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Clearlane Auto Refinance Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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Clearlane is an auto loan broker and online marketplace that helps consumers to finance or refinance their vehicles by matching them with lenders. The company is affiliated with Ally, an online financial services company. Prospective borrowers anonymously answer basic questions on Clearlane's website and are presented with interest rate and monthly payment figures for the loan they want.
 
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How is Clearlane rated?

Breakdown

4.9/5
Loan Details
5.0/5
Customer Experience

Overall Rating: 4.9 / 5 (Excellent)

Clearlane does a very good job of giving consumers in the market for an auto loan or auto refinance an estimate of what they will pay, given their credit rating, the amount financed, and the term of the loan. But because it is a marketplace, rather than a lender, it's difficult to evaluate the nitty-gritty of the loans it helps to arrange. Clearlane is apparently unresponsive to BBB complaints. Its parent company's reputation is marred by credible allegations of discriminatory lending practices. And it discloses very few details about its operations, its lender network, or its corporate identity. Consumers are advised to approach with caution.

Auto Loans & Refinancing

Loan Details - 4.9 / 5

Since Clearlane is an auto loan marketplace, not a lender itself, it does not set minimum and maximum loan amounts or terms, interest rates, or downpayment requirements. They do, however, offer loans for purchase from dealers or private parties, refinance, and lease buyouts.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Loan Qualifications

Qualification - 4.8 / 5

Each lender Clearlane partners with has its own qualification process, so it is not possible to comparatively evaluate that process here.

Borrower Qualifications

Minimum Age
Most be 18 or older
Minimum Income
No Minimum Specified
Minimum Credit Score
No Minimum
US Citizenship Requirement
No
Verification / Documents Required
Social Security Number

Vehicle Qualifications

Mileage Limit
No Limit
Car Age
No Limit
Car Makes
Any Vehicle Make

Application & Service

Customer Experience - 5 / 5

Preliminary contact with lenders is done through Clearlane's site, which is very easy to understand and navigate.
Approval Time
Same Day
Funding Time
1 - 7 Days
Fees
No Fees Specified
Benefits/ Features
Online Rates / Application
Pre-approval Soft-credit Inquiry
Auto Loan Calculator

Clearlane Reputation & Reviews

Reputation - 4.3 / 5

Prior to 2017, Clearlane was called BlueHarbor and had an A+ rating with the BBB. In 2017, BlueHarbor was acquired by Ally, an online financial services company, and was renamed Clearlane. Clearlane has an F rating from the BBB based on a handful of consumer complaints that the company has not addressed. The company's new owner, Ally, paid $80 million in 2014 to settle federal civil rights claims against it for discriminatory auto lending practices. Given Ally's history and Clearlane's refusal to address BBB complaints against it, the company's reputation is spotty at best.
BBB Rating
F
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
1

Contact & Additional Information

Lender Type
Marketplace
Homepage URL
https://www.clearlane.com
Company Phone
(866) 677-8630
Headquarters Address
15 Enterprise #520, Aliso Viejo, CA, 92656
Year Founded
2000

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Customer Comments & Reviews

Loading Reviews ...
wcciassistant
12/20/2021
The process was easy and they save me 12% on my interest rate and lowered my monthly payment by $100.00

treborpdx
11/29/2021
I have a checking, savings and investment account with Ally, So i decided to get my car refinanced with them, they gave me an approval with a great rate. i Uploaded tons of stuff as they require and now they won't acept my valid out of state DL. I told them DMV is still not able to get my in state DL but my current DL is valid until 2028. this has never been an issue with a real bank when I got my car

J
joseph c
5/24/2021
The process was easy and the rates were nice. I have found the customer service very helpful and dedicated. They guided step by step.. You need to keep up the speed which It was not an issue at all. 5 stars.

V
Virgilio R
10/5/2020
I am not happy with the process, we placed and download documents and sign documents in the portal and the team will they did not receive it..Very sloppy process..Would not recommend it to friends and families...VeryVery Bad.

L
L
8/9/2019
This company is a joke. I applied for a loan through them and the process was smoothe at first until they starting requesting and rejecting documents that needed to be sent in. FIRST, they ran my credit 4-5 times and tanked my credit score. SECOND they starting requesting information that was not needed (I still provided it to them because I figured it was company policy) (ex: My fathers driver's license??) THIRD they made me resubmit paperwork numerous times. It was never up to par even though I signed the paperwork perfectly. FOURTH the customer service sucks with the exception of a few people. My father called to get some help and the lady he spoke with was very condescending and rude.... Read More

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