Editor’s Note: This product has been removed from our side-by-side comparison because it has been discontinued. You can still read our original review below, but Top Ten Reviews is no longer updating this product’s information.
BlueSky Auto Finance is an auto loan broker that matches borrowers with bad credit lenders willing to provide them with financing necessary to buy a car. LendingTree and ClearLane aslo help you find lenders. It’s important to note that BlueSky connects you only with dealerships, not with financial institutions.
This auto loan broker allows you to apply online and lets you sign documents electronically. Additional documentation is usually required, but it can vary depending on what dealer you choose. Most often, you are required to present your driver's license and proof of insurance when signing loan documents. BlueSky has the longest preapproval time of the services we reviewed; it can take up to 72 hours to learn if you're preapproved for funding.
The company matches you with several dealers in your area. There are benefits to using a broker to find your car loan – chief among them is the opportunity to choose between multiple offers. This is diminished by the fact that BlueSky only connects you with offers from local dealers.
Dealerships tend to mark up their rates but can be more flexible when negotiating the price. Take care not to finance the cost of add-ons such as fabric protection. Those can cause your interest rate to swell, costing you more in the long term.
When you apply for a loan through BlueSky, you receive offers from both franchised and independent dealerships, but not from private sellers. Since this company is a broker, the restrictions on the mileage vary, but you can receive approval to buy a car as old as 1993. This puts BlueSky far ahead of the other services on our review in terms of the age of cars you can buy, giving you a much broader selection to choose from.
This auto loan provider offers a variety of resources for auto shoppers. You can read buying guides that contain helpful tips for finding the right car and getting financing for it. There is no auto loan calculator, so you can’t estimate your monthly payment or get an idea of what interest rates you can expect to pay.
BlueSky Auto Finance is an auto loan broker that provides you with offers from local dealers. Since it works primarily with dealers, its loans aren't as flexible as other services, but you can get loans on older cars with BlueSky.