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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 is a specialist in helping readers in navigating the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances through providing concise, well-studied and well-researched content that break down complex 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 interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct studies and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including the order in which they be displayed within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity, and other products for home loans. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that may be accessible to you.
Reviewer’s disclosures The reviews are written by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review are accurate up to the date when the review first appeared. Look over the information at the top of this page as well as the lender’s website to find the most current information.
A quick glance 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 5
Customers Experience Score: 4.6 5 stars from five
Transparency Rating 3 stars out of 5
Compare rates for auto loan rates
The amount of the loan is up to $100,000
Min. credit score not specified
APR from 8.99%
Funds are available as soon as the day that you apply
LightStream features. Take a look at these advantages and drawbacks to an auto loan using LightStream before applying.
PROS Good user experience
Rapid funding timeline
Terms for loans up to 84 months
CONS Unsecured loan
Minimum requirements for loans. loan amount
No prequalification
LightStream offers an online lender that offers unsecured auto loans for both used and new automobile purchases. They also offer auto loan refinancing and lease buyouts. All options can be completed the same day that you make your application. Since Auto loans are not secured the car you own isn’t being used as collateral, however, it offers competitive rates and a variety of repayment options.
Do you qualify? LightStream does not have specific eligibility requirements to be eligible for their loans. However, the company does consider borrowers with several years of credit background, a credit history that includes a range of account kinds, a solid payment history, a proven ability to save money and steady income. The lowest rates go to borrowers with an excellent credit rating, usually described as having the FICO Score above 740. What we love and what don’t like Here are some of the advantages and disadvantages associated with LightStream Auto loans. What we like about the LightStream user experience. LightStream is entirely online, and its site is simple and easy to navigate. The application is fast and is accessible via a phone, tablet or computer. Rapid funding timeline. You will receive funds as soon as the day you make an application for a loan using LightStream and the funds are then deposited immediately into the account of your bank account. The loan terms can be as long as 84 months. You can request terms of repayment ranging from 24 months to 84 months, which gives you more flexibility in finding an affordable monthly payment. What we don’t like is an unsecured loan. LightStream’s auto loan essentially functions as an unsecured personal loan, so you don’t make use of your car as collateral. This could translate to higher interest rates than what you’d get from an lender providing conventional auto loans. High minimum loan amount. LightStream has much higher loan minimums than those of its competition. The minimum to refinance or finance a new or used vehicle is $5,500, so LightStream may not be a good option if you’re looking to buy an affordable used vehicle or if you’re looking to refinance just a few thousand dollars at the end of the current auto loan. No prequalification. When you submit your application using LightStream, you’ll go through an examination of your credit. Unlike with other lenders, there’s no way to verify your rate and eligibility beforehand. What can you do to reach LightStream LightStream LightStream offers customer assistance through an online form however it does not have a phone number for general inquiries. The hours of operation are Monday through Friday, 10 a.m. until 8 p.m. ET and on Saturdays 12 p.m. until 4 p.m. ET. The information regarding your application or loan can be found 24 hours a day on LightStream’s website or application.
Loan types for auto loan types available LightStream provides auto loans for used and new automobiles. They also offer loans for refinancing and also for the purchase of the lease.
New and used automobile loans
Quick facts about loans: $5,000 to $100,000 Terms 24-84 months APR: starting at 8.99 percent
Although LightStream’s automobile loans are technically unsecured but they do offer competitive rates. You might be able to get a better rate with a bank, however, LightStream may still be the better choice for the majority of people rather than dealer financing. With terms that range from 84 months, you should be able to find the right payment plan to your budget. Refinance
The loan amount is From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: starting at 9.49%
LightStream’s refinance option has an lower start amount than banks of other banksthis is why it’s a good choice for those who are at the end of your current loan. However, the beginning APR is high. Therefore, if you purchased your vehicle when prices were low, you might want to hold off on refinancing until you require an extended payment period. In that case the 84-month terms offered by LightStream may be beneficial however it could result in more in interest. Lease buyout
Loan quick facts Amounts: Between $5,000 and $100,000 Terms: 24 to 84 months APR: starting at 9.49%
LightStream is among the most competitive options when it comes to purchasing out your lease, particularly because many banks and online lenders do not offer the service. As with its brand new as well as used car loans and refinancing programs it offers flexible loan terms and the ability to finance a large amount that can be beneficial if you leased a more expensive model. How do you apply for a loan using LightStream The application for an loan through LightStream through its website. You may need to provide identification documents following the submission of your application. If you apply within business hours you might get a response, then you can sign your loan documents electronically and receive funding within the same day.
Required application information Whether you’re applying alone or with a co-applicant principal loan purpose Your desired loan amount and repayment time Name, Social Security number and birthdate Home address and status of your housing Contact number and email address Driver’s license number Your employment and financial information
LightStream FAQs
Can I buy a car from an individual? Yes. LightStream offers loans for purchases by private parties with similar terms as its previously-purchased vehicle loans through dealerships.
What other auto financing do LightStream offer? LightStream also offers loans for classic cars and motorcycles, boat loans as well as loans for RV loans along with financing options for planes.
What rates do Bankrate charge? LightStream
Overall score
4.1
Availability
4.7
LightStream has a minimum loan amount, yet allows you to select from a variety of repayment conditions.
Affordability
4
While LightStream has low interest rates, it does not disclose the eligibility requirements for its customers.
Customer experience
4.6
LightStream stands out for its speedy funding process, but it does not have customer support via phone, and support hours aren’t as extensive.
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 the APR range all affect lender scores. The scores are divided into four categories. Availability: Loan amounts, repayment options, dealership requirements, and availability in the state all play a role in this category. Affordability: This section contains 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 all covered by this segment. Transparency: This section accounts for the accessibility of rates and fees and whether or not prequalification is offered.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or accepted by any advertiser. The information such as rates and charges provided in the review is accurate up to the date of the review. Review the information on the right, and the lender’s site for the most up-to-date 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 ways and pitfalls of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing concise, well-researched and well-written information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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