BlueSky Auto Finance Review for 2024

BlueSky Auto Finance is an auto loan broker that specializes in bad credit auto loans. That means that instead of doing the lending part of an auto loan, BlueSky matches borrowers with the best lenders for them.

Blue Sky Auto Finance

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Getting to Know BlueSky Auto Finance and Its Offerings

If you’ve ever used Expedia to find the best airfare for a vacation, then you get the process. BlueSky Auto Finance allows you to easily shop for new or used auto loans online and compare prices and rates.

Though BlueSky does advertise that they offer no credit and bad credit auto loans, they don’t restrict themselves to one particular type of borrower. The result is that BlueSky provides borrowers with the services they need, regardless of how credit bureaus label them.

If you have poor credit or don’t want to apply for an auto loan with multiple lenders to find the best rate, then BlueSky Auto Finance may be right for you.

BlueSky Auto Finance Application Requirements

The documents you’ll need to submit for the car loan application vary with whichever lender you choose and what your particular situation may be. For example, if you have no or bad credit, your lender may request alternate credit information.

Examples of alternative information include phone, internet, utility, and rent payments. If you suffer from poor credit, there are ways to have alternative data actually affect your credit.

For the most part, you’ll need to provide the following information regardless of which auto loan company you choose.

  1. Proof of income: Pay stubs or bank statements can provide this.
  2. Proof of insurance: If you don’t have car insurance already, you can purchase insurance at the dealership when you are actually ready to purchase the car. However, having insurance prior to applying may better your chances of receiving the loan amount you need.
  3. Proof of identity: A photo ID with your signature on it should suffice. You may also need to provide original copies of your utility bills and bank statements. These confirm the address you have on your photo ID. You can also use stock certificates, passports, Medicare cards, or titles to other cars or your home.
  4. Proof of residence: Should you stop making payments on your new car, lenders need to know where they can find the car. For this, you can also use utility bills.
  5. Trade-in paperwork: If you’re trading in your old car, you’ll have to be able to present the title and registration papers. If you need a car fast and intend to trade in your car, presenting the appropriate paperwork from the very beginning will speed up the entire loan process dramatically.

Depending on your credit score and which lender approves you for an auto loan, you may have to make a down payment. Good credit borrowers may not need to put anything down, but no credit, and bad credit borrowers will most likely need to secure the loan. The norm is 10% of the car or $1,000, whichever is the higher amount.

How Your Credit Score Affects Loan Options at Blue Sky

Blue Sky Auto Finance works with various lenders who specialize in bad credit car loans. The car loan you’ll be eligible for all depends on which lender you decide to work with and your financial situation. There are new or used car loans available for all types of credit profiles through Blue Sky.

To simplify things, lenders sort borrowers into tiers. Tiers are broken apart by the borrower’s credit score. The higher the tier, the likelier you are to pay a higher interest rate and down payment.

The lower the tier, the fewer hoops you’ll have to jump through. In the auto financing industry, the scoring model ranges from 250 to 900, which is a bit different from the traditional FICO model.

The tiers are grouped by credit score as follows:

  • Tier 5: 250 to 520
  • Tier 4: 520 to 580
  • Tier 3: 581 to 659
  • Tier 2: 660 to 699
  • Tier 1: 700 to 739
  • Tier 0: 740 to 877

If you’re in a higher tier, don’t worry. Blue Sky Auto Finance only works with lenders who deliver good rates. Yes, you’ll pay more to take out a car loan (and will ultimately end up paying more for the car), but you should be able to find an option with affordable monthly payments.

Auto Loan Options at Blue Sky Auto Finance

Blue Sky Auto Finance caters to a wide range of borrowers by offering various types of auto loans, tailored to meet different financial needs and circumstances. Whether you’re looking to purchase a new or a used car, Blue Sky has options that can fit your situation. Here are the key types of auto loans you can find through Blue Sky Auto Finance:

  • New car loans: Ideal for those who are looking to purchase a brand-new vehicle directly from a dealership. These loans typically come with competitive interest rates and are designed for customers who prefer a car with the latest features and full manufacturer warranty.
  • Used car loans: A perfect choice for buyers interested in purchasing pre-owned vehicles. These loans are available for cars of various ages and mileage, offering flexibility for those who want a reliable car at a potentially lower cost.
  • Refinancing loans: If you already have an auto loan and are looking to lower your interest rate or monthly payment, Blue Sky offers refinancing options. This can be a smart choice for those whose credit scores have improved since taking out their original loan.
  • Bad credit auto loans: Specializing in serving customers with less-than-perfect credit, Blue Sky provides options for those who may have faced financial challenges in the past. These loans are structured to help rebuild credit while still getting you behind the wheel.
  • No credit auto loans: For first-time borrowers or those with no established credit history, Blue Sky offers loans that consider other factors beyond credit scores, such as income and employment stability.

Each loan type is structured with the borrower’s needs in mind, ensuring that you can find an option that suits your financial situation. Blue Sky’s network of lenders allows you to compare rates and terms, ensuring that you get the best deal for your auto loan.

BlueSky Auto Finance Fees and Rates

There are no application fees. However, depending on the lender you choose, varying finance terms and costs may be associated with your personal credit profile.

The interest rate you receive on a BlueSky auto loan will vary depending on the information in your credit report and the type of car you decide to purchase. Once your loan application is submitted and approved, you will be contacted by a loan processor who will give you details on interest rates, monthly payments, and loan terms.

BlueSky Auto Loans Reviews

Many customers have reviewed the company positively, praising its easy application process and competitive auto loan rates. Some reviewers have also noted excellent customer service, with helpful and knowledgeable staff. However, there have also been some negative reviews, with some customers reporting difficulties in the loan process or issues with communication.

The Better Business Bureau (BBB) currently gives BlueSky Auto Loans an A+, with very few complaints. You will find many 4- and 5-star reviews of BlueSky Auto Loans at several other review sites as well.

BlueSky Auto Finance Application Process

The application is straightforward enough. First, enter your contact information (including a physical address), and from there, tell them what you’re looking for. Questions you’ll answer to begin the application process include:

  • Desired loan term (24, 36, 48, 60, or 72 months)
  • Desired loan amount. They list a lot of ranges, but numbers begin at $7,500 or under, and go up to $30,000.
  • Year, make, and model of desired car.
  • Trim type.

Once you agree to the privacy policy and click the continue button, you’ll be contacted by a BlueSky representative and up to four lenders. In addition, a participating dealer near you may also contact you.

Pre-approval for auto loans can take up to 72 hours, but as little as 24 hours. You can also e-sign important documents, which expedites the process for a lot of mobile-centered borrowers. Once you’re pre-approved, you’ll be matched with dealers in your area.

Special Features of BlueSky Auto Finance

Whether you have no credit, bad credit, or a bankruptcy on your credit report, BlueSky Auto Loans has a team of lenders with a proven track record of working with borrowers like you.

Blue Sky Auto Finance has partnered with some of the biggest names in the business, including:

  • TransUnion
  • DealerTrack
  • Equifax
  • IHS
  • LendingTree
  • Consumer Portfolio Services, Inc.
  • RouteOne
  • Tidewater Finance Company

Each of these companies has a proven track record of working with various borrowers and providing them with prompt, top-notch customer service.

Bottom Line

Choosing Blue Sky Auto Finance means opting for a streamlined and stress-free auto financing experience. With their efficient system, you’re matched with lenders that best suit your financial situation, and connected with trustworthy dealerships in your area. This dual approach not only saves time but also ensures a smoother car buying process.

Customers consistently applaud Blue Sky for its user-friendly process and quick service. The company’s dedication to hassle-free financing is evident in the positive reviews it receives, highlighting its ability to meet diverse auto loan needs efficiently.

In summary, Blue Sky Auto Finance is a reliable choice for those seeking a straightforward path to auto financing. It stands out for its commitment to customer ease, making the journey to your new car both pleasant and time-efficient.

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