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LightStream
9.6
ratings

Overview

An online lending division of SunTrust Banks, Inc., LightStream was established in 2013 with an intent of simplifying the loan application process. They offer a variety of personal loans and are highly popular for their auto financing options. In general, LightStream has positive customer reviews, however, their credit options are aimed at borrowers having a sound credit profile and financial condition.

Read our review for LightStream auto loans to know more about their services, credit requirements, general terms and conditions, and more.

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Pros

  • Swift transfer of funds
  • Flexible terms for unsecured auto loans
  • No down payment

Cons

  • Requires good or excellent credit scores
  • Limited options for secured auto loans
  • No pre-approval options

Other offerings

Besides auto loans for new and used cars, there are other types of auto credits that LightStream can assist you with. For instance, if you wish to purchase a leased car model, then LightStream can pay that hefty buyout you were dreading to deal with. Likewise, if you are struggling with an unfavorable auto loan, then you can consider an auto refinancing alternative by LightStream for better interest rates. Also, LightStream renders credit for buying a new or used motorcycle or refinancing an existing motorcycle loan.

Terms and conditions

Apart from a solid credit score, LightStream is fairly relaxed in terms of the car you choose. It can either be new, used, or a classic that can be purchased from a dealer or private seller. The minimum loan amount LightStream can sanction is $5,000, whereas the maximum credit can be up to $100,000. It does not require a vehicle to have a specific mileage rate. Likewise, for unsecured auto loans, LightStream does not restrict you to stick to a certain car manufacturer or type.

Fortunately, you don’t have to agonize over arranging a down payment for the auto loan. However, it is a good idea to consider this option. Paying the down payment will demonstrate your ability to pay off debt, giving you access to flexible loan terms like low interest, short loans terms, or low monthly installments.

All vehicles purchased with LightStream auto loans must be registered in your name (not business names) and should be lien-free. Similarly, they should be bought and owned in the country itself.

Tools offered

Their official website has an auto loan rate tool that helps you narrow down a rough estimate of the latest interest rates. You will need to identify the type of auto loan, loan amount, loan term, and preferred payment method to get an approximate value. Additionally, LightStream offers customer-friendly resources such as FAQs to resolve any minor queries about auto loans. If your question is not listed in the FAQ list, then you can fill up a contact sheet to get in touch with their customer representatives.

Credit score

Your credit score is the make-or-break factor for your auto loan application. LightStream will require a hard inquiry for their auto loans. Hard pulls become a permanent part of your credit report. So, if you are casually browsing auto loan quotes, it is advised that you don’t apply for them unless you are certain.

The best interest rate for an auto loan offered by LightStream is 3.99% but it is only granted to customers with an excellent score. Typically, a score of 720 and above is considered to be excellent, while a score between 690 and 719 is considered good. If your credit score is lower than 690, then a higher interest rate will be levied, increasing your monthly installments.

LightStream has limited interest rates as they would rather fund customers with a strong credit profile. You can get a co-signer on board to strengthen your application for an auto loan.

Applying for the loan

The application process for LightStream is paperless, thus potential borrowers will have to complete all the application formalities via their official website. Details such as name, desired loan amount, term, purpose, contact information, Social Security number, employment details, annual income, the total number of assets, and equity in your home need to be included in the auto loan application. The applicant should be over 18 years of age and a citizen or permanent resident of the country.

If you get a loan offer from them, you will have up to 30 days to accept it. However, you can turn it down if you don’t want to settle on the proposed quote. Once the deal is finalized and all the paperwork is submitted, funds will be directly deposited in your account within one business day. Unlike other lenders, LightStream does not charge any application fees or late payment penalties.

LightStream