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Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
First, am I eligible?
To apply for a vehicle loan with BlueSky Auto Financing, you’ll need to meet a few requirements:
At least $1,800 monthly income
No open bankruptcies.
Live in an eligible state
If you’re refinancing a loan, your car isn’t older than eight years and your remaining balance is at least $8,000.
You can’t qualify for financing through BlueSky if you live in one of the following states:
What makes BlueSky Auto Finance unique?
BlueSky Auto Finance is a broker that connects you with dealers offer financing for all types of credit scores. In other words, it doesn’t directly give you money. Instead, it puts you in touch with dealerships that include in-house financing.
In-house financing can be both good and bad. On the plus side, dealerships typically don’t run credit checks and have more room for negotiation than other lenders will. But you could still end up with high rates and contracts containing hidden conditions and fees.
What types of car loans does BlueSky Auto Finance offer?
BlueSky Auto Finance offers the bare basics of bad-credit and no-credit auto loans directly from dealerships. These include:
New and used car loans. Your standard term loan used to purchase a new or used car from a dealership.
Auto refinance loan. Swap your old loan for a new one with better terms and rates to save in the long run.
You can also apply for a personal loan through BlueSky Auto Finance, which you can potentially use to purchase a car. Borrowers can also use their car loans to purchase a truck.
What rates can I expect from a BlueSky car loan?
Rates start at 3.99% on BlueSky car loans. However, what rate you get depends on factors like your income, how much you’re borrowing and your loan term. No-credit check loans tend to come with even higher rates, since they often assume borrowers have bad credit.
What are the benefits of getting a car loan with BlueSky Auto Finance?
Poor and no credit welcome. You could be approved for a loan without a credit check through a vetted partner dealerships.
No fees. It’s free to be matched to a dealer through BlueSky.
Online resources. BlueSky’s site includes resources that can help you narrow down a loan that’s right for you — like calculators and educational articles.
What to watch out for
You’re limited to its network. While you might find a solid deal through this provider, it turns a profit on dealership partnerships, not you.
High rates. Dealerships may not always check your credit score, but you might end up with high interest rates. Don’t let yourself get talked into anything you can’t afford.
Dealership financing only. If you’re interested in finding a loan through a third-party lender, consider another bad-credit connection service.
Unnecessary add-ons. Sometimes dealers bury inessential add-ons — like fabric protection — in your contract. Read all terms and conditions carefully.
Potential spam. Your inbox might fill up with emails from BlueSky long after your loan is paid off. And attempts to unsubscribe don’t always work.
Compare other car loan providers
Updated November 15th, 2019
What does the Internet say about BlueSky Auto Finance?
BlueSky Auto Finance doesn’t have much of presence as of July 2019. It has no customer reviews on its Better Business Bureau page (BBB), though four customers have filed complaints against the company. Almost all complaints were over spam email, even from people who’ve never used BlueSky Auto Finance. It has not page on Trustpilot
Is BlueSky legit?
Generally yes. It’s accredited with the Better Business Bureau (BBB) and gets an A+ rating based on factors like transparency and time in business. It’s been around for 15 years too — a long time for an online connection service.
Its website is encrypted, so any information you enter online is protected — though there’s no way to absolutely guarantee the safety of any data you enter online.
How do I apply?
Before you apply, make sure meet BlueSky Auto Finance’s credit requirements — no point in wasting your time on a loan you can’t get.
Go through your finances to figure out exactly how much you can afford, considering monthly payments, any down payment and your total loan cost. Don’t forget to include the insurance, maintenance and other costs that come with buying and maintaining a car.
Here’s how to apply with BlueSky Auto Finance online:
Visit BlueSky online and click Apply Now.
You should learn about preapproval in 24 to 72 hours after you apply. If you’re accepted, BlueSky sends your information to partner dealerships in its area, which then contact you with offers.
Compare your offers carefully, and don’t be afraid to negotiate — dealers expect negotiation and often inflate prices for that reason. Pick an offer that best meets your personal requirements, be it affordability, car type or anything else.
Go to the dealership to pick out your car and sign your loan papers. Make sure to read all paperwork carefully before signing anything.
Drive off in your new — or used, or refinanced — car.
What documents do I need to apply?
Each dealer has its own document requirements.
Common documents you might be asked to provide include:
Your driver’s license. As with any form of ID, it must reflect your current address.
Insurance information. Many dealers want to see that you’re insured before they’ll offer a loan.
Proof of income. A recent paystub is the most common way to prove you make as much as you say you do.
To refinance an existing car loan, have the following documents on hand:
Your vehicle registration. Proof that your vehicle is registered with a local government entity that sets auto regulations in your state (probably your local DMV).
Vehicle identification number. Your 17-character VIN is found on the driver’s side dashboard, your insurance card or vehicle registration.
An odometer reading. You odometer shows how many miles your car has on it. Lenders use mileage to determine your vehicle’s worth, which factors into your rates and terms.
Your current lender and account number. Your lender uses this info to pay off your original loan with a new one.
I got a BlueSky Auto Finance loan. Now what?
If it’s an option, set up autopay with your dealer to avoid accidentally missing repayments. If autopay isn’t an option, set an alarm to remind you a few days before your repayments are due to avoid late fees.
When paying back a loan, alert your dealer as soon as possible if you have any setbacks. It may be willing to renegotiate your terms to make your payments more affordable. Reach out to customer service at any time by calling 800-258-3759.
BlueSky Auto Finance offers educational resources for poor- and no-credit borrowers, if nothing else. Its lending options are typical of similar online matching services — although its network appears to be on the small side and its loan types limited.
No. BlueSky Auto Finance can help you buy cars, trucks, minivans and SUVs only.
Yes. Your application is encrypted with industry-standard technology, and your information is only shared with people who absolutely need it to process your financing.
It depends. If you have good credit, your loan may not require a down payment. Everyone else is typically asked to put down $1,000 or 10% of the car price, whichever is higher.
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