or down payments required.

Do you qualify? The criteria for being qualified for financing on a vehicle with Ally includes: Being an U.S. citizen, permanent resident or permanent resident. You must be at least 18 years old. Have a satisfactory credit score and debt-to-income ratio. Earn at least $2,000 per month. Purchase a noncommercial vehicle that’s not more than 10 years old and isn’t being employed as a taxi or police car. The vehicle must not have an damaged or unrepaired collisions or be under more than one lien. For refinancing, existing credit must be least 7 months old. You must provide proof of insurance. What we like and what we don’t like Here’s the thing that is what makes Ally worth considering and some disadvantages to bear in mind.

We like the fact that you can prequalify without a credit check: Ally does not perform a hard inquiry when checking your approval odds. View real loan conditions: You are able to view actual monthly payments and APR options if you pre-qualify for credit. Flexible criteria for qualification: If you earn at least $2,000 per year it is possible to be accepted for the loan even when you do not have perfect credit. Co-applicant permitted: You can improve your approval odds or obtain better terms for financing when you add a third party with a solid credit history with a steady income. We don’t like not being available in every state: Ally is unavailable to customers in states like the District of Columbia, Nevada and Vermont. Slow funding times can take anywhere from a few days or even weeks to be able to get your loan approved. Limited auto financing options You are able to use Ally to refinance a current loan or purchase the lease. The loans for used and new cars aren’t available at the moment. Loan terms aren’t published online Average interest rates and loan conditions aren’t published on the internet. Prospective borrowers must be pre-qualified to view the information. How to contact Ally It is possible to contact Ally via fax, phone or email. The business hours are Monday to Friday from 7 a.m. until 6 p.m., and Saturday between 9 a.m. until 1 p.m. (Pacific Time). While there is a mobile app however, chat on the internet is not available.

Auto loan types offered Ally offers auto loan refinancing and lease buyout loans.

Auto loan refinancing

Quick facts about loans: Not specifically stated Terms: 36- 75 % APR for 75 Months: Not specified

< class="Accordion-title mr-2 md:flex-1 my-0"> On this page Consider refinancing your car through Ally to make an affordable monthly payment or lower the interest rate. You can also refinance to change the owner’s name in the title. Lease buyout loans

Loan quick facts Amounts: Not specified Terms: 36-75 months APR: Not specified

Ally is also a great way to sell your leased vehicle. You can be preapproved in minutes, without affecting your credit score, and the official application procedure is simple. Certain customers can also get added protections, like GAP assurance and warranties with extended duration, through Ally when they purchase their lease. How to apply for an loan with Ally Ally breaks the auto financing process down to three stages. Begin by going to the site and providing basic information to determine if you qualify in the field of auto loan refinancing or leasing buyout loan. If you are a good match for an loan review your options, choose the best option and then submit a formal application to be approved. You must provide the following for Ally to review an application for a loan application:

Information required for application License number of the driver (including issue and expiration date) Personal contact information Social Security number Proof of employment Proof of insurance current lender as well as loan information (if applicable)

The lender will provide your loan documents for review if your loan application is approved. If you have any concerns or questions you may contact us. In other cases, you can accept your loan agreement and provide any additional information or documents the lender must have to conclude the financing agreement. Ally FAQs

Is Ally part of Ally Financial? Yes. Ally Clearlane is a subsidiary of Ally Financial, Inc. A leading supplier of financing for cars.

What credit score do you need to qualify for refinancing through Ally? Ally doesn’t provide information about its minimum credit score requirements. However, you should aim to have a great or excellent credit score prior to applying to improve your chances of approval and perhaps qualify for better financing conditions.

Does Ally charge prepayment penalties? Ally does not charge fees for early repayments.

How quickly can you get an automobile loan with Ally? You can get preapproved in just a few minutes, but it might require several days or weeks to allow to get the loan to be fully paid. It’s dependent on how quickly you’re able to forward documents requested to Ally to review.

How Bankrate rates Ally

Overall score

3.8

Accessibility

3.5

Ally does not provide loan amount and has restrictions on acceptable cars however it does serve the majority of states.

Affordability

3.4

There is some leeway in the acceptance criteria of Ally, however it does not provide a complete listing of its costs and charges.

Customer experience

4.4

A fair funding timeframe, access to online, app accessibility and the option of using autopay can earn you a better score.

Transparency

4.0

Prequalification is possible, however rates and fees aren’t.

Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different elements. These factors range in consideration from the loan amount, APR that is disclosed as well as acceptance requirements. Each lender has a score that is based on four categories. Availability: This accounts for loan amount, vehicle restrictions and their availability in every state. Affordability: The primary focus of this section covers expected APR, acceptance criteria autopay discounts, and the number of fees. Experience with customers: This category includes access to support online, online accessibility and funding timeframe, as well as the option to pay by automatic method and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are taken into account.

Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information such as rates and charges that are included in the review is accurate up to the date when the review first appeared. Check the data on the right as well as the lender’s website to find the most up-to-date details.

Written by

Allison Martin

Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-researched and well-organized information that is broken down into complicated subjects into digestible pieces.

Auto loans editor

About

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Legal Cookie settings Don’t share my information with anyone else.

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain hyperlinks on our website. So, this compensation can impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, such as our own proprietary website rules and whether the product is available within your area or at your personal credit score may also influence the way and place products are listed on this site. We strive to offer the most diverse selection of products, Bankrate does not include information about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Loans and auto loans lender reviews on the methodology

The promise of the Bankrate promise

More info

At Bankrate we are committed to helping you make smarter financial decisions. We adhere to the highest standards of journalistic integrity ,

This article may include some references to products offered by our partners. Here’s how we earn money .

The Bankrate promise

Established in 1976, Bankrate has a proven track record of helping people make wise financial decisions.

We’ve been able to maintain this status for more than four decades through making financial decisions easy to understand

process, and giving people confidence in the decisions they will take next. process and gives people confidence in the next step.

You can rest assured that we’ll put your interests first. All of our content is created with and edited

We make sure that everything we write is objective, accurate and trustworthy. Our editors and reporters in the field of banking concentrate on the things that consumers are most interested in such as the top banks, the most current rates, different types of account, money saving advice and more so that you’ll feel safe knowing you’re managing your money.

Integrity of the editorial process

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors, reporters and editors produce honest and reliable information to help you make the right financial choices. The key principles We appreciate your trust. Our mission is to provide our readers with truthful and impartial information. We have editorial standards in place to ensure that happens. Our editors and reporters rigorously fact-check editorial content to ensure that the information you’re reading is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU the reader. Our aim is to provide you the best advice to help you make wise financial choices for yourself. We follow strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial staff receives no directly from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. So, whether you’re reading an article or a review, you’ll be able to trust that you’re getting credible and reliable information.

How can we make money?

There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four decades. We continually strive to give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. The content created by our editorial team is factual, objective and is not influenced by our advertisers. We’re honest about how we are capable of bringing high-quality information, competitive rates and useful tools for you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or when you click on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items are listed and categories, unless it is prohibited by law for our mortgage, home equity and other home loan products. Other factors, such as our own rules for our website and whether a product is available in your region or within your own personal credit score could also affect the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include specific information on every credit or financial product or service.

Borrowers can secure vehicle financing for used, new or refinancing from online lenders, banks, dealerships, or credit unions. However, they are not equal. Certain lenders may be better suited for a certain driver’s needs and financial background. Although Bankrate has agreements with a few lenders, those relationships do not affect the scoring. All scores present are based on real information and analysis by Bankrate’s Bankrate editorial team. The aim is to provide borrowers with clear and accurate ratings, so you’ll be able to take home the best loan for your future set of wheels. Bankrate considers 18 different factors when selecting top auto loans and the calculation of Bankrate Scores. Lenders are graded on each factor using a scale from 1 to 5 5, where 5 is the top. These elements cover all aspects of financing and fall into four categories: Availability, affordability the customer experience, and transparency.

Available Loan amounts. Repayment options. Dealership specifications. State availability. What we mean by this can help us determine if the product of a lender can meet various requirements of borrowers. This helps us determine which type of driver might be the best fit for a particular lender.

Ranges of APRs for Affordability. Acceptance requirements. Fees to be paid prior to or after application. Available discounts. What is the reason we look at this? Here we determine the level of competition for a particular product in the wider auto loan environment, not only interest rates.

Customer experience Shopping timeline. The application process. Customer service hours and other options. Application availability. Autopay. What we mean by this is that the customer experience is based on all aspects of the funding process such as the ease of applying and paying. On top of that the quality of service provided to customers is determined by available hours and types of support.

Transparency Rates and fees are disclosed. Prequalification of loans. What is the reason for this? Transparency allows borrowers to compare loan costs and understand what they can expect when working with a specific lender. For instance, lenders that have disclosure of rates and fees are more reputable in this section.

About

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Legal Cookie settings Do not sell my info

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and services or for you clicking certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether a product is available within the area you reside in or is within your personal credit score may also influence the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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