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Lightstream
LightStream 2023 auto loan review, published 2023-01-01 at 00:00:00.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down complicated topics into digestible chunks.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and interactive tools that provide objective and original content. We also allow you to conduct research and to compare information at no cost — so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products appear on this site, including for instance, the sequence in which they be displayed within the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, or other home lending products. But this compensation does affect the information we provide, or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be open to you.
Reviewer’s disclosures Reviewers are supervised by staff. Opinions expressed therein are solely the opinions of the reviewer and are not evaluated or acknowledged by any advertising company. The information, including rates and fees that are included in the review is correct at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender’s site for the most up-to-date information.
A quick glimpse 4.1 Score: 4.1 stars out of five
Score at the Bankrate
Available Rating: 4.7 stars out of 5
Affordability Rating: 4 stars out of 5
Customers Experience Score: 4.6 five stars of 5
Transparency Rating 3 5 stars.
Check auto loan rates
The amount of the loan is up to $100,000
Min. credit score Not specified
APR starting at 8.99%
Funds will be available as early as the day that you apply
LightStream features. Consider these advantages and disadvantages of an auto loan through LightStream before applying.
PROS Good user experience
Quick funding timeframe
Terms for loans up to 84 months
CONS Unsecured loan
High minimum loan amount
No prequalification
LightStream offers an online lender that provides unsecured auto loans for used and new car purchases. It also offers auto loan refinancing as well as lease buyouts. Each option can be paid for the day you make your application. Because LightStream’s auto loans are secured, your car is not being used as collateral, but it still has affordable rates and a wide range of repayment options.
Do you qualify? LightStream does not provide specific criteria for eligibility to be eligible for their loans. However, the company does consider borrowers with several years of credit history, a credit record that spans a variety of accounts types, a strong payment history, an established capacity to save, and a steady income. The best rates are offered to borrowers with an excellent credit score. This is usually defined as an FICO score of 740 or higher. What we like and what do not like here are some advantages and disadvantages of LightStream auto loans. What we like Good user experience. LightStream is completely online and its website is easy and simple to navigate. It is easy to use and can be completed with tablets, phones or PC. Quick funding time. You can receive funding on the same day that you apply for an loan through LightStream and the funds are then deposited straight to the account of your bank account. Terms for loans up to 84 months. You can request terms of repayment ranging of 24 to the length of 84 months. This gives you the flexibility to find an affordable monthly payment. What we don’t like is an unsecured loan. LightStream’s auto loan is essentially an unsecure personal loan which means that you don’t use your vehicle as collateral. This could result in greater interest rates than you’d get from the traditional lender offering typical auto loans. High minimum loan amount. LightStream offers much higher loan minimums than its competition. The minimum amount to refinance or finance a brand new or used car is $5,000 which means that LightStream might not be the best choice when you’re trying to purchase an affordable used vehicle or refinancing some thousand dollars towards the end of your existing auto loan. There is no prequalification. If you apply using LightStream the application will be subject to an examination of your credit. As with other lenders it’s impossible to determine your credit score and rate prior to submitting an application. Contact information for LightStream LightStream LightStream offers customer assistance through an online form, but doesn’t have a telephone number for general queries. Business hours are Monday through Friday from 10 a.m. until 8 p.m. ET and on Saturdays 12 p.m. until 4 p.m. ET. The information regarding an application for a loan is available 24 hours a day on LightStream’s website or app.
Loan types for auto loan types available LightStream provides auto loans for new and used vehicles. It also offers loans to refinance your loan and for buying out the lease.
New and used automobile loans
Loan quick facts Amounts: $5,000 to $100,000 Terms: 24 to 84 months APR: starting at 8.99 per cent
Although the LightStream car loans are technically secured however, they offer decently competitive rates. You may be able to negotiate a lower rate through a bank, but LightStream may still be the best option for most people rather than dealer financing. With terms as long as 84 months, you should be able to locate the right payment plan for your budget. Refinance
Quick facts about loans: From $5,000 to $100,000 Terms 24-84 months APR: from 9.49%
LightStream’s refinance program has a lower starting amount than many banks -this is why it’s a good choice when you’re nearing the expiration date the term of your existing loan. However, the starting APR is quite high. If you bought your car at a time when the rates were less, then you might decide to delay refinancing until you have more time to pay. In that scenario the LightStream 84-month period could be useful but it’s likely to result in more in interest. Lease buyout
Quick facts about loans: From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: Starting at 9.49%
LightStream is among the most competitive options when it comes to buying out your lease, particularly as many banks and online lenders do not offer it. Like with its new and used auto loans and refinancing service You will be able to choose flexibility in loan conditions and the capability to finance a substantial amount, which can be handy when you lease a more expensive model. How do you apply for the loan using LightStream The application for an loan with LightStream through its website. You might need to submit the necessary documents to complete your application. If you submit your application within the hours of business you might be contacted, and then you can complete the loan documents electronically and get your loan within the same day.
The required information for your application is whether you’re applying alone or with a co-applicant principal loan objective Your desired loan quantity and term Name, Social Security number as well as birth date Home address and current housing status Contact number and email address Driver’s license number Your employment and financial information
LightStream FAQs
Can I purchase the car at a private party? Yes. LightStream provides loans for purchases by private parties that have the same terms and conditions as used car loans through dealerships.
What other types of auto financing does LightStream offers? LightStream also offers finance for classic cars as well as motorcycles, as well as boat loans, loans for RV loans along with financing options for planes.
How do you calculate the rate of Bankrate LightStream
Overall score
4.1
The availability
4.7
LightStream offers a very high minimum loan amount, yet allows you to pick from a range of repayment terms.
Affordability
4
Although LightStream offers low APRs, it doesn’t disclose its eligibility requirements.
Customer experience
4.6
LightStream is notable for its speedy funding process however, it doesn’t provide customer support via phone, and support hours are limited.
Transparency
3
Fees are listed on its website, however LightStream does not offer prequalification.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether fees and rates are offered and APR range all influence lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you’ll need to shop, the customer service accessibility, and whether there’s an app and autopay availability are accounted for within this category. Transparency: This section accounts for the accessibility of rates and fees along with the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been checked or acknowledged by any advertiser. The information, including rates and fees that are included in the review is correct up to the date that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing concise, well-researched and well-written data that break complex topics into manageable bites.
Auto loans editor
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