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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 has a specialization in helping readers to navigate the details of borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through 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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing informative and objective content. This allows you to conduct research and compare data for free and help you make financial decisions with confidence. 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 who pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.
About our reviews Editorial disclosure Reviewers are supervised by staff. The opinions expressed are solely the opinions of the reviewer and are not checked or acknowledged by any advertiser. The information, including rates and fees that are included in the review is correct up to the date of the review. Look over the information on the right and the lender’s website to find the most up-to-date details.
A glimpse 4.1 Rating: 4.1 stars out of 5
Bankrate Score
Availability Rating: 4.7 stars out of 5
Affordability Rating 4 stars out of 5
Customer Experience Rating: 4.6 5 stars from five
Transparency Rating 3 5 stars.
Check auto loan rates
The loan amount is $5,000 to $100,000
Min. credit score Unspecified
APR as low as 8.99%
Funds will be available as early as the day you make your application
LightStream features. Consider these advantages and drawbacks of an auto loan using LightStream before you apply.
PROS Good user experience
Quick funding timeframe
The loan terms can be as long as 84 months
CONS Unsecured loan
Minimum requirements for loans. loan amount
No prequalification
LightStream is an internet-based lender that provides unsecured auto loans for both used and new car purchases. It also offers auto loan refinancing as well as lease buyouts. All options can be funded the same day you make your application. Since Auto loans are secured and not secured by your vehicle, it is not used as collateral — but it still has competitive rates and a variety different repayment choices.
Do you qualify? LightStream does not provide specific criteria for eligibility for its loans. However, the company does consider borrowers with several years of credit history, a credit history with a variety of account kinds, a solid payment history, a proven capacity to save, and a steady income. The lowest rates go to those with a high credit score, which is usually defined as the FICO score of 740 or higher. What we like and what we don’t like Here are some of the advantages and disadvantages of LightStream auto loans. What we like about the LightStream user experience. LightStream is completely online and its website is simple and simple to navigate. The application is fast and can be completed with tablets, phones or PC. Quick funding time. You can receive funding within the first day you apply for a loan using LightStream and the money is deposited immediately in the account of your bank account. Loan terms up to 84 months. You can request terms of repayment ranging between 24 and 84 months, giving you the flexibility to find an affordable monthly payment. We don’t like the Unsecured loan. LightStream’s auto loan is essentially an unsecure personal loan which means that you don’t make use of your car as collateral. This could translate to higher interest rates than what you’d receive from the traditional lender providing typical auto loans. A 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 car is $5,000 and LightStream won’t be the best choice if you’re looking to buy an affordable used vehicle or you’re refinancing just a few thousand dollars at the end of your current auto loan. No prequalification. If you apply with LightStream the application will be subject to a hard credit check. As with other lenders there’s no way to verify the rate or eligibility prior to applying. 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 queries. The hours of operation are Monday through Friday from 10 a.m. to 8 p.m. ET and on Saturdays 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 website of LightStream or through the application.
Loan types for auto loan kinds offered LightStream offers auto loans for used and new automobiles. It also offers loans to refinance your loan and also for the purchase of the lease.
New and used automobile loans
The loan amount is From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: starting at 8.99 percent
While LightStream’s car loans are technically not secured but they do offer competitive rates. You might be able to score a lower cost with a bank however, LightStream might be the best option for the majority of people rather than dealer financing. With terms that range from 84 months, you’ll be able to locate the right payment plan for your budget. Refinance
Quick facts about loans: From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: starting at 9.49%
LightStream’s refinance option has a lower starting amount than many banks -which is great when you’re nearing the end of your current loan. However, the starting APR is high. So if you financed your car when the rates were less, then you might prefer to put off refinancing until you require more time to pay. In this case the 84-month terms offered by LightStream could be useful however it could 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 percent
LightStream is among the more affordable choices when it comes to purchasing out the lease, especially because many banks and online lenders do not offer this service. As with its brand new and used auto loans and refinancing program it offers flexible loan conditions and the capability to finance a substantial amount which is useful when you lease a more expensive model. How to apply for an loan with LightStream The application for an loan using LightStream through its website. You might need to submit identifying documents after completing your application. If you submit your request within business hours you might get a response, then complete all of your loan documents electronically and receive funding within the same day.
The required information for your application is whether you’re applying on your own or in conjunction with a co-applicant. The principal loan goal Your preferred loan amount and repayment period Name, Social Security number and birthdate . Home address and current housing status Phone number and email address Driver’s license number Your employment and financial details
LightStream FAQs
Do I have the option of buying the car at a private party? Yes. LightStream provides financing for private party purchases that have the same terms and conditions as pre-owned car loans through dealerships.
What other types of auto financing does LightStream offers? LightStream also offers financing for classic cars and motorcycles, as well as boat loans, RV loans and financing for aircrafts.
How Bankrate rates LightStream
Overall score
4.1
The availability
4.7
LightStream has a high minimum loan amount, but allows you to choose from a wide range of repayment conditions.
Affordability
4
Although LightStream offers low APRs, it doesn’t disclose the requirements for eligibility.
Customer experience
4.6
LightStream is distinguished by its quick funding timeframe however, it doesn’t offer customer support by phone, and support hours are limited.
Transparency
3
Fees are posted on its website, but LightStream does not provide 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. These scores are broken up into four categories. Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you’ll need to shop, customer service availability, whether you have an app and autopay availability are covered in this section. Transparency: This category accounts for the availability of rates and fees as well as the availability of prequalification.
Disclaimer 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 when the review first appeared. 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 has a specialization in helping readers with the ways and pitfalls of using loans to buy a car.
Edited by 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 feel confident to manage their finances through providing precise, well-studied data that break complicated topics into bite-sized pieces.
Auto loans editor
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