Ally Clearlane

• Pre-qualify with a Soft Credit Pull
• Apply with a Cosigner
• GAP and Extended Vehicle Coverage
• State Coverage
• No Hidden Fees
• Lease Buyouts

Pre-qualify with a Soft Credit Pull

Ally Clearlane offers pre-qualification with no impact to your credit score. This evaluation checks your creditworthiness and estimates how much a financial institution would be willing to lend you, in addition to estimating the rates and terms available to you. 

As a marketplace auto refinance lender, Ally Clearlane will show you multiple refinancing options from its network of credit union lenders, allowing you to choose the best fit for your financial needs. If you choose one of the lenders, you will complete the loan application with that institution, which will generally require a hard credit pull.

Most lenders offer this pre-qualification service, which can be in your favor if you would like to compare rates and terms from multiple auto refinance companies.

Apply with a Cosigner

If you have a low or bad credit score, Ally Clearlane allows borrowers to apply with a cosigner. Doing so can boost your chances of qualifying for auto refinancing, in addition to increasing your chances of getting a lower interest rate and better loan terms.

It is important to note that if you choose this option, you will want to apply with a creditworthy co-signer whose credit score will actually benefit you.

GAP and Extended Vehicle Coverage

Ally Clearlane offers Guaranteed Asset Protection (GAP), as well as extended vehicle coverage services.

GAP protects you from losing thousands of dollars if you owe more than your vehicle’s value in the event of a total loss of your vehicle. Many auto finance and refinance lenders offer this service, but it can be a useful investment that could potentially save you money if you still have a large amount owed on your loan.

Ally Clearlane offers three extended coverage plans that can save you money on expensive repair costs that may arise. These options include:

• Basic Guard — Covers essential repairs at a low monthly cost.
• Value Guard — Offers more robust protection at a value.
• Major Guard — Top-tier coverage, covering high-tech and luxury components.

It is important to note that each coverage plan includes roadside assistance and trip protection. Additionally, the type of coverage plan you choose, if you choose one at all, will be dependent on the age, mileage, and worth of your vehicle.

State Coverage

Ally Clearlane’s auto refinance services are available in all 50 U.S. states, with the exception of Nevada and Puerto Rico.

No Hidden Fees

If you choose to use Ally Clearlane’s services to refinance your auto loan, you can rest assured that you won’t get hit with any hidden fees, such as an application fee.

Lease Buyouts

In addition to auto refinancing, Ally Clearlane also offers lease buyout services. If you are looking to buy your leased vehicle, you can quickly and easily check if you pre-qualify with no impact on your credit score and without providing your social security number. Similar to the auto refinance process, you will see financing options and lending decisions online which you can then choose from.

• Funding Time
• Limited Information

Funding Time

Although the online application process is quick and easy, the turnaround time to receive funding can be from one to two weeks. This may depend on the lender you choose from Ally Clearlane’s network, but you may be able to find faster funding times with another lender.

Limited Information

Ally Clearlane’s website doesn’t outline any information on loan rates, terms, or amounts. This is likely due to the fact that Ally Clearlane is not a direct lender, and these factors will vary by lender in its network. However, if you want to qualify for the best rates and terms, with any lender, you will need to have a good to excellent credit score.

Additionally, eligibility requirements are not clearly outlined on the website, making it difficult for borrowers to know what other qualifications they must meet to be approved for either refinancing or a lease buyout. 

Generally, auto refinance lenders will require a borrower to be at least 18 years of age and to have a verified source of income. In addition, most lenders have vehicle stipulations, such as that the vehicle can not be older than 10 years and/or have more than 150,000 miles. These are common requirements in the industry.