Is an Ally Clearlane Auto Loan Right For You? [2020 Review]
Ally Financial is one of the largest auto loan providers in the United States. Through Ally Clearlane, the company offers auto loans for vehicle refinancing, lease buyouts, and more.
Refinancing your auto loan or purchasing a leased vehicle can be a wise financial decision, but only if you choose the right loan terms. Read this review to help you decide if a Clearlane auto loan is worth considering.
If you’re not sold on Clearlane, check out our review of the best auto credit industry suppliers. We compare the best companies by looking at interest rates, minimum application requirements, loan terms, and more. To start comparing auto loan options from several major lenders, visit AutoCreditExpress.com.
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Clearlane is part of Ally Financial, which is based in Detroit, Michigan, and has been in business for over 100 years (originally as General Motors Acceptance Corporation). The company provides auto loans to customers across the United States, with the exception of Nevada.
|Ally Clearlane auto loan pros||Disadvantages of the Ally Clearlane auto loan|
|No credit check for prequalification||Slow customer service|
|Loans available for guaranteed asset protection (GAP) and vehicle maintenance insurance contracts||No purchase loan available|
|No administration fees or prepayment||Not available in Nevada|
Clearlane auto loan details
Clearlane does not advertise purchase loans, but does offer auto loans for refinancing and lease buyouts, as well as purchasing GAP insurance and vehicle maintenance contracts. The details of the car loan will vary depending on your credit score and the vehicle you intend to buy or refinance.
|Ally Clearlane Auto Loan Details|
|Loan amount range||$ 10,000 to $ 80,000|
|Annual percentage rate (APR)||As low as 4.49%|
|term of the loan||36 to 75 months|
|Penalty for early repayment||Nothing|
Clearlane loans are available for most types of cars, although commercial vehicles are excluded from coverage.
Clearlane auto loan application process
To apply for a Clearlane auto loan, potential borrowers must go through a prequalification process. The app does not require you to enter your social security or credit card number and will not result in a credit check. This means that your credit will not be impacted.
You can apply for a Clearlane loan as an individual or with a co-applicant and will be asked to provide the following information:
- Last name
- Vehicle details
- Annual revenue
The application process is very quick and may be worth completing just to see what terms are available to you. If you decide to follow through on your loan offer, Clearlane will need to perform a thorough credit check, which may affect your credit score.
Not everyone will qualify for an Ally Clearlane auto loan. To be approved, applicants must have a minimum credit score of 580 and a minimum income of $ 1,800 per month. If you do not meet these conditions, you will need to find a co-signer with a better credit rating to get a Clearlane loan.
Clearlane Reviews and Reputation
Clearlane’s parent company, Ally Financial, has obtained a C rating from the Better Business Bureau (BBB). It has a BBB customer review score of 1.0 out of 5.0 stars and a Trustpilot review score of 1.4 out of 5.0 stars.
While these scores are low, it’s important to note that they are based on a relatively small number of reviews and may not represent the majority of Clearlane customers. Ally’s Trustpilot score, for example, is based on less than 100 reviews, which represents less than 1% of its customers. Yet poor customer ratings online and the lack of positive reviews are not a good sign for the business as a whole.
While Ally’s reviews are generally negative, some drivers praise Clearlane for its customer support. A pilot writes:
“Fantastic company. Most of these negative reviews come from people with remorse. Read your contracts, folks… I’ve been financing with Ally since 2006. Before 2009, they were called GMAC. It’s the same amazing company and always will be.
– LVP via BBB
A common complaint against Clearlane is slow filing times. Several reviewers also cite disorganized customer service and difficulty receiving funds.
“Ally’s customer service is the worst I have ever experienced. Ask to speak to a manager, [and] you will either have to wait for hours or be transferred to a survey asking you to rate their service.
– Ian V. via BBB
“I refinanced my vehicle in March 2020 from Ally at my bank. They only applied one check to my car loan in May 2020 and the other check in July, [but] they deposited both checks into their account on March 12. [This was] seven days after my refinancing and two days before the expiration date of the letter of reimbursement. Now they tell me I owe them finance charges.
– Tina M. via BBB
Our opinion on Clearlane: 3.5 stars
Determining potential refinancing opportunities is a good idea, especially if your credit score has recently improved, if you have moved, or if you have purchased a home. Ally Clearlane auto loans may be worth considering due to the company’s easy and risk-free application process.
|Engine Rating 1||3.5|
Prequalifying Clearlane is simple and does not impact your credit. Another good thing about the lender is that they offer loans for GAP insurance as well as vehicle maintenance contracts, which can help protect your vehicle on the road.
The downsides of Clearlane are that it may have more stringent eligibility requirements than other companies and reportedly poor customer service. Several clients have complained about difficulties with client representatives and the time it takes for loan payments to be deposited into their accounts.
You can visit AutoCreditExpress.com to start comparing car loan options from several major lenders, including Automatically approve, LightStream, and more.