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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 in navigating the ins and outs of securely using loans to buy an automobile.
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 the confidence to control their finances with concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering financial calculators and tools that are interactive, publishing original and objective content. This allows users to conduct studies and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this website are provided by companies that pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they may be displayed within the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, or other home lending products. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial deals that may be available to you.
Reviewer’s disclosures Reviewers are supervised by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been checked or accepted by any advertiser. The information such as rates and charges that are included in the review is accurate 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 information.
A glimpse 4.1 Rating: 4.1 stars out of 5
Score at the Bankrate
Rating of Availability: 4.7 stars out of 5
Affordability Rating: 4 stars out 5
The Customer Service Rating is 4.6 stars out of 5
Transparency Rating: 3 5 stars.
Check auto loan rates
About LightStream Loan amount $5,000 to $100,000
Min. credit score not specified
APR from 8.99%
Funds are available as soon as the day you make your application
LightStream features. Consider these advantages and drawbacks of an auto loan through LightStream prior to submitting an application.
PROS Good user experience
Quick funding timeframe
Terms for loans up to 84 months
CONS Unsecured loan
Minimum requirements for loans. loan amount
No prequalification
LightStream is an online lender that provides unsecured auto loans for used and new car purchases. They also offer auto loan refinancing as well as lease buyouts. All options can be funded the same day you make your application. Because Auto loans are not secured and not secured by your vehicle, it is not being used as collateral, however, it offers affordable rates and a wide range in repayment alternatives.
Do you qualify? LightStream does not provide specific eligibility requirements to be eligible for their loans. However, they do look for borrowers with several years of credit history, a credit history with a variety of account types, a good payment history, a proven ability to save and stable income. The lowest rates are given to those with a high credit rating, generally described as having the FICO score above 740. What we love and what do not like here are some of the advantages and disadvantages associated with LightStream auto loans. What we like Good user experience. LightStream is entirely online, and its site is easy and simple to navigate. It is easy to use and can be completed using the phone, tablet, or computer. Quick funding time. You can receive funding within the first day you make an application for a loan using LightStream, and the funds are then deposited directly to the account of your bank account. The loan terms can be as long as 84 months. You are able to apply for repayment terms of 24 to the length of 84 months. This gives you the flexibility to find the most affordable monthly installment. We don’t like the Unsecured loan. LightStream’s auto loan essentially functions as an unsecured personal loan, so you don’t utilize your vehicle as collateral. This could translate to more interest rates than you’d find with a lender offering conventional auto loans. Minimum requirements are high. loan amount. LightStream offers much higher loan minimums than its competition. The minimum to refinance or finance a new or used car is $5,000 and LightStream won’t be the best choice for those looking to purchase a cheap used car or if you’re looking to refinance just a few thousand dollars at the end of your current auto loan. There is no prequalification. When you submit your application with LightStream the application will be subject to an examination of your credit. As with other lenders there’s no way to verify your credit score and rate prior to submitting an application. What can you do to reach LightStream LightStream LightStream offers customer assistance through an online form however it does not provide a phone number for general queries. Business hours are Monday through Friday from 10 a.m. to 8 p.m. ET and Saturday 12 p.m. to 4 p.m. ET. Details about an application for a loan can be found 24 hours a day on LightStream’s website or application.
The auto loan kinds offered LightStream offers auto loans for both used and new automobiles. They also offer loans to refinance your loan and also for the purchase of the lease.
Used and new auto loans
Loan quick facts Amounts: $5,000 to $100,000 Terms 24-84 months APR: starting at 8.99 per cent
While LightStream’s car loans are technically unsecured, they have decently competitive rates. It is possible to negotiate a lower rate with a bank, but LightStream might be a better option for most customers than dealership financing. And with terms up to 84 months, you should be able to locate the right payment plan to your budget. Refinance
The loan amount is $5,000 to $100,000 Terms: 24 to 84 months APR: starting at 9.49 percent
LightStream’s refinance program has an lower start amount than many banks — which makes it good for those who are at the end of your current loan. However, the beginning APR is very high. Therefore, if you purchased your car when the rates were less, then you may want to hold off on refinancing unless you need more time to pay. In that case the 84-month terms offered by LightStream might be a good option but it’s likely to end up costing you 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 more competitive options when it comes to purchasing out your lease, particularly as many banks and online lenders do not offer the service. As with its brand new and used auto loans and refinancing service, you will have flexibility in loan conditions and the capability to finance large amounts, which can be handy if you leased a more expensive model. How to apply for an loan with LightStream You can apply for a loan with LightStream on its website. It is possible that you will need to submit identification documents following the submission of your application. If you apply within business hours you may get a response, then sign all of your loan documents electronically, and receive funds the next day.
Required application information Whether you’re applying on your own or with a co-applicant primary loan purpose Your desired loan amount and repayment time Name, Social Security number and birthdate Home address and housing status Email address and phone number Driver’s license number and financial information
LightStream FAQs
Do I have the option of buying a car from a private party? Yes. LightStream provides financing for purchases made by private parties that have the same terms and conditions as previously-purchased automobile loans at dealerships.
What other auto financing do LightStream provide? LightStream also offers financing for classic cars and motorcycles, as well as boat loans as well as the RV loans along with financing options for aircraft.
How Bankrate rates LightStream
Overall score
4.1
Availability
4.7
LightStream has a high minimum loan amount, yet allows you to pick from a range of repayment terms.
Affordability
4
Although LightStream offers low APRs, it does not reveal the requirements for eligibility.
Customer experience
4.6
LightStream is distinguished by its speedy funding process however, it doesn’t offer customer support by phone, and support hours aren’t as extensive.
Transparency
3
Fees are listed on its website, but LightStream does not provide prequalification.
Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, rates and fees are accessible and the range of APR all impact lender scores. These scores are broken up into 4 categories. Availability: Loan amounts as well as repayment options, dealer requirements and state availability all play a role in this category. Affordability: This section houses APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: How long you’re required to shop, customer service availability, whether there’s an app and autopay availability are accounted for within this category. Transparency: This category accounts for the availability of rates and fees and 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 reviewed or approved by any advertiser. The information such as rates and charges that are included in the review are accurate up to the date that the review was written. Review the information in the upper right hand corner of the page and 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 has a specialization in helping readers with 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 from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing clear, well-researched facts that break down complex subjects into digestible pieces.
Auto loans editor
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