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Ally Clearlane: 2022 Auto Loan Refinancing Review

2022-05-24 07:45:00

At a glance

3.7
Rating: 3.7 stars out of 5

Bankrate Score

  • Availability
    Rating: 3.5 stars out of 5
  • Affordability
    Rating: 3.2 stars out of 5
  • Customer Experience
    Rating: 4.4 stars out of 5
  • Transparency
    Rating: 4 stars out of 5
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About Ally Clearlane

  • Moneybag

    Loan amount

    7.14

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Not specified

  • Funds available in

    Several days to a few weeks

Pros and cons of Ally Clearlane auto loans

You can get a great deal on auto loan refinancing and lease buyout loans through Ally Clearlane. Still, its scope of offerings is limited, and there are other drawbacks to consider. 

PROS

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    No hard inquiry

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    View real loan terms

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    Flexible qualification criteria

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    Co-applicants encouraged

CONS

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    Limited to customers in DC, Nevada, and Vermont

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    Slow funding times

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    Limited auto financing options

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    Loan terms not published online

Ally Clearlane, a subsidiary of Ally Financial Inc., is a direct lender that offers a streamlined digital auto financing experience for individuals looking to refinance their current vehicle or buy out their lease. You can apply without affecting your credit score and receive personalized options that fit your needs and budget. Plus, loans are available to select borrowers with credit challenges, and there are no application fees or down payment requirements.
 

Pros and Cons of Ally Clearlane auto loan refinancing

Pros

  • Prequalify without a hard credit check: Ally Clearlane does not perform a hard inquiry when checking your approval odds.
  • View real loan terms: You can view actual monthly payments and APR options if you pre-qualify for financing.
  • Flexible qualification criteria: If you earn at least $2,000 per month, you could get approved for a loan even if you have less than perfect credit.
  • Co-applicant permitted: You can improve your approval odds or get better financing terms by adding a co-applicant with a solid credit history and income to your application.

Cons

  • Not available in all 50 states: Ally Clearlane is unavailable to customers in the District of Columbia, Nevada and Vermont.
  • Slow funding times: It could take several days to a few weeks to get your loan funded.
  • Limited auto financing options: You can only use Ally Clearlane to refinance your current loan or buy out a lease. Loans for new and used car purchases aren’t currently offered.
  • Loan terms not published online: Average interest rates and loan terms are not published online. Potential borrowers must pre-qualify to view this information.

Who is Ally Clearlane best for?

Ally Clearlane is best for individuals who want a completely digital auto lending experience without all the hassle. It is also ideal if you have bad credit and want to use a co-signer to get approved for a loan.

But you should be only looking to refinance your current vehicle or buy out your lease, as purchase loans for new and used cars aren’t offered by the lender. It is also important that you have patience during the process. It could take several days or weeks for your loan to be finalized. So, if you are in a hurry to get a deal loan, it’s best to look elsewhere.

Types of auto loans offered

Ally Clearlane offers auto loan refinancing and lease buyout loans.

Auto loan refinancing

Consider refinancing your vehicle through Ally Clearlane if your monthly payment is too much for your budget. You could also qualify for a lower interest rate, saving you money over the loan term if rates have improved since you took out your current car loan. There is also the option of reducing your loan term to pay your loan off faster or updating the vehicle’s title to remove or add registered owners.

Lease buyout loans

Are you planning to keep your leased vehicle? Whether you have fallen in love with the car or want to buy out the lease to avoid excess mileage fees or other penalties, Ally Clearlane can lend a helping hand. You can get a lease buyout loan now to make the car yours or wait until the lease term ends to secure financing.

Interest rates and terms

You can expect to receive a competitive interest rate if you have a high credit score and exceptional credit history. Applicants with lower credit scores could still be eligible, but the cost of borrowing will be much higher. Unfortunately, Ally Clearlane doesn’t list any rates or terms for its products. To find out what is available, you will have to prequalify.

How to apply for an auto loan with Ally Clearlane

Ally Clearlane breaks the auto financing process down into three steps. Start by visiting the website and providing some basic information to determine if you prequalify for auto loan refinancing or a lease buyout loan.

If you are a good fit for a loan, evaluate your offers, choose the best option and submit a formal application for approval. You will need to provide the following for Ally Clearlane to process your loan application:

  • Your Social Security number, phone number and email address.
  • Details about your employment.
  • The vehicle identification number (VIN), make, model, year and current mileage.

The lender will send over your loan documents for review if your application is approved. If you have any questions or concerns, you can inquire. Otherwise, you can sign the loan agreement and provide any additional information or documents the lender needs to finalize the financing arrangement.

Auto loan requirements

The qualification criteria to be eligible for vehicle financing with Ally Clearlane includes:

  • Must be a U.S. citizen, permanent resident or resident.
  • 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 less than 10 years old and hasn’t been used as a taxi or police car.
  • Provide proof of insurance.

Customer service

You can reach Ally Clearlane by phone, fax or email. Its business hours are Monday through Friday from 7 a.m. to 6 p.m., and Saturday from 9 a.m. to 1 p.m. PT. And while there is a mobile app, online chat is unavailable.

How Bankrate rates Ally Clearlane

Overall score 3.7  
Availability 3.5 Ally Clearlane doesn’t provide its loan amounts and has restrictions on acceptable cars — but it serves most states.
Affordability 3.2 There is some leeway in Ally Clearlane’s acceptance criteria, but it doesn’t provide a comprehensive list of its rates and fees.
Customer experience 4.4 A reasonable funding timeline, online access, app availability and the option to use autopay earns a higher score.
Transparency 4.0 Prequalification is available, but rates and fees are not.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
Written by
Allison Martin

Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com.