FAQs

General FAQs

Q: What are the interest rates?

A: BlueHarbor works with multiple credit unions and lenders so that we can provide the best loans with the best rates for as many credit profiles as possible

  • Your specific interest rate will depend on your credit profile. Our job is to work with you to understand your credit profile and match you with the lender who can provide the best loan for your unique situation.
  • The exact rate you pay will depend on a number of factors: 
    • the type of loan requested – a purchase, refinance or lease buyout
    • your credit history
    • the lender
    • whether the vehicle is new or used
    • the model year and mileage of the vehicle
    • the term of your loan

Your exact interest rate can only be determined by applying for a loan. No legitimate lender can quote a firm offer of credit and interest rate without first evaluating your specific qualifications for a loan.

Q: What lenders do BlueHarbor work with?

A: BlueHarbor only partners with lenders that specialize in auto finance and provide both great rates and quality customer service.

We are a meaningful source of business for lenders with whom we have partnerships. Therefore you benefit from our long-term relationships. It is our practice to constantly evaluate lenders with leading rates and the best programs and add them to our platform when they add value to our customers.

Q. How much do I have to pay as a Down Payment?

A. Our approvals usually do not require a down payment, so the amount of your down payment, if any, is up to you. Use our Loan Payment Calculator to find out how a down payment would affect a monthly payment. A down payment can often help in getting approved for a loan. If a down payment is required, it will be clearly outlined in the instructions supplied with your loan package. A down payment often will reduce your interest rate or make securing an approval easier if your credit has a few blemishes.

Q. Will I get the lowest Interest Rate?

A. The exact rate you pay will depend on your credit history, whether the vehicle is new or used, whether you are purchasing or refinancing, and term of the loan.

Q. What is the typical term of an auto loan?

A. A typical loan is for 48, 60, or 72 months, depending on your credit history and the vehicle you choose. Extended terms are becoming more common to keep payments affordable with the increase in the average price of new and used cars. You can see how different terms will affect your monthly payment with our Loan Payment Calculator.

 

   

Process FAQs

 

 

 

Q: How does the BlueHarbor process work?

A: Obtaining an auto loan can be confusing and even stressful. At BlueHarbor, it’s our job to make the experience as easy and friendly as possible.

Your credit profile is reviewed to match you with the lender who can provide the best loan for your credit profile. We’re with you every step of the way, notifying you when the loan is approved, assisting you with required paperwork, and acting as your advocate through the funding process in order to ensure a timely and accurate loan funding for you.   Here are the steps:

 

  1. Complete the BlueHarbor Loan Request – either complete the on-line application or call us at (866) 677-8630 and one of our Loan Consultants will assist you.
  2. A Loan Consultant will contact you to obtain or clarify any information
  3. Your Loan Request is electronically sent to a lender best suited for your credit situation.
  4. Once approved, you will be contacted to discuss the interest rate, term and other conditions of the loan.  Sometimes a lender will require things like proof of income as part of the conditions of approval
  5. If you accept the loan terms and conditions, the loan documents will be sent to you – usually overnight.
  6. After you’ve reviewed, signed and returned the loan documents, the loan will be funded –the lender issues a check to the dealer, or pays off the existing lender in the case of a refinance.

 

Q: Can I apply online?

A: BlueHarbor has a secure, online application for your convenience. Once you have submitted the application online, we will call you with questions and let you know what the next steps will be.

Q: When will I know if I’m approved?

A: Most loan decisions occur within one business day. If a loan is complicated, it may require additional time.. Our commitment is to work with you until your loan is funded..

Q: How long does it take to apply?

A: Applications can be completed online, or with a Loan Consultant by phone at 866.677.8630 and usually takes from 5-15 minutes to complete.

Q: How long will it take to payoff my existing lender if I refinance my auto loan or lease account?

A: A loan or lease can be paid off in as few as 3-4 days from the start of the application process.

Q: What’s the status of my loan?

A: Call us at (866) 677-8630 from 8:00 a.m. to 5:00 p.m. CST Monday through Friday if you have questions regarding the status of your loan.

You will receive emails from us when your application has been received and when we obtain a decision from our lenders.

   

Credit FAQs

 

Q: What if I have poor credit, is it possible for me to get financing?

A: Our priority is to approve everyone that can possibly be financed. We will spend as much time as necessary to understand your credit situation and match you with a lender. If we are unable to find financing, we will notify you in a timely manner.

Q: Can I apply with a co-applicant or co-signer?

A: Yes. A co-applicant or co-signer can increase the chances of getting your loan approved, assuming the co-applicant or co-signer have acceptable credit. In cases where your credit is not perfect or your income is not over $2,500 per month, we suggest using a co-applicant. A co-applicant is typically a spouse or significant other who lives in the same household.

A co-applicant is typically a spouse or significant other who lives in the same household.

A co-signer is typically a parent or close relative, but could be another third party, willing to share in the responsibility for payment of the loan.  A co-signer is helpful in acquiring a loan if you have limited credit history.

Q: Can I apply if I have a bankruptcy in my past?

A: Yes, if the bankruptcy has been fully discharged and you have shown your ability to re-establish credit and pay as agreed (i.e. if you have an acceptable payment history).  Amount of time for consideration varies amongst our lenders.

Q: Does applying affect my credit?

A: The process of applying for an automobile loan will result in your credit being accessed by one or more of our lending partners. Credit reporting agencies now count multiple credit inquiries from the same type of business (automobile or home loan lenders, for example) accessed over a 30 day period as a single (one) inquiry. Our lending partners use the same business or industry code, so even multiple credit inquiries will count as a single instance.

Q. How much can I borrow?

A. When you apply, our lending partners will determine the maximum amount you can borrow based on your income and credit history – not how much you request. There’s also a minimum loan amount lenders will lend, which varies by state and lender. The amount you are borrowing will be verified against the NADA value of your new or used car.

 

   

Misc FAQs

Q. What cars can I buy?
A. Generally, you can purchase any car you want. Loans are available for new and used auto purchases, refinancing an existing loan or buying out a lease. We offer auto financing for most models less than eight model years old. Lenders may also have mileage restrictions on used cars – for example, if the car has over 100,000 miles. We may be able to finance the purchase of certain older used cars – contact us for details.
Q. Where can I buy?
A. Your financing is accepted at any franchised car dealership. A franchised dealership is authorized by a car manufacturer to sell that manufacturer’s products. Independent used car lots and automobile brokers are not franchise dealerships. A franchise dealership normally has an affiliation with the manufacturer included in its name. Contact us if you have questions regarding where you can use your pre-approved loan.
Q: Does BlueHarbor offer extended service protection and GAP insurance?
A: Yes. We pride ourselves on offering only the best products backed by reputable, top-rated insurance companies with high customer satisfaction ratings for service contracts and GAP insurance.
Extended Service Protection protects your car after the manufacturer’s warranty expires.
GAP insurance covers the “gap” between the actual value of your car and the amount you still owe on the loan., in the event the vehicle is stolen or involved in a total loss incident.
You may purchase an extended service protection from BlueHarbor as a stand-alone product or as part of your loan. GAP can only be purchased in conjunction with your auto loan.
Q: What about DMV or Transportation Department paperwork, sales taxes and title fees?
A: The process can vary and depends on the loan product, but in most cases DMV or Transportation Department paperwork is handled as part of the loan process. We share DMV or Transportation Department processing duties with our lending partners in an effort to provide the most expedient service possible. Applicable sales taxes and title fees are typically included in the loan as well. When you receive your loan documents, these items and the process will be explained to you. At any time during the loan process, feel free to contact your BlueHarbor Loan Consultant and they will answer any questions you may have.
   

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