Advertiser Disclosure

Clearlane Auto Refinance Loans: 2020 Review

July 29, 2020
Auto Loans
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

To review Clearlane, NerdWallet collected and compared more than 15 data points against other lenders that seek the same customer or offer a similar product.

Clearlane provides auto loans through Ally Direct Lending. The company offers loans for refinancing your existing auto loan as well as buying out your leased vehicle.

Clearlane may be a good fit for those who:

  • Have fair credit: Clearlane works with borrowers with credit scores of 580 and above for refinance loans.
  • Want to check rates: You can pre-qualify with a soft credit check, which has no impact on your credit score.
  • Need a co-signer: Clearlane allows you to add a co-signer to your application, which may boost your chances of approval and get you better loan terms.

Clearlane at a glance

APR*3.99% - 7.74%
Loan amounts$5,000 - $100,000
Minimum requirementsCredit score: 580 for refinance loans Income: $1,800/month
Hard credit check with application?No
AvailabilityAll states except Nevada, Vermont and Washington, D.C.

*Annual percentage rate is used to evaluate the true cost of borrowing money and includes the interest rate.

Clearlane review details

To see if you pre-qualify for a loan, Clearlane offers an easy application process that takes only a few minutes.

Initially, there’s no impact to your credit, but once you select an offer, you’ll have to provide a Social Security number and the lender will do a hard credit pull, to determine your creditworthiness. This slightly lowers your credit score temporarily.

Although the application process is simple, Clearlane’s website contains very little information — such as vehicle restrictions, sample APRs or frequently asked questions.

» MORE: Best auto loans for good, fair and bad credit

Clearlane auto loan rates

While Clearlane has a low minimum FICO requirement, its best rates go to applicants with excellent credit (720 FICO and up). Borrowers with bad credit (300 to 629 FICO) can expect to get higher APRs, meaning more expensive loans.

Check your credit score to know where you stand before applying for a car loan. Shop around if you have bad credit; you’ll likely be offered high APRs and comparison shopping can help you save money.

Loan example: For a prime borrower (FICO score between 661 to 780), a $16,000 car loan with a repayment term of 36 months and an interest rate of 6% would carry monthly payments of $487, according to NerdWallet’s auto loan calculator.

Applying to Clearlane

  • Requires only a soft credit check for preapproval.
  • No application fee; late payment penalties.
  • Allows co-signers.
  • Apply online or over the phone.

Clearlane restrictions

  • Loan terms: 36 to 75 months (NerdWallet doesn’t recommend auto loans over 60 months.)
  • Minimum monthly income: $2,000.
  • Maximum vehicle age: 10 years for refinance loans.
  • Maximum vehicle mileage: 120,000 miles.
  • Maximum loan-to-value ratio: 155%.
  • Available in all states except Nevada, Vermont, and Washington, D.C.

Auto Loans Ratings METHODOLOGY

NerdWallet’s auto loans ratings reward lenders offering the most transparency and consumer-friendly features. Ratings are based on weighted averages of several categories, including flexibility of loan options, clarity of borrower requirements, accessibility, speed of funding and fees. Using our editorial discretion, we also consider consumer reviews and complaints. These ratings are a guide, but we encourage you to shop around to find the lowest interest rate you can qualify for. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

About the author