What You Need to Know Before Using Clearlane Car Loans


Clearlane used to be called BlueHarbour. It is a marketplace that is affiliated with Ally Financial. Over the years, it has gained a respectable reputation partnering with a variety of lenders from across the U.S, with their goal of providing car loans that are affordable to the masses. When using Clearlane, you can be prequalified for a number of loans and view what you might be able to be accepted for, with Clearlane’s customer service being there to assist you at any time through this stage should you need them. One can take advantage of being able to have a look at a number of and compare any offers of lending that they might receive all in the same place.

Clearlane is a broker that deals with the issuance of car loans. They also have an online marketplace that helps consumers find financing options for their cars by putting them in contact with a participating lender. Clearlane are connected with Ally, a company that deals online only with financial services.

Potential borrowing customers can browse and answer questions for lenders to gauge an idea of their borrowing eligibility without being identified. Within these questions, they will tell the potential lenders how much they can afford to borrow, and how much they can afford to pay each month.

Clearlane offers an easy way for prospective new car buyers that are looking to take out a loan or refinance to view what they will be paying back to the lenders, and what they have the ability to agree to borrow based upon how good or bad their credit rating is. At this stage, they will also find out the terms of the loan, such as how long they have to pay it back, the interest that they will be paying on the loan, and any initial deposits they ay be required to make at this point.

However, you should remember that Clearlane is not a direct lender, but a market that exists to connect customers with lenders. For this reason, it can be difficult to find out details on the fine print of loans that you are looking at, since it tends to be the lender directly that provides these details. Hence, loans can be quite tricky to arrange at times via Clearlane.

Another factor that customers or potential customers of Clearlane should consider is that Clearlane as company does not release a lot of information about what they do, and customers should be wary of this.

Car Loans/Refinancing

Clearlane is a marketplace on which those looking for a car loan can view their options – Clearlane does not issue loans itself whatsoever. For this reason, on its website there are no minimum or maximum loan limits, no interest rates, and no need for down-payments.

What Clearlane do is display loans that dealers are offering, as well as private loan companies etc.

Clearlane offers purchase loans, refinance loans, lease buyout, and private party purchases.

All of the lenders that Clearlane joins with have their own loan qualification processes, and all are different. However, to take out a loan via Clearlane, you must meet some minimum requirements (that is even to browse loans on Clearlane). These are referred to as the “Borrower Qualifications.” These state that the borrower must have a minimum age of 18 or more, do not have to be making any minimum income annually, their credit score does not need to be specified, they are not required to be a registered US Citizen, but must have a social security number. Of course, all of these details will undoubtedly vary from lender to lender that is partnered with Clearlane, and is up to the borrower to make sure they read the requirements of each lender and ensure that they meet them before applying for a loan.

When using Clearlane to go through the process of obtaining a car loan, there are a number of key benefits that could be difficult to find elsewhere, including:

      Many prequalification’s for loans possible based upon the details you enter on signup

      You could receive offers of lending in as short a time as 24 hours – a great point if you need the money for your new car fast to make a reservation on it etc.

      Loan calculator is built-in to the site, making it easy to calculate how much your monthly payments will be after entering just a few details

      You can apply with just a soft credit check – this is advantageous in that Clearlane will not run a “hard” credit check, meaning that if you are denied an offer of lending, that your credit score will not be adversely affected and this will not show up on your credit report.

      When you use Clearlane to find a car loan, you are assigned a personal helper that will guide you through the process, and may also offer you advice on which loans might be best for you, and what you can afford to repay.

      Clearlane auto loans are also backed by a well known and respected bank.

In terms of minimum vehicle requirements that the borrower may be subject to, there are none. The car that the borrower is looking for a loan for can have any mileage, be any age, and any make – as long as it is for sale.

Service from Lenders: In terms of contacting lenders once a loan has been approved, this is done directly through the Clearlane website after you have been connected with a lender via their platform This is great as it keeps all communications above board, subject to review by Clearlane, and the site is extremely easy to understand and move around. When applying for a loan via Clearlane’s interface, your loan application can be approved the same day, and will be received within one to seven days. No loan fees are specified on Clearlane and you should watch out for this, as each individual lender that you connect with via Clearlane will have their own fee and interest rates. Clearlane offers benefits for the user as well, such as built-in loan calculators, and no hard-credit searches.