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Ally Clearlane car loan refinancing review
Simple preapproval process — but only for lease buyouts and refinancing.
Bottom line: Ally Clearlane has more flexible requirements than some of its top competitors. But you won’t be able to finance a new or used car — only refinance or get assistance with a lease buyout. Read our full review or get our 30-second take.
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$7,500
Min. Loan Amount
$99,999
Max. Loan Amount
7.54% to 22.49%
APR
Details
| Min. Loan Amount | $7,500 |
|---|---|
| Max. Loan Amount | $99,999 |
| APR | 7.54% to 22.49% |
| Interest Rate Type | Fixed |
| Requirements | Monthly income of $2,000+, live in an eligible US state, ages 18+, Existing auto loan must be third party (non-Ally) and have been in force 6+ months, Only refinance transactions |
Pros and cons
Ally Clearlane is a convenient option for some, but the lack of outright new or used car financing is a definite drawback.
- Prequalify without a hard credit check
- Available in 48 states
- GAP and extended vehicle coverage available
- Coapplicants accepted
- Limited information available online
- Spotty customer service reported
- No new or used car financing
Our take on Ally Clearlane
Ally Clearlane is a good option for people who have high rates on their current car loans. It offers refinancing and lease buyouts at competitive rates with relatively minimal requirements. This makes it a solid option for people who might have trouble qualifying for a loan through a traditional route.
But there isn’t much information available online. You’ll need to apply to check your rates, and while this won’t affect your credit, it does mean you won’t know how much it may cost until after you submit your information. Its financing options are also limited. If you’re looking to buy a new or used car that you haven’t been leasing, you’ll have to consider other lenders.
You can compare more car loan providers to see what else you might qualify for.
What types of car loans does Ally Clearlane offer?
Clearlane offers two options: auto loan refinancing and lease buyouts. However, it doesn’t provide many details on which types of cars or loans qualify for its programs. If you have an auto loan with a high rate or are currently driving a leased car, you’ll need to submit an application for preapproval to see what your rates may be.
Ally Clearlane doesn’t require borrowers to have a down payment. However, a down payment of 10% to 20% of your loan amount can help reduce the amount you need to borrow — which in turn cuts how much interest you pay on your loan.
Ally Clearlane reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | B |
| BBB customer reviews | 1.05 out of 5 stars, based on 253 customer reviews |
| BBB customer complaints | 1,347 customer complaints |
| Trustpilot Score | 1.4 out of 5 stars, based on 73 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
While Clearlane has its own Better Business Bureau page, it shares its reviews with Ally — including the negative ones. Among those recent reviews as of July 2020 are six separate complaints dealing with car loans taken out through Ally. There are also multiple reports from customers who are dissatisfied with the customer service they received.
Compare more auto refinancing offers
To see what other loans you could qualify for, select your credit score and state, then choose Show me my personalized options.
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Ally Clearlane car loan refinancing rates, fees and terms
Ally Clearlane offers rates from 7.54% to 22.49% APR. And its terms range from 36 to 72 months.
The rate you receive is based on your credit score, not loan term. To get an idea of what your rate might be, check out the APR ranges Ally Clearlane sets for each FICO credit score band.
| Credit score | APR range |
|---|---|
| 740+ | 7.54% to 7.99% |
| 700 to 739 | 3.99% to 8.74% |
| 660 to 699 | 4.74% to 10.24% |
| 620 to 659 | 6.49% to 10.99% |
| 580 to 619 | 7.49% to 22.49% |
Ally Clearlane requirements
Ally Clearlane doesn’t have many hard eligibility requirements, but you’ll find easier approval if you meet these qualifications:
- Monthly income of at least $2,000
- At least 18 years old
- US citizen, permanent resident or nonresidents living in the US
- Not a resident of Nevada, Vermont or Washington, DC
- Existing auto loan must be third party (non-Ally) and have been in force 6+ months
Clearlane may also consider your credit score, your vehicle’s value and your remaining loan balance.
How the application works
To get started with Ally Clearlane you can choose Get your rate or visit Ally Clearlane’s website. Select the type of financing you need, then enter details about yourself and your car.
Ally Clearlane will then review your information. If you’re approved, a representative will contact you to determine the next steps in the financing process.
If you’re approved you have up to 30 days to use your financing to either purchase your leased vehicle or refinance your current auto loan. From here, you’ll start making repayments to Ally Clearlane.
Ally Clearlane may accept credit scores as low as 520
Several top auto lenders have a minimum credit score in the 600s, but Ally Clearlane may approve you even if your credit score falls below that mark. You won’t receive the best rates with a 520 credit score, so make sure refinancing will either lower your overall loan cost or make your monthly payment more manageable before you sign on.
Not sure Ally Clearlane is right for you? Compare your full range of car loan options to find the best financing for your needs.
Ally Clearlane is not currently available on Finder
Have you considered LightStream Auto Loans?
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
- Same-day funding
- Up to 100% financing
- No restrictions to age or mileage
- Secured and unsecured options
- Competitive rates
