How to apply for a loan?
To get a refinancing loan from Ally Clearlane, the borrower needs to:
Click on the "Start a new request" button;
Enter the VIN or plate number of the vehicle to identify it;
Enter the state and current mileage. If there is no such information, enter the year of manufacture and model of the car;
Enter the borrower's name, email, and date of birth;
Select employment type and enter the amount of monthly income. Add another source of income or information about the co-applicant, if any;
Enter the borrower's residential address;
Select housing type and fill out monthly mortgage payment/monthly rent payment depending on housing type;
Choose a time at residence;
Enter your phone number;
Click "Submit".
The lender will receive your application and consider it. They will reach you via email or phone once there will be any decision made.
Requirements
To be eligible for refinancing from Ally Clearlane, the borrower must:
Be 18 years old
Be a citizen or permanent resident of the United States
Have a minimum income of at least $24,000 a year
Have a minimum of 520 FICO score
Have an auto loan that was taken out more than 7 months ago.
The borrower's car must also meet certain criteria:
It must be no older than 10 years
The car must have no more than 121,001 mileage
The car should not have been used for business or commercial purposes
It should not have a branded title
It should not have an unrepaired collision
The car must not have more than one lien.
Application details
Ally Clearlane may require downloading additional documents to complete the online application process. These documents can be requested to confirm the identity of the borrower, their income level, and car ownership:
Passport
State-issued ID
Driving license
Insurance documents
Pay stubs
Bank statements
W-2s
Tax returns.
The borrower can get pre-qualification with a soft credit check. To pre-qualify, they don't need to provide an SSN. Almost all loan decisions are immediate, and the remaining ones can be received 30 minutes after approval. Credit offers are active for 30 days after receipt. The borrower can include a co-signer in the loan application.
