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Lightstream Auto Loans

November 21, 2018 by Leave a Comment

Lighstream loans review

Lightstream Auto Loans

Best for borrowers with good or excellent credit who want to compare rates with what the dealer is offering

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4.4
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Auto Loans › Lightstream Auto Loans

The Good

  • Competitive rates
  • AutoPay discount of 0.5%
  • No restrictions on dealer, make or model
  • Offers other loan types as well

Lightstream was founded in 2014, but it is part of a much bigger and well-known organization, SunTrust Bank, that dates back to 1891.  SunTrust is one of the leading independent banks in the U.S., managing almost $200 billion in assets.   In addition to auto loans, Lightstream also makes personal loans that can be used for home improvement, large purchases, or debt consolidation.

 

Competitive rates

Lightstream auto loans has some of the best rates available, largely because they have created their business around supplying loans only to those with good or excellent credit.  If approved, the rate is typically going to be as good or better as you’ll find anywhere.  They also have a “Rate Beat” program which means that they’ll match any similar loan for which you are approved.

New dealer purchase: 3.34% to 8.34%
Used dealer purchase: 3.34% to 8.19%
Private party purchase: 4.39% to 9.79%
Refinance: 3.34% to 9.19%

Autopay discount

Already competitive rates can be made even lower by agreeing to autopay, where monthly payments are automatically drawn from one’s checking account.  Autopay discounts are not uncommon, and usually run between 0.25-0.50%.  So this is one of the more aggressive discounts.

No restrictions on dealer, make or model

Some lenders will require that you know the exact make, model and dealership before being approved for a loan.  This is annoying because it means you can’t line up financing prior to shopping for your vehicle.  That’s not only annoying, but it can mean you have to wait a few days after finding the car.   Lighstream loans are not specific to any make, model or dealership.  So once you’re approved, you are good-to-go and they can send the funds to the dealer immediately.

Finally, there are no restrictions on the age or mileage of the vehicle.  Whether it’s a flashy sportscar or a rusty old beater, you can use the Lighstream loan.

The Bad

  • Strict underwriting means good credit needed
  • Requires a hard pull on credit

Strict underwriting means good credit needed

As mentioned, Lighstream has very competitive APR rates on their auto loans.  However, they don’t lend to just anyone.  Borrowers are required to have a minimum credit score of 660.  But unless you have no other debt and a higher income, you’ll probably need to be closer to 680 or 700 to be approved.

 Requires a hard pull on credit

On its website, Lightstream does not offer a way to see a pre-approved rate with only a soft pull.  If applying on their website, one should be pretty comfortable using their services if approved and if they offer the lowest rate.  If you are still just in shopping mode, try using the BrightRates auto loan comparison feature to find a competitively priced lender without impacting your credit score.

The Summary

Lightstream receives a high score from us where it counts – competitive rates, speedy approval and funding, and customer service.  So if you meet their minimum credit score criteria, Lighstream should be on your shortlist of loan sources while shopping for a vehicle.

Ratings Breakdown

Loan Amount$5,000 to $100,000

Max Length24 – 84 months

Credit Scoreminimum of 660

APR Range3.34% - 9.79%

AvailabilityAll 50 states
HeadquartersAtlanta, GA

Year Founded2014

Review Last Updated: November 21, 2018

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.