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Saturday, January 29th
BlueSky Auto Finance got its start in 2004, with the goal of making it easier for working people to get loans for the cars they need. The company has helped more than a million customers with competitive rates for all credit types, through partnerships with a national network of both lenders and dealers. In other words, BlueSky doesn't fund your car loan but rather connects you to their vetted lending partners - which may include car dealerships as well as financial institutions.
Great for customers with credit problems
While anyone can apply for a car loan through BlueSky, they specialize in working with customers who have had credit problems in the past. As long as you have an income of at least $450 a week, you may be eligible to borrow up to $30,000 for a new or used car.
Can buy a car within 24-48 hours
After you fill in BlueSky's short online form, your details will be passed along for approval by the partners in their network. You may be contacted directly by a dealership in your area, as well as by several financial institutions interested in funding your vehicle purchase. It can take anywhere from 24-72 hours to get your loan offers, but you may be able to buy your car in as little as a day or two from the time your request is processed! That's great news if you already have a car in mind.
Not enough information provided
On the downside, BlueSky doesn't give away many details with respect to their lending partners. Who, exactly, will be getting your sensitive information? In the fine print of the application, we noticed that BlueSky works with some of the rival lenders we evaluated - so that's another hop-skip-and-jump your details will take (e.g. BlueSky to a third-party lending referral service and any of their lending partners).
Questionable application process
After we submitted our information, we were asked to click on a button to get a free credit score and then enter the percentage of our credit limit. However, that link takes you to yet another service; you can often get those details through services you're already using, such as your bank account or credit card provider. That will help you limit where your identifying information is being sent! Another oddity we found is that we could only enter last year as the most recent model we were looking to purchase.
Company still gets good feedback
Surprisingly, BlueSky performs well when it comes to reputation. We're impressed by their "A+' rating and accreditation from the Better Business Bureau, and with decent evaluations by other third-party sources. There are also several glowing customer testimonials on the BlueSky site - but we all know that those tend to be heavily curated by companies and may not reflect the full client experience.
May be worth it if other lenders don't work out
Still, there isn't much negative press to be found for BlueSky, and combined with the solid showing with the BBB, it's a sign that you can probably trust this service if you choose to use it to find an auto loan. Is it your best option? Not necessarily, especially if you want greater transparency and less pass-the-baton from one lending partner to another, but circle back to BlueSky if the higher-rated sources of car loans don't meet your needs.
You're right if you suspect that the answer to that question is "not necessarily at the dealership". You might initially be lured in by a dealership's attractive 0% financing offers - but unless you've got extremely good credit, you're not going to qualify. And, in the excitement of getting your new (or new-to-you) car, you could wind up with interest rates on your car loan that are even higher than what you'd get elsewhere.
Savvy consumers know that the best way to get truly competitive rates on auto loans is by comparison shopping with online lenders. Even if you're just starting the research process, it only takes a few minutes to find out how much you're qualified to borrow and with what loan terms. With that information in hand, perhaps with a preapproval letter too, you'll be much more confident walking into the dealership and negotiating the best possible deal on the car itself.
Some providers of auto loans specialize in helping customers with less-than-perfect credit. These lenders can work with you to get a loan that you can afford, and they take into account your whole financial picture - not just your low credit score, previous late payments, or a bankruptcy in your past. Of course, if your credit history is excellent, shopping around for your auto loan online will likely turn up dozens of offers to choose from.
It's important to carefully consider several criteria when evaluating different online lenders. These factors include the following:
TopConsumerReviews.com has reviewed and ranked the best auto loan providers available today. We hope this information helps you get the right financing for your next vehicle purchase or refinance!
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