Clearlane by Ally Review

Clearlane by Ally is an auto loan refinance offering by Ally Financial Inc., based in Philadelphia, PA. Founded in 2001, Ally Financial Inc. offers auto refinance loans in 50 states (and Washington, DC).

• Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
• Fair credit accepted. The credit score needed for Clearlane by Ally is relatively low. Borrowers with a credit score as low as 600 may qualify for Clearlane by Ally.
• Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with Clearlane by Ally.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Clearlane by Ally.
• Long loan terms. Clearlane by Ally offers loan terms of up to 72 months. Most auto refinancing loans have a maximum term of 60 months.
• Minimum income of $24,000. You will need an annual income of at least $24,000 to apply for Clearlane by Ally, which is above average for the lenders in our database.

How much can you borrow via Clearlane by Ally?

Auto refinance loan amounts start at $5,000 and go up to $100,000.

What are the auto loan refinancing rates offered through Clearlane by Ally?

Clearlane by Ally offers a fixed APR auto loan refinancing product that ranges from 3.64% APR up to 21.9% APR.

What is the maximum loan term you can get with Clearlane by Ally?

Clearlane by Ally offers auto refinancing with terms ranging from 36 to 72 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Clearlane by Ally charge an origination fee on auto refinance loans?

Yes, Clearlane by Ally charges a loan origination fee.

Origination fees and requirements vary by state.

Does Clearlane by Ally charge a late fee?

Yes, auto refinance loans via Clearlane by Ally are subject to late payment penalty fees.

Does Clearlane by Ally charge prepayment fees?

Yes, Clearlane by Ally does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for Clearlane by Ally?

To qualify for auto loan refinancing with Clearlane by Ally, applicants need a minimum annual income of $24,000 or higher. Clearlane by Ally only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Clearlane by Ally. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Clearlane by Ally. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license
• Proof of citizenship or residence permit
• Proof of residence