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New Member
Hopeful800
Posts: 8
Registered: ‎04-09-2012

Blue Harbor Auto Loans (Blue Yield)

I'm just wondering if anyone has experience getting an auto loan through blueharborauto.com? (subsidiary of Blue Yield).

 

I was recently declined an auto loan through my local bank, so applied with capital one auto finance and was approved lickety split but not too thrilled about the interest rate with Cap One--(3.59%) So, I applied through Blue Harbor yesterday. Just waiting to hear back results. Seems to take awhile. I'm crossing my fingers for a really competitive rate.

 

Any opinions much appreciated, TIA!

New Member
brandoncraig
Posts: 12
Registered: ‎04-10-2012

Re: Blue Harbor Auto Loans (Blue Yield)

I just recently had my loan refinanced through BlueHarbor. It did take them about a week or so to get back to me and when they did, they gave me a call. They seem to be a company that shops you around to lenders and takes the lowest rate that anyone offers you. My lowest was 5.19% from a credit union in California.

 

If you don't have a warranty, they may try to sell you one. They are good warranties and you can politely decline or accept it - I declined because I'm frankly not paying interest on a warranty, period. How the rest of the process went was that they needed some info from me (a check stub, utility bill, etc.) so I faxed it over to them. Once they get the info they need, they'll email or fax you the loan docs. You print them, fill them out and fax them back - then snail-mail them the original copies. Following this, the credit union that I was refinanced through emailed me and mailed me the other loan info and we went from there.

 

It was a smooth process and the people I worked with were competent, helpful and understanding. I would recommend that people do business with them. I hope your experience is the same! :smileyhappy:

 

 

Frequent Contributor
GrowingCredit
Posts: 315
Registered: ‎05-28-2011

Re: Blue Harbor Auto Loans (Blue Yield)


Hopeful800 wrote:

I'm just wondering if anyone has experience getting an auto loan through blueharborauto.com? (subsidiary of Blue Yield).

 

I was recently declined an auto loan through my local bank, so applied with capital one auto finance and was approved lickety split but not too thrilled about the interest rate with Cap One--(3.59%) So, I applied through Blue Harbor yesterday. Just waiting to hear back results. Seems to take awhile. I'm crossing my fingers for a really competitive rate.

 

Any opinions much appreciated, TIA!



Cap One - 3.59% is not at all bad. And if you are getting this from Cap One than I strongly believe (from what I have learned from these forums) you should get good APR from dealer financing. Have you tried that? 

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Frequent Contributor
GrowingCredit
Posts: 315
Registered: ‎05-28-2011

Re: Blue Harbor Auto Loans (Blue Yield)


Hopeful800 wrote:

I'm just wondering if anyone has experience getting an auto loan through blueharborauto.com? (subsidiary of Blue Yield).

 

I was recently declined an auto loan through my local bank, so applied with capital one auto finance and was approved lickety split but not too thrilled about the interest rate with Cap One--(3.59%) So, I applied through Blue Harbor yesterday. Just waiting to hear back results. Seems to take awhile. I'm crossing my fingers for a really competitive rate.

 

Any opinions much appreciated, TIA!


Also why did your local bank deny you?

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
New Member
Hopeful800
Posts: 8
Registered: ‎04-09-2012

Re: Blue Harbor Auto Loans (Blue Yield)

We haven't tried dealer financing. We sort of wanted to avoid that, I guess. I'm sure they will try to talk us into financing through them saying that they can get a better rate...Last time that happened (previous auto purchase)- their rate was no better than what we had gotten, and they checked 5 lenders. I'd rather not have all of those inquiries listed on my cred. reports.

New Member
Hopeful800
Posts: 8
Registered: ‎04-09-2012

Re: Blue Harbor Auto Loans (Blue Yield)

The bank (we have our mortgage, checking and savings through them) stated that my husbands employment with his current position wasn't long enough (he's really only been with this new company for 2 months, with no laps in employment previously) and that I have a 5 year old tax lein, which has been paid 5 years ago. It's never been a problem with any other auto loan we've gotten or the mortgage loan with this same bank! so I don't know WTH. I was able to get this tax lein completely removed off my TU report but not on the other 2. sigh.

Moderator
Revelate
Posts: 8,350
Registered: ‎12-30-2011

Re: Blue Harbor Auto Loans (Blue Yield)


Hopeful800 wrote:

We haven't tried dealer financing. We sort of wanted to avoid that, I guess. I'm sure they will try to talk us into financing through them saying that they can get a better rate...Last time that happened (previous auto purchase)- their rate was no better than what we had gotten, and they checked 5 lenders. I'd rather not have all of those inquiries listed on my cred. reports.


The inquiries all get rolled up into one from a FICO scoring perspective if they're done typically within a one month period (varies a little bit by model but that's legit for I believe all FICO '04 models, and I've heard longer for FICO '08 ones).  Not certain why everyone has this morbid fear of dealer financing, if they can beat your rate, great, and if not it's no big deal.  That's probably one of the easiest things to ever explain if you ever have to recon an approval decision anyway.

 

That's especially true if you're talking new car, 3.5% is an excellent rate regardless, you probably qualify for pretty much all promotional financing.

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Frequent Contributor
GrowingCredit
Posts: 315
Registered: ‎05-28-2011

Re: Blue Harbor Auto Loans (Blue Yield)


Revelate wrote:

Hopeful800 wrote:

We haven't tried dealer financing. We sort of wanted to avoid that, I guess. I'm sure they will try to talk us into financing through them saying that they can get a better rate...Last time that happened (previous auto purchase)- their rate was no better than what we had gotten, and they checked 5 lenders. I'd rather not have all of those inquiries listed on my cred. reports.


The inquiries all get rolled up into one from a FICO scoring perspective if they're done typically within a one month period (varies a little bit by model but that's legit for I believe all FICO '04 models, and I've heard longer for FICO '08 ones).  Not certain why everyone has this morbid fear of dealer financing, if they can beat your rate, great, and if not it's no big deal.  That's probably one of the easiest things to ever explain if you ever have to recon an approval decision anyway.

 

That's especially true if you're talking new car, 3.5% is an excellent rate regardless, you probably qualify for pretty much all promotional financing.



+1.

 

Don't tell them your prequalified rate and ask them to find out thwt they can get you and than decide which lender you want to work with

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
New Visitor
dreamreels
Posts: 1
Registered: ‎10-25-2012

Re: Blue Harbor Auto Loans (Blue Yield)

Stay away from Blue Harbor with a yard pole. Not only me personally but, everyone I know including my 8 work colleagues have been harangued by their sloppy services. Unfortunately, we shared our experiences only when I was the last of those 8 to be mercilessly tossed around by their "AUTO LOAN_CONSULTANT". Their strike rate is kindof 1/1000. Guess, what all of us who had applied to them had over 680 Credit Score, no delinquency, stable job and yet they were unable to fetch us auto loan. Laughable, to say the least

Established Contributor
guydiver
Posts: 534
Registered: ‎08-30-2007

Re: Blue Harbor Auto Loans (Blue Yield)


Hopeful800 wrote:

I'm just wondering if anyone has experience getting an auto loan through blueharborauto.com? (subsidiary of Blue Yield).

 

I was recently declined an auto loan through my local bank, so applied with capital one auto finance and was approved lickety split but not too thrilled about the interest rate with Cap One--(3.59%) So, I applied through Blue Harbor yesterday. Just waiting to hear back results. Seems to take awhile. I'm crossing my fingers for a really competitive rate.

 

Any opinions much appreciated, TIA!


Take the Cap1 money and run.  I'm not sure what you mean by a competitive rate, but you can shop til you drop and unless you qualify for a dealer promo rate that number is going to be hard to match, much less beat.  My last car loan was four years ago, I got 4.99% with a 720 Fico and the best rate from my CU at the time. Just sayin'.....

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