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Lightstream
LightStream: 2023 Auto loan review published 2023-01-01 at 00:00:00.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with financial calculators and tools that are interactive, publishing original and objective content. This allows you to conduct research and compare information for free — so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including the order in which they be displayed within the listing categories in the event that they are not permitted by law. Our loans, mortgages,, and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
About our reviews Editorial disclosure The reviews are written by staff. The opinions expressed are solely those of the reviewer and have not been evaluated or accepted by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date of the review. Look over the information in the upper right hand corner of the page, and the lender’s website to find the most current details.
A look 4.1 Score: 4.1 stars out of five
Score at the Bankrate
Availability Rating: 4.7 stars out of 5
Affordability Rating 4 stars out of 5
Customers Experience Score: 4.6 stars out of five
Transparency Rating 3 stars out of 5
Find out about rates for auto loan rates
The amount of the loan is up to $100,000
Min. credit score Not specified
APR as low as 8.99%
Funds are available as soon as the day you apply
LightStream features Consider these benefits and drawbacks of an auto loan through LightStream before applying.
PROS Good user experience
Quick funding timeframe
Loan terms up to 84 months
CONS Unsecured loan
High minimum loan amount
No prequalification
LightStream offers an online lender that provides unsecured auto loans for new and used car purchases. The company also provides auto loan refinancing as well as lease buyouts. All options can be funded the same day you make your application. Since LightStream’s auto loans are secured and not secured by your vehicle, it is not being used as collateral, but it still has an attractive rate and a range different repayment choices.
Do you qualify? LightStream does not have specific eligibility criteria for its loans. However, the company does seek out borrowers with a few years of credit history, a credit history that spans a variety of accounts types, a strong payment history, an established ability to save and an income that is stable. The lowest rates go to borrowers with an excellent credit rating, typically described as having the FICO score above 740. What we like and what we do not like Below are a few of the advantages and disadvantages that come with LightStream automobile loans. We like the user experience. LightStream operates entirely online, and its website is simple and easy to navigate. The application is fast and can be completed with tablets, phones or computer. Rapid funding timeline. You could receive your funds within the first day you make an application for a loan with LightStream and the funds are deposited straight in your bank account. Terms for loans up to 84 months. You can apply for terms of repayment ranging between 24 and 84 months, giving you more flexibility in finding an affordable monthly payment. What we do not like about Unsecured loan. LightStream’s auto loan essentially functions as an unsecure personal loan which means that you don’t utilize your vehicle as collateral. This can result in more interest rates than you’d get from an lender offering traditional auto loans. Minimum requirements are high. loan amount. LightStream offers much higher loan minimums than those of its competitors. The minimum to refinance or finance a brand new or used car is $5,000 and LightStream won’t be a viable option when you’re trying to purchase a cheap used car or refinancing just a few thousand dollars towards the end of your current auto loan. There is no prequalification. When you submit your application with LightStream it will go through 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 does not have a phone number to address general questions. Business hours are Monday through Friday 10 a.m. until 8 p.m. ET and Saturday 12 p.m. to 4 p.m. ET. The information regarding an application for a loan can be found 24 hours a day on the LightStream website or in the application.
Auto loan kinds offered LightStream provides auto loans for used and new automobiles. It also offers loans for refinancing and for buying out the lease.
New and used auto loans
Loan quick facts Amounts: Between $5,000 and $100,000 Terms: 24 to 84 months APR: from 8.99 percent
Although the LightStream automobile loans are technically secured but they do offer competitive rates. It is possible to score a lower rate through a bank, however, LightStream might be the better choice for most customers rather than dealer financing. With terms that range from 84 months, you’ll be able to find a payment plan that works with your budget. Refinance
Loan quick facts Amounts: Between $5,000 and $100,000 Terms: 24 to 84 months APR: Starting at 9.49 percent
LightStream’s refinance option has a lower starting amount than banks of other bankswhich is great when you’re nearing the end the term of your existing loan. However, the starting APR is quite high. So if you financed your vehicle when the rates were less, then you might prefer to put off refinancing unless you need an extended payment period. In this case, LightStream’s 84-month term might be a good option, but it will result in more in interest. Lease purchase
Loan quick facts Amounts: $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: starting at 9.49%
LightStream is among the most attractive alternatives when it comes to buying out the lease, especially since many banks and other online lenders don’t offer the service. As with its brand new or used automobile loans and refinancing service it offers flexible loan terms and the ability to finance a large amount that can be beneficial in the event that you have leased an expensive model. How to apply for an loan with LightStream You can apply for the loan using LightStream on its website. You may need to provide identifying documents after completing your application. If you submit your request within the hours of business you may be contacted, and then you can you can sign all of your loan documents electronically, and get your loan within the same day.
Information required for application, whether you’re applying on your own or in conjunction with a co-applicant. The primary loan objective Your desired loan size and period Name, Social Security number and birthdate Home address and status of your housing Email address and phone number driver’s license number and financial details
LightStream FAQs
Can I purchase an automobile from a private party? Yes. LightStream provides financing for private party purchases that have the same terms and conditions as pre-owned car loans at dealerships.
What other types of auto financing does LightStream provide? LightStream offers finance for classic cars as well as motorcycles, boat loans and the RV loans along with financing options for aircrafts.
How Bankrate rates LightStream
Overall score
4.1
Availability
4.7
LightStream has a minimum loan amount but lets you pick from a range of repayment terms.
Affordability
4
While LightStream has low interest rates, it doesn’t disclose the requirements for eligibility.
Customer experience
4.6
LightStream is notable for its fast funding timeline however, it doesn’t have customer support via phone, and support hours aren’t as extensive.
Transparency
3
The fees are available on the website, however LightStream doesn’t offer prequalification.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into 4 categories. The availability of loans, repayment options, dealership requirements, and availability in the state all contribute to this category. Affordability: This section contains APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you’ll need to shop, customer service availability, whether you have autopay or an app available are accounted for in this section. Transparency: This section accounts for the accessibility of rates and fees along with whether or not prequalification is offered.
Editorial disclosure The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not checked or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is correct at the time when the review first appeared. Check the data at the top of this page, and 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 has a specialization in helping readers to navigate the ins and outs of securely borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing precise, well-studied data that break complicated topics into bite-sized pieces.
Auto loans editor
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