Ally Clearlane Auto Loan Refinancing: 2022 Review

Ally Clearlane offers direct auto refinance loans and provides pre-qualified rate estimates using a soft credit check.
Apr 11, 2022

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Our Take

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.

Ally Clearlane
Est. APR
5.24-18.74%
Loan amount
$5,000-$99,999
Min. credit score
520
Learn more

on Ally Clearlane's website

Pros & Cons

Pros

  • 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.

Cons

  • 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
MyAutoloan
RefiJet
Est. APR

5.24-18.74%

Est. APR

1.99-21.99%

Est. APR

1.99-17.99%

Loan amount

$5,000-$99,999

Loan amount

$5,000-$100,000

Loan amount

$5,000-$100,000

Min. credit score

520

Min. credit score

575

Min. credit score

500

Full Review

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

Application process
  • Origination fee: None.

  • Pre-qualification available: Yes, borrowers can pre-qualify with a soft credit check. After approval, offers are good for 30 days.

  • Personal information needed to pre-qualify: Vehicle VIN or license plate number or vehicle year, make and model. Also address, time at address, phone, email, birthdate, employment status, employer name, housing status, housing payment amount. Social Security number not required until applicant proceeds with loan.

  • Online, in-person or both: Process is 100% online, including document upload.

  • Approval speed: The majority of auto loan decisions are immediate, with the rest generally under 30 minutes.

  • Funding speed: Two days or more.

Qualifications
  • Minimum FICO credit score: 520.

  • Minimum credit history: None.

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy-related restrictions:  None.

  • States covered: Not available in NV, VT. Also not available in Washington, D.C.

Restrictions
  • Maximum vehicle age: 10 model years.

  • Maximum vehicle mileage: 121,001.

  • Other vehicle restrictions: Does not refinance commercial vehicles, many electric vehicles and brands no longer being manufactured. Make restrictions: Coda, Fisker, Isuzu, Suzuki, AMC, Consuliar, Triumph, Yugo, Hummer, Pontiac, Saab, Saturn, Chevrolet Commercial, Dodge Commercial, Ford Commercial, GMC Medium Duty, Mercedes-Benz Commercial. Model restrictions: e-tron, e-tron GT, e-tron Sportsback, RS e-tron GT, i3 Series, ELR, Bolt, Spark EV, Volt, Pacifica Hybrid, 500e, Focus Electric, Mustang Mach-E, Ioniq, Kona EV, I-Pace, Niro EV, Soul EV, B-Class, B Class, Cooper SE, i-MiEV, Outlander PHEV, LEAF 2, Polestar 2,Taycan, Fortwo Electric drive, RAV4 EV, e-Golf, XC40.5500, 4500 Chassis Cab, 4500 LCF Gas, 4500HD LCF Diesel, 4500XD LCF Diesel, 5500 Chassis Cab, 5500HD LCF Diesel, 5500XD LCF Diesel, 6500XD LCF Diesel, Express Cargo Van, Express Commercial Cutaway, Express Passenger, F-150 Police Responder, F450, F-53 Motorhome Stripped Chassis, F550, F-59 Commercial Stripped Chassis, F600, G3500 Van, High Cube Van, Medium Duty Cargo Van, Police Responder Hybrid Sedan, Police Responder Utility, ProMaster, Promaster Cargo Van, Promaster Chassis Cab, ProMaster City, Promaster City Cargo Van, Promaster City Wagon, Promaster Cutaway, Promaster Window Van, Savana Cargo Van, Savana Commercial Cutaway, Savana Passenger, Sprinter, Sprinter Cab Chassis, Sprinter Cargo Van, Sprinter Crew Van, Sprinter Passenger Van, Super Duty F-450 DRW, Super Duty F-550 DRW, Super Duty F-600 DRW, Transit 150, Transit Cargo Van, Transit Chassis, Transit Commercial Vans, Transit Connect, Transit Connect Van, Transit Connect Wagon, Transit Crew Van, Transit Cutaway, Transit Passenger Wagon.

  • Loan amount minimum: $5,000.

  • Loan amount maximum: $99,999.

  • Refinancing time restrictions: Will refinance after borrower has had current loan for six months.

Other loan details
  • Loan terms: 36-72 months.

  • Automatic payment: Available but not required.

  • Rate discount: None.

  • Greater-than-minimum payments: Accepted and can be made by automatic payment. Information about how surplus is applied was not provided.

  • Bi-weekly payments: Accepted but can’t be made by automatic payment.

  • Late payment fee: Yes, amount varies by state.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: Yes, and can complete application at the same time.

  • Payment options: Mailed-in check, phone, mobile app, online, ACH.

  • Selected payment due date: Yes, borrowers can contact the servicing department after signing the loan agreement to select a due date.

  • Cash-out refinancing: Not offered.

  • Hardship plans: Yes, offers options such as payment extensions, which enable a borrower to defer a certain number of payments.

Customer service
  • Assistance provided: Offers customer support throughout the loan process and retains servicing of the loan.

  • Availability: Monday-Friday 6 a.m.-6 p.m., Saturday 9 a.m.-1 p.m. PT.

  • Contact options: Phone, email.

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.

Learn more

on Ally Clearlane's website

Frequently asked questions