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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 is a specialist in helping readers to navigate the ways and pitfalls of borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down complicated topics into manageable bites.
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 that provide objective and original content. We also allow users to conduct studies and compare information for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn 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 website, for example the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you.
About our reviews . Editorial disclosure The reviews are written by staff. Opinions expressed therein are solely those of the reviewer and have not been 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 of the review. Look over the information on the right, and the lender’s website for the most up-to-date information.
A glimpse 4.1 Rating: 4.1 stars out of five
Score of the Bankrate
Available Rating: 4.7 stars out of 5
Affordability Rating: 4 stars out 5
Customers Experience Score: 4.6 five stars 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 available in As soon as the day you apply
LightStream features. Consider these advantages and drawbacks to an auto loan with LightStream prior to submitting an application.
PROS Good user experience
Fast 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 which offers secured auto loans for used and new automobile purchases. The company also provides auto loan refinancing and lease buyouts. All options can be funded the same day you apply. Since Auto loans are secured and not secured by your vehicle, it is not used as collateral — but it does offer an attractive rate and a range of repayment options.
Do you qualify? LightStream doesn’t have any specific eligibility criteria in its loans. However, the company does look for borrowers with several years of credit history, a credit record with a variety of account types, a strong payment history, an established ability to save and an income that is stable. The lowest rates are given to those with a high credit rating, typically described as having an FICO Score above 740. What we like and what we don’t like Here are some of the benefits and drawbacks that come with LightStream Auto loans. What we like about the LightStream user experience. LightStream is entirely online, and its site is easy and simple to navigate. It is easy to use and can be completed with the phone, tablet, or PC. Fast funding timeline. You could receive your funds on the same day you apply for a loan through LightStream and the funds are deposited directly in your bank account. The loan terms can be as long as 84 months. You can apply for the repayment term of 24 to 84 months, giving you greater flexibility when it comes to finding an affordable monthly payment. We don’t like the is an unsecured loan. LightStream’s auto loan essentially functions as an unsecured personal loan and doesn’t make use of your car as collateral. This could translate to higher interest rates than what you’d find with a lender providing traditional auto loans. Minimum requirements are high. loan amount. LightStream is much more expensive in terms of loan minimums than its competition. The minimum amount to refinance or finance a brand new or used vehicle is $5,000 which means that LightStream might not be a good option when you’re trying to purchase a used car at a bargain price or refinancing just a few thousand dollars to pay off your existing auto loan. No prequalification. If you apply using LightStream it will go through a hard credit check. In contrast to other lenders, there’s no way to check your credit score and rate prior to submitting an application. How to contact LightStream LightStream offers customer assistance via an online form but doesn’t have a telephone number for general inquiries. The hours of operation are Monday through Friday from 10 a.m. until 8 p.m. ET and on Saturdays 12 p.m. to 4 p.m. ET. Information regarding an application for a loan is available 24 hours a day on the website of LightStream or through the application.
The auto loan types offered LightStream provides auto loans for both used and new automobiles. It also offers loans to refinance your loan as well as for purchasing your lease.
New and used auto loans
The loan amount is Between $5,000 and $100,000 Terms: 24 to 84 months APR: from 8.99 percent
Although LightStream’s car loans are technically unsecured, they have decently competitive rates. It is possible to negotiate a lower rate through a bank, but LightStream may still be the best option for the majority of people rather than dealer financing. With terms that range from 84 months, you should be able to find an option that is suitable with your budget. Refinance
The loan amount is Between $5,000 and $100,000 Terms: 24 to 84 months APR: from 9.49 percent
LightStream’s refinance program has the lowest starting amount than banks of other banks- which makes it good if you are near the expiration date the term of your existing loan. However, the beginning APR is quite high. So if you financed your car at a time when the rates were less, then you might want to hold off on refinancing unless you need more time to pay. In this case, LightStream’s 84-month term might be a good option however it could end up costing you more in interest. Lease buyout
The loan amount is Between $5,000 and $100,000 Terms: 24 to 84 months APR: from 9.49%
LightStream is among the most affordable alternatives in the market for buying out your lease, particularly because many banks and online lenders do not offer it. Like with its new or used automobile loans and refinancing program You will be able to choose flexibility in loan terms and the capacity to finance a substantial amount which is useful in the event that you have leased an expensive model. How do you apply for an loan through LightStream You can apply for a loan with LightStream on its website. You may need to provide the necessary documents to complete your application. If you submit your application during business hours, you could be contacted, and then you can complete all of your loan documents electronically, and receive funding within the same day.
Required application information Whether you’re applying on your own or with a co-applicant primary loan objective Your desired loan size and term Name Social Security number, Social Security number, and birthdate . Home address and status of your housing Contact number and email address Driver’s license number and financial details
LightStream FAQs
Do I have the option of buying the car at an individual? Yes. LightStream offers loans for purchases by private parties that have the same terms and conditions as pre-owned vehicle loans at dealerships.
What other financing options does LightStream provide? LightStream also offers financing for classic cars and motorcycles, boat loans, the RV loans along with financing options for aircrafts.
How Bankrate rates LightStream
Overall score
4.1
The availability
4.7
LightStream offers a very high minimum loan amount, but allows you to 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 offer customer support by phone, and its support hours are not as long.
Transparency
3
Fees are posted on its website, however LightStream doesn’t offer prequalification.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Criteria for acceptance, whether rates and fees are available and the APR range all affect lender scores. The scores are divided in four different categories. Accessibility: Loan amounts, repayment options, dealership requirements and state availability all contribute to this section. Accessibility: This section includes APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you’ll need to shop, the customer service availability, whether there’s an app and autopay availability are covered by this segment. Transparency: This section accounts for the availability of fees and rates as well as whether or not prequalification is offered.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been checked or approved by any advertising company. The information such as rates and charges provided in the review are accurate at the time that the review was written. Look over the information at the top of this page as well as the lender’s website for the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase 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 committed to helping readers to control their finances with precise, well-studied data that break complicated topics into bite-sized pieces.
Auto loans editor
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