BlueSky Review

Saturday, July 2nd

2022 Auto Loan Company Reviews

BlueSky

• BBB Rating: A+, accredited since 2004
• More than a million customers connected with auto loans
• Loans available for borrowers of all credit types
• Can be used to get loans for both new and used vehicles
• Funding available within 24-48 hours on average
• Borrow up to $30,000 if you have a minimum income of $450/week
• Refinance loans also available

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.