Ally Clearlane is a direct lender that offers refinancing and lease buyout loans online through a simple application process. Pre-qualified offers are available based on a soft credit check, and a Social Security number is not required for the initial application.
Ally Clearlane Overview
Ally Clearlane is an online platform owned by Ally Financial Inc. that helps customers refinance their current vehicle or secure financing to purchase a leased vehicle. The platform allows customers to choose a loan that suits their individual needs, with personalized help and support available if needed.
Ally Clearlane Application Requirements
Pre-qualification is available and can be done with a soft credit check. To pre-qualify, borrowers will need to provide their vehicle VIN or license plate number, as well as their address, phone, email, birthdate, employment status, employer name, housing status, and housing payment amount.
A Social Security number is not required until the applicant proceeds with the loan. The entire process can be completed online, including uploading documents.
Approval for the loan is usually immediate, with the remainder typically under 30 minutes. Funding for the loan generally takes two days or more.
To qualify, borrowers must have a minimum FICO credit score of 520 and an annual gross income of at least $24,000.
Types of Ally Clearlane Auto Loans
Ally Clearlane offer auto financing to customers throughout the United States. However, they don’t currently serve Nevada, Vermont, or the District of Columbia.
There are two types of car loans available through Ally Clearlane: auto loan refinancing, and lease buyouts. Find out what to expect for each loan type when working with Clearlane.
Auto Refinance Loans
According to Ally Clearlane, their customers boast an average monthly savings of $112 when they refinance an existing auto loan.
Clearlane by Ally allows you to refinance an existing auto loan up to $100,000. The loan terms are up to 60 months for auto refinancing loans. If you choose to pay off your loan early, you’ll be charged a prepayment fee.
Lease Buyout Loans
A lease buyout allows you to purchase the leased vehicle you’re driving rather than turning it in. Again, you can get pre-qualified for this loan type, so you can preview interest rates before getting a hard credit check. Once you review those offers and select one, you can formally apply through your chosen lender. Then, upload some documents and sign your loan agreement to finalize the buyout.
Ally Clearlane Fees and Rates
Clearlane offers fixed APR auto loan refinancing rates ranging from 3.64% APR to 21.9% APR. Your credit scores significantly influence car loan rates, just like any other type of loan.
Some lenders, however, use credit scoring models that are more specific to auto loans. FICO, for example, is the most widely used credit scoring model out there. They offer a FICO Auto Score that puts more weight on your previous history of paying back car loans.
This information, paired with your traditional credit score and income, has a considerable bearing on what kind of interest rate you can expect to pay with your next car loan. In addition, since Ally Clearlane provides a pre-qualification without performing a hard credit pull, it’s easy to determine what kind of APR you can expect through their lender network.
Ally Clearlane’s Application Process
You can pre-qualify without entering your social security number or impacting your credit report and credit score.
Initially, any information regarding your application is communicated through Clearlane. Thereafter, you’ll work directly with your new lender, whom you will also make your monthly payment to.
Ally Clearlane Reviews
The Better Business Bureau (BBB) currently gives Ally Clearlane a ‘D-,’ with quite a few complaints. However, Ally Clearlane is a larger lender, so that is to be expected. You may want to check out more Ally Clearlane reviews at other sites as well.
Clearlane’s most significant winning feature is the fact that you can get near-instant quotes on your next car financing product. Another plus is that you can save your application if you don’t finish in one sitting. Then, when you’re ready, you can log back on and start right where you left off at a more convenient time.
Clearlane also has outstanding customer service that can be reached Monday – Saturday via their 1-800 number or any time via email.
In most states, Ally Clearlane offers Guaranteed Asset Protection or GAP insurance, which can help cover the cost of the vehicle if it is totaled or stolen. They also offer extended vehicle coverage that can help cover repair costs no longer covered by a factory warranty.
Clearlane auto financing is backed by one of the nation’s largest online banks. That gives it some automatic clout because they have the size and technological capabilities to make the car loan process as easy as possible. You can shop for vehicles in your area and also get instantly connected to lenders who cater to your exact borrower profile.
Whether you have bad credit or excellent credit, you can likely find the auto loan you’re looking for with Clearlane’s financial partner network. Plus, it’s a risk-free way to compare offers regardless of what stage of the buying process you’re in right now.
Check out our other auto loan reviews below to continue exploring your options.