Open navigation Main Menu Mortgages
Financing your home purchase or refinancing your current loan Finding the best lender Additional Information
Looking for a financial advisor? Try our three minute test and match to an adviser today.
Main Menu Banking
Compare Accounts Use Calculators Get help from bank reviews
Looking for a financial advisor? Do our 3-minute quiz and match the advisor you want today.
Main Menu Credit cards
Compare by category Compare with credit requirements Compare by issuer Get help
Looking for the ideal credit card? Narrow your search with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Loan calculators
Find the perfect personal loan within two minutes or less Answer some questions to get offers–with no impact to your score on credit.
Main Menu for Investing
Best of Brokerages and robo-advisors . Learn the basics Additional resources
Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.
Main Menu Home equity
Get the best rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Try our three minute test and connect with an advisor today.
Main Menu Real estate
Selling a house Buying an investment property Locating the right agent information
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Insurance
Car Insurance Homeowners insurance Other Insurance Reviews of the Company
Looking for a financial advisor? Try our three minute test and connect with an advisor today.
Main Menu Retirement
Retirement plans & accounts Find out the basics about retirement calculators Additional sources
Looking for a financial advisor? Try our three minute test and then match up to an adviser today.
Open search Close search
Submit
Lightstream
LightStream 2023 auto loan review, published 2023-01-01 at 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 details of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise 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 as well as publishing informative and objective content. This allows you to conduct research and to compare information at no cost and help you make informed financial decisions. 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 offers that appear on this site come from companies who pay us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they be displayed within the listing categories and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that may be open to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed are solely the opinions of the reviewer and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date when the review first appeared. Look over the information at the top of this page, and the lender’s site for the most up-to-date information.
A look 4.1 rating: 4.1 stars out of five
Score of the Bankrate
Availability Rating: 4.7 stars out of 5
Affordability Rating: 4 stars out of 5
Customers Experience Score: 4.6 stars out of five
Transparency Rating: 3 stars out of 5
Find out about auto loan rates
The loan amount is $5,000 to $100,000
Min. credit score Unspecified
APR starting at 8.99%
Funds available in As soon as the day you make your application
LightStream features Consider these benefits and disadvantages of an auto loan through LightStream before you apply.
PROS Good user experience
Fast funding timeline
The loan terms can be as long as 84 months
CONS Unsecured loan
The minimum loan amount
No prequalification
LightStream is an online lender that offers unsecured auto loans for used and new car purchases. The company also provides auto loan refinancing as well as lease buyouts. The options are paid for the day you make your application. Since the LightStream auto loans are secured and not secured by your vehicle, it is not utilized as collateral however, it offers affordable rates and a wide range of repayment options.
Do you qualify? LightStream does not provide specific eligibility criteria for its loans. However, the company does consider borrowers with several years of credit background, a credit history that includes a range of account kinds, a solid payment history, a proven ability to save and steady income. The lowest rates go to those who have a good credit score, which is generally defined as a FICO score above 740. What we like and what don’t like Here are some of the advantages and disadvantages that come with LightStream automobile loans. What we like Good user experience. LightStream is entirely online, and its website is simple and easy to navigate. It is easy to use and is accessible via a phone, tablet or the computer. Fast funding timeline. You could receive your funds within the first day that you make an application for an loan using LightStream, and the funds are then deposited immediately to your bank account. Terms for loans up to 84 months. You can request the repayment term from 24 months to 84 months, which gives you the flexibility to find the most affordable monthly installment. What we don’t like is an unsecured loan. LightStream’s auto loan is essentially an unsecure personal loan, so you don’t make use of your car as collateral. This could translate to greater interest rates than you’d receive from an lender offering traditional auto loans. Minimum requirements are high. loan amount. LightStream has much higher loan minimums than its competitors. The minimum amount to refinance or finance a new or used car is $5,000 and LightStream won’t be a good option when you’re trying to purchase a cheap used car or refinancing just a few thousand dollars at the end of your existing auto loan. No prequalification. When you submit your application through LightStream the application will be subject to an extensive credit screening. Unlike 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 have a phone number for general inquiries. Business hours are Monday through Friday from 10 a.m. until 8 p.m. ET and Saturday 12 p.m. until 4 p.m. ET. Information regarding your application or loan is available 24 hours a day on the LightStream website or in the app.
Loan types for auto loan types available LightStream provides auto loans for new and used automobiles. The company also provides loans for refinancing and for buying out your lease.
New and used automobile loans
Loan quick facts Amounts: Between $5,000 and $100,000 Terms of the loan: 24 to 84 month APR: starting at 8.99 percent
Although LightStream’s car loans are technically secured, they have decently competitive rates. You may be able to get a better rate with a bank, however, LightStream could be a better option for the majority of people rather than dealer financing. With terms that range from 84 months, you’ll be able to find the right payment plan to your budget. Refinance
The loan amount is $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: from 9.49 percent
LightStream’s refinance options have a lower starting amount than banks of other bankswhich is great when you’re nearing the end on your loan. However, the beginning APR is quite high. Therefore, if you purchased your car when the rates were less, then you may prefer to put off refinancing until you have an extended payment period. In that scenario the 84-month terms offered by LightStream might be a good option but it’s likely to be more expensive in interest. Lease buyout
Loan quick facts Amounts: From $5,000 to $100,000 Terms of the loan: 24 to 84 month APR: Starting at 9.49 percent
LightStream is one of the most attractive alternatives when it comes to purchasing out the lease, especially since many banks and other online lenders do not offer it. Similar to its newly launched as well as used car loans and refinancing program You will be able to choose flexible loan conditions and the capability to finance a substantial amount that can be beneficial when you lease a more expensive model. How to apply for the loan through LightStream You can apply for an loan using LightStream through its website. It is possible that you will need to submit identification documents following the submission of your application. If you submit your application within business hours, you could get a response, then you can sign your loan documents electronically, and receive funding within the same day.
Required application information Whether you’re applying for the loan on your own or with a co-applicant The principal loan purpose Your desired loan size and period Name, Social Security number and birthdate Home address and housing status Contact number and email address Driver’s license number Your employment and financial information
LightStream FAQs
Can I purchase the car at an individual? Yes. LightStream offers financing for purchases made by private parties that have the same terms and conditions as previously-purchased car loans from dealerships.
What other types of auto financing do LightStream offers? LightStream offers financing for classic cars and motorcycles as well as boat loans as well as RV loans along with financing options for planes.
How Bankrate rates LightStream
Overall score
4.1
The availability
4.7
LightStream offers a very high minimum loan amount but lets you select from a variety of repayment terms.
Affordability
4
While LightStream provides low rates on APRs the company does not divulge its eligibility requirements.
Customer experience
4.6
LightStream is notable for its fast funding timeline, but it does not have customer support via phone, and its support hours are limited.
Transparency
3
Fees are listed on its website, but LightStream does not offer prequalification.
Methodology Bankrate considers 18 data points when evaluating auto loan lenders. Acceptance criteria, whether rates and fees are accessible and the range of APR all impact lender scores. These scores are split in four different categories. The availability of loans and repayment options, dealership requirements and state availability all contribute to this section. Affordability: This section contains APR ranges and acceptance criteria, as well as discounts and fees. Customer experience: The length of time you have to shop, the customer service availability, whether you have autopay or an app available are accounted for by this segment. Transparency: This category is responsible for the availability of fees and rates as well as whether prequalification is available.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed or approved by any advertiser. The information, including rates and fees provided in the review is correct up to the date of the review. Look over the information in the upper right hand corner of the page, and the lender’s site 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 in navigating the details of taking out loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to manage their finances by providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
About
Help
Legal Cookie settings Do not share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or for you clicking certain links posted on our website. So, this compensation can affect the way, location and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, like our own website rules and whether or not a product is available within your region or within your own personal credit score may also influence the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. It is a Red Ventures company. All Rights reserved.
If you have any sort of inquiries concerning where and the best ways to use payday loans online same day deposit direct lender, payday-qw.ru,, you can call us at our web site.