![]() ![]() The application is straightforward enough. You will find many 4- and 5-star reviews of BlueSky Auto Loans at several other review sites as well. The Better Business Bureau (BBB) currently gives BlueSky Auto Loans an A+, with very few complaints. However, there have also been some negative reviews, with some customers reporting difficulties in the loan process or issues with communication. Some reviewers have also noted excellent customer service, with helpful and knowledgeable staff. Many customers have reviewed the company positively, praising its easy application process and competitive auto loan rates. 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. 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. However, depending on the lender you choose, varying finance terms and costs may be associated with your personal credit profile. 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. Blue Sky Auto Finance only works with lenders who deliver good rates. The tiers are grouped by credit score as follows: In the auto financing industry, the scoring model ranges from 250 to 900, which is a bit different from the traditional FICO model. The lower the tier, the fewer hoops you’ll have to jump through. The higher the tier, the likelier you are to pay a higher interest rate and down payment. Tiers are broken apart by the borrower’s credit score. To simplify things, lenders sort borrowers into tiers. There are new or used car loans available for all types of credit profiles through Blue Sky. The car loan you’ll be eligible for all depends on which lender you decide to work with and your financial situation. ![]() Types of Blue Sky Auto Loans Availableīlue Sky Auto Finance works with various lenders who specialize in bad credit car loans. The norm is 10% of the car or $1,000, whichever is the higher amount. ![]() 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. 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.ĭepending on your credit score and which lender approves you for an auto loan, you may have to make a down payment. Trade-in paperwork: If you’re trading in your old car, you’ll have to be able to present the title and registration papers.For this, you can also use utility bills. Proof of residence: Should you stop making payments on your new car, lenders need to know where they can find the car.You can also use stock certificates, passports, Medicare cards, or titles to other cars or your home. These confirm the address you have on your photo ID. You may also need to provide original copies of your utility bills and bank statements. Proof of identity: A photo ID with your signature on it should suffice.However, having insurance prior to applying may better your chances of receiving the loan amount you need. 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.Proof of income: Pay stubs or bank statements can provide this.If you suffer from poor credit, there are ways to have alternative data actually affect your credit.įor the most part, you’ll need to provide the following information regardless of which auto loan company you choose. For example, if you have no or bad credit, your lender may request alternate credit information.Įxamples of alternative information include phone, internet, utility, and rent payments. 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. BlueSky Auto Finance Application Requirements 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. The result is that BlueSky provides borrowers with the services they need, regardless of how credit bureaus label them. 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. BlueSky Auto Finance allows you to easily shop for new or used auto loans online and compare prices and rates. If you’ve ever used Expedia to find the best airfare for a vacation, then you get the process. Want to make sure you get the best auto loan?Ĭompare BlueSky Auto Finance with Other Lenders Overview of BlueSky Auto Finance
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