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Lightstream
LightStream: 2023 Auto loan review Published 2023-01-01 00:00:00
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing precise, well-studied information that break down 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 better financial choices by providing you with financial calculators and interactive tools that provide objective and original content. We also allow you to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. Our mortgage, home equity, and other home loan products. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offerings that could be available to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or accepted by any advertiser. The information, including rates and fees that are included in the review is accurate at the time when the review first appeared. Review the information on the right as well as the lender’s website for the most up-to-date details.
At a glimpse 4.1 Score: 4.1 stars out of 5
Score of the Bankrate
Availability Rating: 4.7 stars out of 5
Affordability Rating: 4 stars out 5
Customer Experience Rating: 4.6 five stars of five
Transparency Rating 3 5 stars.
Check auto loan rates
The amount of the loan is up to $100,000
Min. credit score Unspecified
APR starting at 8.99%
Funds are available as soon as the day that you apply
LightStream features Consider these benefits and drawbacks to an auto loan using LightStream prior to submitting an application.
PROS Good user experience
Quick funding timeframe
Loan terms up to 84 months
CONS Unsecured loan
The minimum loan amount
No prequalification
LightStream offers an online lender which offers secured auto loans for new and used car purchases. The company also provides auto loan refinancing and lease buyouts. Each option can be paid for the day you apply. Since the LightStream auto loans are not secured the car you own isn’t utilized as collateral but it still has affordable rates and a wide range of repayment options.
Do you qualify? LightStream doesn’t have any specific eligibility requirements for its loans. However, they do consider borrowers with several years of credit history, a credit record that includes a range of account kinds, a solid credit history, and an ability to save money and stable income. The lowest rates are given to those who have a good credit score, which is usually 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. We like the user experience. LightStream is entirely online, and its website is simple and simple to navigate. The application is quick and can be completed using the phone, tablet, or computer. Rapid funding timeline. You could receive your funds on the same day you apply for an loan with LightStream, and the funds are deposited straight into your bank account. Terms for loans up to 84 months. You can apply for repayment terms from 24 months to 84 months, which gives you more flexibility in finding the most affordable monthly installment. We don’t like the is an unsecured loan. LightStream’s auto loan is essentially an unsecured personal loan which means that you don’t make use of your car as collateral. This could translate to greater interest rates than you’d find with the traditional lender providing conventional auto loans. A high minimum loan amount. LightStream is much more expensive in terms of loan minimums than its rivals. The minimum required to refinance or finance a new or used vehicle is $5,500, so LightStream may not be a viable option if you’re looking to buy an affordable used vehicle or if you’re looking to refinance some thousand dollars to pay off your current auto loan. No prequalification. When you submit your application with LightStream, you’ll go through an examination of your credit. As with other lenders there’s no way to verify your rate and eligibility beforehand. Contact information for LightStream LightStream LightStream offers customer assistance via an online form but doesn’t have a telephone number for general inquiries. Hours of operation are Monday to Friday from 10 a.m. to 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 24/7 on LightStream’s website or app.
Auto loan kinds offered LightStream offers auto loans for both used and new vehicles. The company also provides loans for refinancing as well as for purchasing your lease.
New and used automobile loans
Quick facts about loans: Between $5,000 and $100,000 Terms 24-84 months APR: starting at 8.99 per cent
Although the LightStream auto loans are technically secured however, they offer decently competitive rates. You might be able to score a lower rate through a bank, however, LightStream may still be the better choice for most people than dealer financing. And with terms up to 84 months, you’ll be able to locate the right payment plan for your budget. Refinance
Quick facts about loans: Between $5,000 and $100,000 Terms: 24 to 84 months APR: from 9.49 percent
LightStream’s refinance option has the lowest starting amount than many banks — which makes it good when you’re nearing the end the term of your existing loan. However, the initial APR is quite high. Therefore, if you purchased your car when rates were lower, you may prefer to put off refinancing until you have an extended payment period. In that case, LightStream’s 84-month term might be a good option however it could be more expensive in interest. Lease buyout
Loan quick facts Amounts: $5,000 to $100,000 Terms: 24 to 84 months APR: starting at 9.49 percent
LightStream is one of the more attractive alternatives when it comes to buying out your lease, particularly because many banks and online lenders do not offer the service. Like with its new as well as used car loans and refinancing program You will be able to choose flexibility in loan terms and the ability to finance large amounts which is useful when you lease a more expensive model. How to apply for the loan using LightStream The application for an loan through LightStream on its website. You may need to provide the necessary documents to complete your application. If you submit your request within business hours, you could receive a response, you can sign the loan documents electronically and receive funding within the same day.
Required application information Whether you’re applying for the loan on your own or in conjunction with a co-applicant. The principal loan objective Your desired loan size and period Name Social Security number, 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 an individual? Yes. LightStream provides loans for purchases by private parties with similar terms as its used vehicle loans at dealerships.
What other financing options is available through LightStream offer? LightStream offers financing for classic cars and motorcycles as well as boat loans as well as RV loans and financing for aircraft.
How Bankrate rates LightStream
Overall score
4.1
The availability
4.7
LightStream has a minimum loan amount but lets you choose from a wide range of repayment conditions.
Affordability
4
While LightStream has low interest rates, the company does not disclose its eligibility requirements.
Customer experience
4.6
LightStream is distinguished by its quick funding timeframe however, it doesn’t have customer support via telephone, and its support hours aren’t as extensive.
Transparency
3
The fees are available on the website, however LightStream does not provide prequalification.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether rates and fees are available and the range of APR all impact lender scores. These scores are split into four categories. Accessibility: Loan amounts and repayment options, dealership requirements, and availability in the state all contribute to this section. Affordability: This section houses APR ranges as well as acceptance criteria, discounts and fees. Customer experience: How long you’ll need to shop, customer service accessibility, and whether there’s an app and autopay availability are all covered in this section. Transparency: This category is responsible for the availability of rates and fees as well as the availability of prequalification.
Disclosure of author The reviews are written by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or approved by any advertiser. The information such as rates and charges that are included in the review is correct as of the date when the review first appeared. Check the data on the right as well as the lender’s website to find the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
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