Ally 2022 Clearlane Auto Loan Review
Advantages and disadvantages
Clearlane auto credits
Refinancing / Lease buyback: 3.74% to 7.49%
In most states, Clearlane offers guaranteed asset protection, which can help narrow the gap between the value of the car and the amount you owe on the vehicle if your car is destroyed or stolen. This is a unique feature that not all lenders offer.
In addition, Clearlane allows co-signers on its loans. Co-signers can help borrowers with lower credit scores qualify for a loan.
How Clearlane Auto Loans Work
Clearlane only offers two types of auto loans, loan refinance and lease buyout – you won’t be able to buy a new or used car with the lender. Loan terms vary from 36 to 72 months, and loans are available in all states except Nevada and Vermont. You also cannot get a car loan in Washington, DC. Loan amounts range from $ 10,000 to $ 80,000.
The financing process can take anywhere from several days to a few weeks, depending on how quickly you get Clearlane the documents they need to approve your loan. These documents include your social security number, your employment details and your contact information.
You must have a minimum monthly income of $ 2,000 to be eligible for a Clearlane loan. For your vehicle to be eligible for a Clearlane loan, it must be less than 10 model years old and never previously used as a police car or taxi.
Clearlane’s interest rates are fixed, which means they won’t change over the course of your loan. The lender does not charge any administrative or documentation fees. You are allowed to add a co-borrower to your loan, although it is not mandatory.
Before taking out a car loan, shop around and compare all your offers. Look beyond the monthly payment and consider the interest rate and the length of the loan.
Is Clearlane trustworthy?
Ally, Clearlane by Ally’s parent company, is noted a D- by the Better Business Bureau, a nonprofit focused on consumer protection and trust. The BBB cited 73 unresolved complaints against the company as the reason for its rating. The BBB assesses businesses by examining responses to consumer complaints, honesty in advertising, and clarity in business practices.
Keep in mind that BBB scores may not be representative of the relationship you will have with the business and are only starting points in your search for a auto loan lender.
On a positive note, Clearlane has not been involved in any recent scandals.
How To Compare Clearlane Auto Loans
Compared to other lenders, Clearlane has less competitive rates on its auto finance products. Here is how the online lender compares to Bank of America and Lightstream.
Clearlane’s lowest APR on lease buybacks and loan refinancing is approximately 0.3% to 0.7% higher than the APRs of Bank of America and Lightstream. Its range of loans has both a higher minimum and a lower maximum than Lightstream or Bank of America, which makes it more restrictive based on how much money you need to fund.
Lightstream and Bank of America both offer loans for the purchase of new and used cars, while Clearlane does not have this option. Clearlane does not offer any rate reduction for AutoPay, unlike Lightstream. Clearlane also does not have a discount or membership in its parent bank Ally, which Bank of America offers.
Lightstream offers same day financing in some cases, while it may take a few weeks to get your money through Clearlane.