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As a nationwide finance network, ClearLane allows you to get pre-qualified for a car loan from multiple lenders. This initial process doesn’t require a social security number, so your credit score won’t be affected when you submit your information. ClearLane doesn’t offer car loans for new or used purchases but instead focuses on refinancing and lease buyouts. Most borrowers see an average monthly savings of $103. Once you pre-qualify, you can look at individual loan offers to compare your options. From there, you’ll submit a credit application and upload documents for the lender review process. The final step is to sign your contract directly with the lender.
A lease buyout operates using the same process as auto refinancing. It allows you to gain ownership of the vehicle at any point during the lease period, although most people choose this option as their term nears its end. ClearLane is a part of Ally Financial, a leading financial institution with a large focus on auto loans. In many states, ClearLane offers Guaranteed Asset Protection (GAP) insurance as well as extended options for repair coverage. If your budget allows for these add-ons and it makes sense for your vehicle, you can roll the costs into your monthly payment.