The bottom line:
Best for borrowers wanting an easy online application process and the ability to see pre-qualified offers without affecting their credit scores. Bad- or fair-credit borrowers may qualify.
Pros & Cons
- Applicants can pre-qualify with a soft credit check.
- Application process 100% online, including document upload.
- Social Security number not required to see pre-qualified offers.
- Customer service available on Saturday.
- Borrowers can choose loan payment due date.
- Loan funding takes two days or more, longer than other lenders.
- No rate discount offered.
- 24-month loan term not offered.
- Has vehicle restrictions.
Compare to Other Lenders
Ally Clearlane, part of Ally Financial Inc., is a direct lender that offers loans for refinancing your existing auto loan as well as buying out your leased vehicle. It does not offer auto purchase loans.
Ally Clearlane has an easy application process that’s 100% online. Applicants are able to receive pre-qualified offers based on a soft credit check, which won’t affect their credit scores. Unlike some lenders, Ally Clearlane does not require a Social Security number with the initial application.
The pre-qualified offers show several different options for loan terms and the resulting rate and monthly payment. After an applicant selects a loan offer, Ally Clearlane will run a hard credit inquiry and request additional information, such as Social Security number. A hard credit inquiry slightly lowers your credit score, but only temporarily.
Pre-qualified loan offers aren’t a guarantee of approval and can change after a hard credit inquiry. If the information initially submitted was accurate though, the pre-qualification offer shouldn’t change significantly and can help with faster approval. Ally Clearlane says most approval decisions are immediate, with the remainder usually provided in less than 30 minutes.
Ally Clearlane may be a good fit for those who:
Want to compare rates. Pre-qualification with a soft credit check will not affect applicant's credit score.
Have fair credit. Clearlane has a lower minimum credit score requirement than many other lenders. Also, co-signers and co-borrowers are accepted, which can help a person who might not qualify alone.
Prefer an online application process. Ally Clearlane’s application is simple and 100% online, including document upload.
Ally Clearlane at a glance
More from Ally Clearlane
In most states, Ally Clearlane also offers Guaranteed Asset Protection or GAP insurance and vehicle service contracts that help cover repair costs no longer covered by a factory warranty. The cost of these products can be rolled into the refinancing loan.
While the Ally Clearlane website does not provide a lot of information, it does offer a frequently asked questions section that answers questions about the application process, eligibility, pre-qualification, approval and vehicle details.
Ally Clearlane auto loan rates
Lenders set their own requirements, but the lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of 670 and above). With fair or bad credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. Ally Clearlane’s lowest rates do appear to be higher than those published by other auto refinancing lenders.
You can check your credit score before applying for a car loan.
Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 501-600, a $10,000 car loan, a repayment term of 36 months, an interest rate of 12% and a $0 down payment would have monthly payments of $332.
To review Ally Clearlane, NerdWallet sent a survey to Ally Clearlane requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.
Frequently asked questions
Ally Clearlane is part of Ally Financial Inc., which is headquartered in Detroit. Ally also offers banking products, home loans and investment accounts. Ally has provided automotive financing (formerly as General Motors Acceptance Corporation or GMAC) since 1919. Ally Clearlane was introduced in 2017 as an online marketplace that provided loans through various lenders. In 2020, Ally Clearlane became a direct lender with all auto loans financed by Ally.
No. Ally Clearlane only offers auto loan refinancing and lease buyout loans. It doesn't offer loans to purchase vehicles.