You are currently viewing LightStream Auto Loan Review | Requirements & How to Apply

LightStream Auto Loan Review | Requirements & How to Apply

LightStream Auto Loan Review, LightStream features, Pros and cons of LightStream auto loans, Types of LightStream auto loans, LightStream Interest rates and terms, Requirements & How to Apply  for LightStream Auto Loan…See more details below;
LightStream Auto Loan

Before applying, think about these advantages of a vehicle loan from LightStream.

  • A positive user experience
  • Quick funding schedule
  • Many alternatives for payback duration

Online lender LightStream provides unsecured vehicle loans for both new and used automobile purchases, as well as refinancing for existing auto loans. Your automobile is not used as security for LightStream’s auto loans because they are unsecured, but LightStream still provides low rates and a selection of repayment choices. Additionally, the same day that you apply, LightStream may be able to provide you with the money to finance your car.

Pros and cons of LightStream auto loans

LightStream Pros

Good user experience: LightStream’s website is straightforward and simple to use, and the company runs entirely online. The application can be finished quickly on a phone, tablet, or computer.

Fast funding timeline: With LightStream, you can start receiving money as soon as the day you request for a loan, and it will be put right into your bank account.

Many repayment terms: You have greater freedom to discover a manageable monthly payment because you can apply for repayment options ranging from 24 to 84 months.

LightStream Cons

Unsecured loan: You don’t use your car as security for the auto loan from LightStream, so it basically works like an unsecured personal loan. This can equate to interest rates that are greater than those offered by a regular auto loan provider. Compared to its rivals, LightStream’s loan minimums are significantly higher.

High minimum loan amount: LightStream may not be a viable option if you’re trying to buy a cheap used car or you’re refinancing a few thousand dollars at the end of your current auto loan because the minimum to refinance or finance a new or used vehicle is $5,000.

No prequalification: You will undergo a severe credit check when you submit your application to LightStream. There is no opportunity to check your rate and eligibility in advance, unlike with other lenders.

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Who is LightStream best for?

Drivers who want to finance or refinance their car rapidly should use LightStream. LightStream offers an easy-to-use website with a quick online application procedure and, in certain situations, same-day funding.

Types of LightStream auto loans

For buying new, old, or refinancing an existing vehicle, LightStream offers auto loans.

The following terms apply to all three choices: Between $5,000 and $100,000 can be borrowed, with durations ranging from 24 to 84 months.

You have the option of purchasing a used car from a dealer or a private party if you so desire. If you’ve been leasing your car and now wish to buy it, LightStream also provides financing for auto lease buyouts.

LightStream Interest rates and terms

LightStream provides just one reduction: a 0.5 percent reduction. The rates below reflect this discount.

Loan productInterest rate
New car5.99% to 10.99% APR
Used car from a dealer5.99% to 10.99% APR
Used car from an individual6.49% to 11.99% APR
Lease buyout6.49% to 11.99% APR
Auto loan refinance6.49% to 11.99% APR

How to Apply for LightStream Auto loan

You can apply for a loan with LightStream on its website. In the application, you’ll need to provide:

  • Whether you’re applying alone or with a co-applicant.
  • The primary loan purpose.
  • Your desired loan amount and repayment term.
  • Personal information like your name, email address, home address, phone number, housing status, Social Security number, birthdate and driver’s license number.
  • Your employment and financial information.

After submitting your application, you might be asked for identification papers. If you submit your application during regular business hours, you can get a response, electronically sign your loan forms, and get money the same day.

LightStream Requirements for Auto Loans

LightStream doesn’t specify any particular eligibility criteria for its loans. But the corporation does search for borrowers with a long credit history, a history spanning a number of account types, a decent payment history, a track record of saving money, and a steady income. Borrowers with great credit—typically a FICO Score of 740 or higher—get the best rates.

LightStream Customer service

The best possible grade for LightStream is a “A+” from the Better Business Bureau.

The same ranking applies to its parent firm, Truist. The BBB evaluates businesses based on their history of complaints, how well they’ve handled client issues, and how openly they conduct business.

LightStream does not have a phone number for basic inquiries, but it does provide customer service via an online form. The company is open from Monday through Friday from 10 a.m. to 8 p.m. ET and from 12 p.m. to 4 p.m. ET on Saturday. The LightStream website and mobile app are always available for you to get information about your application or loan.

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