Ally Clearlane Auto Loans: 2021 Review

Clearlane lets fair-credit applicants see if they can qualify for a loan without affecting their credit.

Philip ReedJune 23, 2020
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Our Take

The bottom line: Best for borrowers with fair credit who are comparing offers.

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Full Review

Ally Clearlane
Learn More

on Ally Clearlane's website

Learn More

on Ally Clearlane's website

Min. Credit Score

580

Est. APR

3.74 - 7.49%

Loan Amount

$10,000 - $80,000

Pros & Cons

Pros

  • Prequalify with a soft credit check.

  • Allows co-signers.

Cons

  • High minimum income required.

  • Offers loan terms over 60 months.

Compare to Other Lenders

Ally Clearlane
MyAutoloan
RefiJet
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Min. Credit Score

580

Min. Credit Score

575

Min. Credit Score

580

Est. APR

3.74 - 7.49%

Est. APR

2.05 - 29.40%

Est. APR

2.45 - 17.99%

Loan Amount

$10,000 - $80,000

Loan Amount

$5,000 - $99,000

Loan Amount

$7,500 - $150,000

Full Review

To review Ally 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.

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

  • Offers 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 72 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.

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Frequently asked questions