in Mechanical Engineering from the University of Michigan, and an MBA from the University ... Close. The great thing is that there are no fees or charges and no penalties for early payment. Through an easy and hassle-free online experience, you can apply for a car loan and get a loan on the car you want as soon as the same day. .entry-header {display:none;}/* ----------------------------------------- */ Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better. By tailoring our SimpleScore™ to each financial solution, we’re able to give you a more accurate view of their services and how they compare to competitors’ services. If you are thinking about buying a car, LightStream auto loan can be an option to consider. There are … Last updated: Nov 16, 2020. , we give the company a 4.4 out of 5 based on our rating factors for auto loans. Balance Transfer Cards vs Debt Consolidation Personal Loans, How to lower your credit card monthly payments with debt consolidation. Rates without AutoPay may be higher. We offer technology to help consumers compare rates & reviews on financial products. Philip Reed December 4, 2020 … People with great credit and income can go to LightStream for a quick loan, or if you are considering getting an RV or motorcycle. The company is progressive and customer-forward in its loans with accessible online applications and proprietary technology. In our. Their APRs start as low as 3.49% and only top out at 17.29%. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. Cons. We welcome your feedback on this article and would love to hear about your experience with the auto loans we recommend. Anna Serio. /* ----------------------------------------- */. So once you’re approved, you are good-to-go and they can send the funds to the dealer immediately. LightStream auto loan reviews are generally positive — out of 12 recent complaints to the Consumer Financial Protection Bureau, one involved an auto loan. Surveyed consumers ranked LightStream highest in offering and terms, application and approval process, and loan management. They currently extend purchase, refinance, lease buyout, and private party purchase loans ranging from $5,000 to $100,000 for clients with good to excellent credit profiles. With Consumers Credit Union, you can finance 100% of your car purchase at competitive, fixed interest rates with flexible terms if you qualify for a loan. Late or missed loan payments may be subject to increased fees and interest rates. As mentioned, Lighstream has very competitive APR rates on their auto loans. Loan terms vary from 24 months to 144 months, with annual percentage rates ranging between 3.99 percent and 16.99 percent. Lightstream allows customers to borrow as little as $5,000 or as much as $100,000. The lender’s philosophy is that when you have good credit, you deserve a low-interest, fixed-rate loan, so these customers can be confident that they’ll get competitive rates with LightStream as they are back with its Rate Beat Program. So if you meet their minimum credit score criteria, Lighstream should be on your shortlist of loan sources while shopping for a vehicle. /* Content Template: Review Content Template - end */ Quick car loans from $5,000 to $100,000 with Competitive rates for borrowers with strong credit. Power’s study, we skip this rating factor and average the remaining factor scores.). LightStream is likely to have a loan solution for you, whatever your requirements. We’ve created the SimpleScore™ to help you objectively compare products and services here at The Simple Dollar. The maximum loan amount will depend on your income, key credit and loan characteristics, the vehicle you are purchasing, and the specific dealership where you’ll buy the car. restrictions may apply. LightStream auto loans are a great choice if you have a good credit rating and are comfortable with managing everything online. The lender is very transparent with rates published on the website. 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. It allows you to get $100 back if you’re not happy with your loan experience after receiving a loan. LightStream also offers customers flexibility thanks to its broad repayment terms, loan amounts, and interest rates. The lender backs the low rates with its unique Rate Beat Program, in which it will beat any similar auto loan offer from another company by 0.10% APR. LightStream auto loan cons Good credit required: LightStream looks for a credit score of 660 or higher though other criteria are taken into consideration. The great thing is that there are no fees or charges and no penalties for early payment. LightStream allows you to pre-check rates for new auto purchases, used auto purchases from dealers, used auto purchases from individuals and auto loans refinancing. (If a company is not included in J.D. Not all applicants will meet the lending criteria to qualify for a loan. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. She’s an avid runner and a firm believer that financial education can make the world a better place. LightStream is committed to superb online customer experience and has Loan Experience Guarantee to ensure customer satisfaction. This means five or more years of credit history with a proven track record of on-time payments on credit cards, installment loans and mortgages. Loan repayment periods could vary by lending platform and location. Michael Jones. The Debt Avalance vs the Debt Snowball…which is better? with no comment. All financial terms of the loan will be provided to you by the lending platform. Tim Fries. LightStream attracts borrowers with its low rates, no fees and a $100 loan experience guarantee. The rates range from 2.49%–11.89% inclusive of AutoPay 0.50% discount. Contact us at inquiries@thesimpledollar.com with comments or questions. LightStream offers competitive rates that vary based on the purpose the loan is being used for, and depending upon loan amount, term and credit profile of the applicant. Full Bio Tim Fries is the cofounder of The Tokenist. Keep in mind that individual rates will depend on your credit score but also on the term and size of the loan and car loan type — it will be higher if you’re buying a used car from an individual than from a dealership. For details, questions, or concerns regarding your loan please contact your lending platform directly. We are serious about the editorial integrity of our reviews. LightStream car loans are geared towards borrowers with good credit, so if your credit history hasn’t been up to scratch, it makes sense to consider other lenders. SunTrust is one of the leading independent banks in the U.S., managing almost $200 billion in assets. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. Originally from Serbia, Alex has spent more than a decade working in the finance industry around the world, including London and New York. LightStream Auto Loan Reviews. All other trademarks are the property of their respective owners. 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. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. Personal loans are available to borrowers with good to excellent credit in all 50 states. LightStream offers almost every kind of loan available, from auto loan finance and refinance options, to horse and aircraft loans with low fixed rates. Procuring an auto loan makes sense, too, especially if you do not have the immediate financial resources to purchase the car in cash. When you apply online, you will get an indicative rate range based on the factors mentioned above. We are an independent, advertising-supported comparison service. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020. Power 2020 award information, visit jdpower.com/awards Our customers love us. There is a welcome transparency about the rates you can expect to pay, along with the 'rate beat' guarantee and discount for using AutoPay. The lending platform may perform a credit check or otherwise verify the information you provide. If approved, the rate is typically going to be as good or better as you’ll find anywhere. 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. However, they don’t lend to just anyone. If you qualify, you can borrow money for things like home improvement projects, vehicle loans, medical loans, PreK-12 education, recreation loans, certain debt consolidations and much more. If applying on their website, one should be pretty comfortable using their services if approved and if they offer the lowest rate. It’s quick and easy. LightStream Auto Loan Review. How we make money: The Simple Dollar is an independent, advertising-supported publisher and comparison service. LightStream auto finance offers competitive fixed rates for borrowers with good credit. The lender offers up to a 0.50% rate reduction for its members. Auto Loan Expert. So this is one of the more aggressive discounts. LightStream Review. Power 2020 U.S. Consumer Lending Satisfaction Study. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. LightStream charges no fees on its personal loans and is even willing to beat competitors’ rates by 0.1 percent (with some restrictions). Loan amounts are determined by the lending platform based on individual creditworthiness. On its website, Lightstream does not offer a way to see a pre-approved rate with only a soft pull. © 2020 Truist Financial Corporation. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. If they are not happy with the experience, they can file a complaint and get a $100 refund. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. Some lenders will require that you know the exact make, model and dealership before being approved for a loan. /* ----------------------------------------- */ I called Lightstream simply to move my auto debit back to align with these new dates. All loans are subject to credit review and approval. Advertised rates and terms are subject to change without notice. New dealer purchase: 3.34% to 8.34% What stands out in our LightStream loan reviews is the fact that you finance practically anything — with a few exceptions, of course. They not only are unwilling to move this date back by two days, they are increacing my rate by.5% if I cancel my autopay. LightStream provides low-rate auto loans for purchases and refinancing, but only for borrowers with good credit. AutoPay discount is only available prior to loan funding. Lighstream loans are not specific to any make, model or dealership. He has a B. Sc. What’s the different between Debt Settlement vs Debt Consolidation. Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores™ because they offer more than one financial solution — like auto loans, home loans, personal loans and banking. The rates vary between 2.69% and 4.44%, including the member’s 0.50% APR discount and depending on your credit history and vehicle age. Lightstream receives a high score from us where it counts – competitive rates, speedy approval and funding, and customer service. We like LightStream for its competitive rates and high transparency of the lending process. /* ----------------------------------------- */ Based on your particular credit profile, the lender will quote you the final rate. You can also borrow large amounts for long periods of time, with loans of up to $100,000 for as long as 144 months (12 years). LightStream was founded in 2014 and is headquartered in San Diego, California, and now it’s known for loans for practically everything. You can get a 0.50% lower annual percentage rate if you set up AutoPay prior to loan funding. You will then receive a response shortly. 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. The lender backs the low rates with its unique Rate Beat Program, in which it will beat any similar auto loan offer from another company by 0.10% APR. We recommend seeking credit counseling if you have financial difficulties. Tim Fries. Rate is quoted with AutoPay discount. If approved, the rate is typically going to be as good or better as you’ll find anywhere. Follow Follow; Follow Follow; Follow Follow; LightStream. Whether it’s a flashy sportscar or a rusty old beater, you can use the Lighstream loan. For consumers with excellent credit, it provides a fast online loan process with competitive rates and no fees. Articles may reference products from our partners, so here’s more information on how we make money. Companies that look out for new car buyers with lower rates receive higher scores from us. They also have a range of different auto loans to service various vehicular needs, including unsecured loans. In some situations, faxing or emailing of documents may be required. To help you find the best auto loans on the market, we prepared this review of LightStream auto loans, which will walk you through LightStream auto finance options that are offered. For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. finder.com’s rating: 4.4 / 5.0 ★★★★★ Bottom line: Borrowers with good to excellent credit can get funding as fast as the same day. Auto Loans. LightStream is the national online consumer lending division of SunTrust Bank, which recently became Truist after merging with BB&T. LightStream offers a unique financing option that allows borrowers with strong credit to borrow money for purchases that had previously required collateral, or where few or no loan options exist. Subject to credit approval. LightStream auto loans review. Reviewed by. Your exact rates and monthly payments will be determined by your credit history and profile. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason. What is a hard credit pull vs a soft credit pull? To qualify, you’ll need good credit and sufficient income and assets to support your requested loan, also taking into account debt that you already have. View our top-rated lenders and find the best rates today. LightStream is an online consumer lending division of SunTrust Bank, and a financial services and credit provider.. The Simple Dollar does not include all companies or all available products. LightStream is committed to attracting customers with good credit and will do everything to keep them and make them happy. 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