BlueSky Auto Finance car loans review November 2018 | finder.com

BlueSky Auto Finance car loans review

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Be connected to no-credit car loans directly from dealers — but watch out for high rates.

A lot can stand in the way of a new set of wheels. But your credit score doesn’t need to be one of them.

Online auto loan brokers offer vehicle financing to those with poor credit. BlueSky Auto Finance is one of them, advertising rates as low as 2.99% through network dealerships.

But take caution: Poor credit and low rates don’t often mix.

Product NameBlueSky Auto Finance car loans
Max. Loan Amount$30,000
APR2.99% (As low as )
Interest Rate TypeVariable
Maximum Loan Term5 years
  • Age 18 or older
  • Monlthy income $1,800+
  • No open bankruptcies
  • Not reside in AR, HI, LA, VT or WY
  • Refinanced cars less than 8 years old and remaining balance must be $8,000+

First, am I eligible?

To apply for a vehicle loan with BlueSky Auto Financing, you’ll need to meet a few requirements:

  • You’re at least 18 years old (or your state’s age of majority).
  • You make at least $1,800 a month.
  • You do not have any open bankruptcies.
  • You don’t live in Arkansas, Hawaii, Louisiana, Vermont or Wyoming.
  • If you’re refinancing a loan, your car isn’t older than eight years and your remaining balance is at least $8,000.

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.

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.
  • 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

Rates last updated November 14th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What does the Internet say about BlueSky Auto Finance?

BlueSky Auto Finance doesn’t have much of presence only. It is, however, accredited with the Better Business Bureau (BBB) — which means it’s committed to resolving consumer complaints.

BlueSky gets an A+ BBB rating based on only one consumer review praising the ease in getting a car loan with no credit. The review also mentions that interest rates were high.

The BBB shows 12 complaints registered against the company, almost all because of spam email, even to people who’ve never used BlueSky Auto Finance.

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:

  1. Visit BlueSky online and click Apply Now.
    BlueSky homepage with apply button
  2. Complete the two-step form, carefully reading the privacy policy and terms. Submit your application.
    BlueSky Application, personal information form
  3. 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.
  4. 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.
  5. Go to the dealership to pick out your car and sign your loan papers. Make sure to read all paperwork carefully before signing anything.
  6. 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.

Bottom line

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.

Before you apply with BlueSky, compare as many auto financing options as you can to find a lender that best meets your needs and budget.

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2 Responses

  1. Default Gravatar
    TammyOctober 30, 2018

    How to know if I’m approved

    • finder Customer Care
      joelmarceloOctober 30, 2018Staff

      Hi Tammy,

      Thanks for leaving a question on finder.

      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 your area, and they will contact you with offers.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

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